Estate Planner Ohio - Your Ohio Financial Advisor and Retirement Wealth Consultant

When it comes to planning for your retirement and taking care of your family for the future, there are quite a few options to consider. One of those is a Multi-Generational IRA, and it’s becoming much more popular for those planning their estate. Many people put money in an IRA with hopes of using that money to retire. For some, a nice retirement can be had without ever using the money in the IRA. In this case, there are plenty of advantages to be gained from carrying on the tax advantages of the IRA and passing it down through the generations.

This just gives folks more time to gain interest on their money without it being taxed. If you have no need for the money for your own retirement, then it makes complete sense to go with a Multi-Generational IRA instead of the traditional measures. With standard retirement planning, much of the money will be lost in inheritance estate tax. One way of avoiding this inheritance estate tax immediately is by delaying the delivery of the money. The nice thing about this method of estate planning is that you can have a custodian handle it and the money can be passed down multiple generations. If you have grandchildren who might need to be taken care of, this type of retirement product allows for that.

All in all, using a financial estate planner for advice will give you a chance to make smart decisions with your money. With all of the new age options available today, there’s no excuse for not taking advantage of those.

Incoming search terms:

• multi generational home ohio

Important:  Check with a Financial Planner or Estate Planner before making financial decisions.  This information is general and may be outdated at the time you are reading it or not apply to you in your location.

There are Many New Senior Citizen Income Tax Considerations

There have been several changes in income tax and many of these are Senior Citizen income tax considerations, which everyone over the age of 60 should know about. One such change is the raising of the standard deduction for people over the age of 65. But of course should you decide to take that standard deduction, you won’t be able to itemize your tax return. Of course, before deciding on one or the other option, you should decide which offers you the better results. That’s why in some cases, it is best to get a professional tax preparer to help you.

Another significant change is that social security benefits may be liable for senior citizen tax, but that depends entirely on the income level, and the type of income the senior has. If benefits are the only source of income then seniors usually won’t have to pay any retirement taxation.

If you happen to be over 70, you will find that the new senior citizen tax law has an additional benefit. The mandatory minimum IRA withdrawal is more relaxed, and this means that you don’t necessarily have to take that yearly withdrawal you may have once been required to do.

One of the best options this year is the Roth IRA which is a free IRA. This is a good option for people who only have this type of income. A traditional IRA can be changed over to a Roth, but there is a one time tax which is charged the year you convert. After that you will not have any retirement taxation on this income as long as it remains in a Roth IRA.

An additional change to senior citizen tax is in medical expenses. There is a higher itemized value for these costs to seniors. So, when you itemize those deductions then the IRS will allow for medical expense deduction. On the condition that those medical expenses be at least 7.5% of the senior’s gross income. Be sure to keep track of all those medical expenses so you can deduct them at tax paying time.

Because retirement taxation is constantly changing, it is always best to consult with a professional who is always on top of the newest senior citizen’s income tax laws. In many cases it is more cost effective to hire a retirement taxation professional to help prepare the taxes.

Estate planning is a necessary step that everyone should complete early in their lives. What estate planning does is rule out any uncertainties that may be outlined in your will and structure your finances to have the lowest tax impact. A certified estate planner can provide you with all the necessary documents to complete this task.

Planning for your financial future as well as the future of your family in the event of your death is a responsibility we all must take. A certified estate planner can help you make all the right decisions about your assets. Many estate planners are also great to use as a financial retirement planner. Making wise choices about your future is imperative; no one will take care of you and your family but yourself.

Estate planning will include making out a will, a living will and granting powers of attorney to specific people. Having a living will is very important in the event that you are unable to make end life decisions. A living will is also known as advance directives in some states but are generally the same document. You can also start a revocable living trust or create other financial planning documents with a certified estate planner. Estate planning may also include setting up a charitable trust or personal residence trust which will alleviate many tax issues upon the estate holders’ death.

Using a financial retirement planner can help you ensure that your retirement years are lived in comfort. Proper savings and investment plans are key to a good retirement and a certified planner can help you design a plan that will make that happen. Planning for your retirement and eventual death is not a simple matter and should be handled with care. Using a certified estate planner to help you with these issues is a wise decision.

Social Security as the sole source of survival after your working years, will not provide sufficient money for a happy retirement. A wealthy retirement needs added funds to carry you through the retirement years. It can take many forms, one of which is an annuity retirement plan. An annuity is money usually put in an insurance company, which makes investments. When you retire you will get periodic payouts, which can be taken in several ways, and grows all along on a tax-deferred basis. Unfortunately, too many people who purchase an annuity retirement plan take a lump sum payment. This is contrary to what the annuity was set up to do, which is to supply you with sufficient funds periodically, not all at once. An annuity retirement plan should be set up with input by a professional for a wealthy retirement.

There are other ways to supplement your retirement plan. While working for an employer put as much money as allowed into a 401k plan, which invests in various financial instruments. If your employer matches your contributions, this is even better. Like an annuity, it can be directed into the financial instruments you prefer, to spread the risk. These could be bonds, stocks and other investments. If you work for yourself there are a couple of Individual Retirement Plans (IRA’s) to investigate, depending on the tax benefits available.

Of course, only by sitting down and talking to a certified estate planner can you really start to get to know all the issues and find the best option for you.

Investing in safe municipal bonds will help you reach a wealthy retirement. They are entirely tax free, therefore, your real interest rate is higher than given by other bonds. Finally, if your home is worth a lot and is too much house for you. Sell it and move to smaller quarters and invest the profit. Under some conditions no capital gains taxes will be paid for the first $250,000 of profit, for the husband and the same for the spouse.

You will need help from a certified estate planner to avoid these serious estate planning mistakes. These mistakes can place a lot of burden on those you will leave behind and yet they can be easily avoided.

Watch out for these common estate planning mistakes;

Failure to plan at all

This is arguably the worst mistake to make. It’s disturbing that up to up to 60% of Americans don’t have a will. Without a will, it is difficult to protect your hard-earned possessions, let alone your loved ones. The interstate laws of Ohio will resolve who becomes heir to your assets when you don’t have a Will.

Not planning for Estate Taxes

It’s possible to protect up to $4 million from State of Ohio estate taxes with proper estate planning. An estate planning firm can help you with this. In bigger estates, a family can protect   property from estate tax using revocable life insurance trusts, qualified personal residence trusts, charitable trusts and family limited partnerships. Failure to plan may result in excessive estate tax dues.

Failure to plan for Incapacity

This deals with estate planning and to a small extent distribution of assets after death. An expansive estate plan starts with planning for your own incapacity. In most cases, you will have to name a health care representative who will make health related decisions on your behalf. You ought to have a living will as well. This will rule out uncalled-for life support. You should also have a living trust that will take care of your affairs when you can’t perform your tasks.

Not Naming a Guardian for your minor children

It’s advisable that you have a guardian to look after your young kids in case you are not able to do so. As witnessed after the death of Michael Jackson, it’s important to legally appoint a guardian in your will.

Failure to plan for Life Insurance

Life insurance is an absolute must if you want to support your spouse, look after your loved ones and continue to pay estate taxes when you pass away. Most people assume that life insurance is tax-free. In any case, a certified estate planner will help you structure life insurance to get around estate taxes and still implement your goals through a correctly structured “Irrevocable Life Insurance Trust”.

Failure to plan for “Out of State” Real Estate

If you a resident of Ohio and own real estate outside the state of Ohio, you may have to undergo a probate proceeding in order to transfer title to real estate in another location. If you make all the legal plans in advance, you can prevent this situation from happening.