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

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.

Estate planning is more than a method to avoid. Many young families might be surprised to learn that they should think of estate planning. Nowadays, there is an effort to eliminate or confine estate taxes to the rich only. Congress changes the tax laws constantly. By that, there is no guarantee that the trend will continue.

Estate planning is less involved with taxes and more with who inherits the estate; those who cares for your minor children, how you feel about life support measures, or who will control your affairs if you are unable to. Your estate is your possessions. If you have a will, your estate will be distributed in accordance to your wishes. If you don’t, they will be distributed under state intestate laws.

You are to check the laws in your state. There could be cases that if you die without a will, your parents would inherit your property instead of your wife or the money could go to distant cousins instead of your lifelong companion. The first reason for a will is to have the properties distributed according to your wishes.

Many parents use estate planning to try to rein in their out-of-control children. They may provide a bequest that starts when the child is matured. Grandparents use estate planning tools to provide for all or only part of their grandchildren’s college education. They may choose to bypass their family and leave their money to their favorite charity. A business owner could pass his business to his partners or employees in order to keep the business running.

Naming subsequent beneficiaries is a common use of estate planning. It appoints guardians for minor children or disabled relatives you are caring for. When leaving a bequest, you need to appoint someone who will take good care of the money of the minor person.

If you are ill or facing the prospect of unable to take control of your affairs, estate planning techniques like the power of attorney, property transfers or a relative as a joint owner of your property and bank accounts can be used providing a living will directing how far you want life support measures when terminally ill.

The proceeds of most life insurance policies and jointly held property with rights of survivorship are not generally part of the probate state. Many believe that they can use these instead of a will but only the specific property held jointly is to be transferred.

The method of estate planning is leaving it in the hands of a professional. Simple wills are not expensive, but if you have to go beyond simple, hire the right professionals. Estate planning is a complex field; therefore, you should consult a qualified  estate planning firm.

When you first decide to use an estate planner it can be a daunting task. Most people do not want to talk about death or think about their own and it is something that must be done if you want your estate to flourish after you are gone.

Here are some things to ask before you sit down with a planner:

How long have you and your firm offered estate planning?
This is a very important question because you are looking for a certified estate planner with lots of experience. Many lawyers say they offer estate planning but they may not have much experience doing it.  If you have a large estate you will want someone who has had at least 10 years of experience working with estate planning. You will also want to know whether they do estate planning Ohio.

What is included in your estate planning package?
Everyone knows that a will is a part of estate planning but you will also want to know whether other documents will be created that you will need. You will want to know exactly what the estate planner will do for you and what is covered under the amount. If you have many assets like the Ohio Roth or the Ohio IRA, you will want to be sure that any income taxes that my have to be paid are a part of the planning.

How much will it cost?
Many planners will charge an hourly fee or a fee to draw up specific documents. You will want to know how the individual charges you and how much you can expect. Some planners give a free initial consultation so they can help define your needs. Ask about an itemized bill because this will give you a list of specifically what you are paying for and how it measure up to the service.

Who should I choose as my Trustee?
When you have a estate planning firm they should understand the qualifications of a person who will take care of your estate once you are gone. They should be able to help you explore the right person or institution for this process. As an example, a larger estate may need a bank rather than an individual to manage it. Make sure that your estate planner is honest with you and isn’t receiving referral fees from the bank they recommend — this can be a conflict of interest.

What should I do with my life Insurance IRA and other retirement income?
Most planners will be able to sit down with you and discuss all of your assets. Your retirement money may be subjected to inheritance estate tax but  they will be the ones to help. Your assets also determine the value of your estate so this will be an important piece in your planning.

What will I do for my children or grandchildren?
Most people ask this question when they have young children who are dependent on them for care. Your planner can help you provide for your children’s financial, educational and personal needs once they understand what they will need upon your death and help if there are any special needs.

Asking questions up front will avoid surprises at the end of your planning.

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• questions to ask your estate planner

Anything that can be written on a website is probably out of date by the time the ink dries.

Protecting your Retirement Income is something that you need an expert to help with.  That is because opportunities for investments, annuities and other forms of retirement wealth change and evolve.

Since most Retirement Planning Professionals will sit down with you and look over your plan, the responsible thing to do is to get an opinion, and even get a second opinion if you feel you need one.  Go to an Estate Planning Firm and get testimonials from some of their clients.  Your retirement and the lifestyle you want to live in retirement is dependent on your ability to create, grow and preserve wealth – even in down markets.

Wealthy retirement is not about risky investments.  Wealthy retirement is about careful planning and understanding the stage of life you are in and what the appropriate levels of risk are for you today.

How do you choose the best Ohio Estate Planning firm?

Word of mouth is one way.  Talk to your friends that you trust and see if they have had a positive experience with a local Ohio estate planning firm.

But do not rely on that alone.  Do research on the Internet.  Even when one person has a good experience with an estate planner, it does not mean that everyone does.  Do research for yourself to find out what other people are saying about them.  One bad comment may just be an unhappy investor, but a group of unhappy customers is a sign that you could be in for trouble.