Ohio-Specific Estate Planning Laws And Opportunities
Probate, inheritance, and taxes vary from state to state. Depending on where the beneficiary and the individual who passed away lives can determine the laws that must be applied. Ohio residents have their own set of rules and opportunities they need to follow when it comes to estate planning. It is important to find an attorney who can ensure that you are abiding by laws and regulations that may be applied to your Ohio-based will, estate, or inheritance. The attorneys at Taneff Law can help you understand the different ways you can protect your assets and plan your estate in a way that will give your loved ones the most out of your assets. Below are a few examples of Ohio-specific rules and different opportunities that you may need to think about when you start to plan your estate.
No Estate Or Inheritance Tax In Ohio
The state of Ohio does not have estate or inheritance taxes. This means that when your estate is given to your loved ones when you pass, they will not be required to pay taxes on your estate on a state level. Your estate will also not owe any estate tax. It is important to remember that while you and your family do not have to worry about state taxes, you may be subject to owing taxes on a federal level.
Survivorship Deeds
A survivorship deed is a legal document that two or more people can set up to become joint tenants of a property. This means when one of the tenants, or co-owners dies, the surviving tenants will receive the deceased person’s share of the property without it going through probate. If there are more than two people in the survivorship deed, the deceased person’s property will be divided equally. The last surviving joining tenant will own the property in its entirety. This type of deed is a very common estate planning tool. Probate can be a lengthy legal process and putting measures such as a survivorship deed in place can help assets seamlessly transition to your beneficiaries.
Trusts
Ohio is a trust-friendly state. Trusts are an excellent tool to use when you are planning your estate to help you arrange the transfer of your assets to others for their benefit. Many different types of trusts are available in Ohio and all of them serve a different purpose. Working with an estate attorney can help you decide which is best for you and your estate.
Elective Shares
In Ohio, a surviving spouse can claim an elective share of the deceased spouse’s estate even if the will provides otherwise. This is meant to prevent the surviving spouse from experiencing financial hardship. The surviving spouse can receive their statutory share of the estate based on some variables. In Ohio, the amount a spouse can claim is dependent on whether there are children or descendants involved. If there is one child or descendant, the spouse is entitled to one-half of the net estate. If there is more than one child or descendant, the spouse is entitled to one-third of the net estate.
Living Wills And Healthcare
Ohio allows individuals to detail their medical preferences through a power of attorney and a living will. There are different requirements needed for living wills and it is important to understand what is required to allow the living will to go into effect when it is needed. A living will will go into effect if you are unable to communicate. This legal document can outline your preferences for medical care such as treatments you do or do not want. This can include life support, resuscitation, pain management, ventilators, and feeding tubes. You can also list what your end-of-life decisions are and what you would like to happen with your remains. A living will can be a good asset and guide for you and your loved ones to use in a very overwhelming moment. You are also able to name an individual as your Healthcare Power of Attorney. This individual will be able to make medical decisions on your behalf if you are unable to do so. They can only have the power of making these decisions when you are incapacitated. Their authority ends at your death or restoration to full competency.
Guardianship Designations
Guardianship designations are an essential part of estate planning if you are parents or caregivers of minors or individuals with special needs. In Ohio, courts respect guardian designations that are made in a will or other legal documents. They will use this as a guide to make the final authority in appointing guardians. In your will, you can nominate an individual, or multiple people, to take care of your dependents if you are unable to do so due to being incapacitated or from death. This can also apply to elderly parents in the event of your death. Not only does the guardian cover the responsibility of a person, but it can also apply to the guardian of the estate that is left to a minor. The guardian may be responsible for managing the dependent’s financial matters and assets until they are of age. If you choose to not have a guardian designated, the court will appoint a guardian, and this may or may not align with your wishes. Designating a guardian reduces the risk of disagreements among family members and can help ensure a smooth transition for your dependents in an already difficult time.
Making Updates To Your Estate When Ohio Laws Get Updated
It is important to stay informed when state legislation decides to update planning laws or other create other regulations. While changes may not happen annually, it is important to know when there are changes to probate laws, tax exemptions, and trust regulations. These changes can affect your estate planning tactics, and you may want to consider updating your estate documents. Having an attorney who you can trust to give you these updates is key to keeping a successful plan for your estate. We recommend reviewing your estate plan every couple of years to review any changes or if there are significant updates in your life or financial situation. Consulting with an attorney from Taneff Law will ensure that your estate plan remains compliant with current laws while also protecting your assets and setting your loved ones up for success.
Call Taneff Law Today With Your Ohio Estate Planning Questions
If you have any questions about Ohio-specific estate planning rules or opportunities, please give our attorneys at Taneff Law a call today. We can help you navigate the process of planning your estate, so you are setting yourself and your loved ones up for success. Our experienced team understands Ohio laws and other state-specific directives. Let us show you how you can get the most out of estate planning. Whether you need help creating a will, establishing a trust, or creating guardian designations, Taneff Law is committed to helping you create an estate plan. Give us a call today and let us know how we can help you.