Attorney Delaware Ohio Will Prepare Your Estate Plan
Call the attorney Delaware Ohio to prepare your estate plan
. You need more than a simple will, you need a living trust. This will ensure that the people you want to have your property and possessions upon your passing will.
There are many options you have with a living trust. If you are married, you and your spouse can prepare what is called an A B trust. This means that the surviving spouse will be protected against estate taxes if the amount of the estate is large enough that it will be taxed. The estate will not be taxed until the surviving spouse passes.
Estate taxes in essence, will be postponed until the passing of the surviving spouse. Your estate planning lawyer can set up an A B living trust up for you and your spouse. He or she can also set up an estate planning device to pay for the estate tax when it is due. For instance your lawyer can set up a life insurance living trust.
If you have no provision to pay for the estate tax, then your beneficiaries might have to sell the business in order to pay for the estate tax. What is worse is that they will have to sell at a discount. The estate tax must be paid within nine months of the passing, so many potential buyers of the business will simply wait until the last minute to offer a low price.
You can side step this scenario by having an experienced lawyer put together a living trust life insurance policy which will pay the estate taxes at your passing. This living trust is a complicated instrument and you need a knowledgeable attorney on your side along with a life insurance agent who is familiar with this type of policy.
Hire the lawyer to put this type of estate plan together for you. Do not try to do this yourself. You can find a lot of legal internet companies that will try to convince you that you can save money by doing it yourself. Your estate plan however, is no place to try to play attorney.
You can leave out key parts of the living trust creation and your trust will not be valid. For instance, if you do not fund your living trust it will not be worth the paper it is printed on. So have an experienced attorney working for you.