Estate Planning Attorney Columbus Ohio
Wills, Trusts, Powers of Attorney
Our philosophy is that everyone needs an estate plan. Such a plan is critical regardless of the size of your assets or your marital status. A carefully constructed, flexible estate plan made with the help of lawyers is useful to avoid excess taxes and to ensure that your wishes are carried out.
The team at Taneff Law can help you create a legal estate plan so you can feel confident about the future of your personal and business assets. As experts in estate planning law and probate law, we have years of experience providing estate planning services to area residents and we look forward to helping you, too.
What is Estate Planning?
Estate planning is the process of determining what happens to your belongings in the event of your death. It makes sure there is a plan in place for your physical and financial assets during the probate process, including how your wealth is distributed, who gets your personal belongings, who will care for your dependents, and more.
Along with instructions on how to distribute your property to your living relatives, an estate plan might include a trust or a power of attorney. Ohio attorneys familiar with probate law can help their clients determine which documents they need or if new information is needed.
What is included in Your Estate
Your estate includes your home and any other properties you own; the items in your home, such as furniture and appliances; vehicles, and any other belongings. It also includes your wealth, such as savings and checking accounts, investments, and more. If you own a business, your business assets are also part of your estate, especially if you’re a sole proprietor. Making a list of your property is a helpful first step when you’re preparing to start the estate planning process.
Importance of Estate Planning
Everyone needs a plan because it results in less work for your family and friends to worry about during a difficult time. Dealing with the death of a loved one is emotional and stressful. Without a plan in place, families face added stress in trying to figure out what to do with your personal items.
In over three decades of Ohio probate and estate administration practice, we have seen many families in distress at the passing of loved ones who did not leave them comprehensive plans for the handling of their belongings. Estate planning ensures there’s a plan prepared ahead of time that will help the distribution of your property go smoothly and allow your loved ones to focus on other things.
Planning Your Estate
Estate planning involves putting together a set of legal documents that expresses your wishes for the future. A plan includes wills, trusts and more, and is often created with the help of attorneys familiar with probate law and estate planning law. The team at Taneff Law is highly experienced in estate planning and can help ensure you have all the necessary documents and a clear plan for your personal items and business property.
Every person should have a will, but it’s especially important if you have minor children. This document will make clear who is to have custody of your children and take care of them upon your death. A will also establishes what will happen to your personal belongings after you pass. It includes important information on how your items will be distributed, and who will receive what items.
Instead of immediately passing assets to a beneficiary, you may decide to create a trust and have a third party, or trustee, hold onto them for a period of time. In a trust, you can declare which items you want the trustee to hold onto, when the trustee needs to pass them to the beneficiary, and who the beneficiary will be. A trust gives you more control over how and when your assets will be distributed to a loved one. For example, you may choose to have a trustee be in charge of a sum of money until your child turns 18, at which point your child will receive and be responsible for the money. A trust also provides your assets with protection from creditors and can even be used to minimize taxes.
Powers of Attorney
A power of attorney (POA) is a legal document that states a person may make decisions on your behalf. A power of attorney is especially helpful in case you are ever in a situation where you are living but need care and are incapable of making decisions due to health or financial reasons. A medical POA, for example, can be used to determine where you will live, such as in a nursing home or assisted living facility. POAs typically either have general power or limited powers. General power gives a designated person the ability to make decisions on your behalf regarding any matters, such as managing bank accounts and property, as allowed by state laws. Limited powers allow that person to make decisions on your behalf only in specific instances. Lawyers who are experienced in estate planning law can help you decide which type of POA is best for your wishes.
Probate Law Attorneys You Can Trust
Estate planning may seem daunting, but working with estate planning lawyers in Columbus OH can make the process easier. As a former Probate Court Magistrate, Thomas Taneff has the experience and legal expertise to help Ohio clients make plans for their property after their death, protect their family wealth, provide for their families and more.
Family Wealth Planning
Making sure your financial assets are passed down to and properly managed by your living family members helps ensure your family wealth will continue to provide for future generations. Estate planning attorneys will help you create plans for your family wealth and help protect your family from bankruptcy.
Estate Planning, Tax Planning, Estate and Gift Tax Planning
An important part of estate planning is tax planning. The law may require that specific types of taxes have to be paid when your personal items are given to other people, such as estate tax and gift tax. Estate tax is a tax that needs to be paid when property is distributed from a deceased person to their beneficiary. A gift tax is a tax that must be paid when a gift is given from a person to another. Proper planning with a lawyer will help prevent you from having to pay excess taxes while following the law.
When to Update Your Estate Planning Documents
Keeping your estate planning documents up to date is important for ensuring your estate plan reflects your wishes for the future. It’s a best practice to review your estate plan every 3 to 5 years and make any necessary updates. It’s also important to review and revise your estate plan after a major life event. This includes events like marriage, divorce, the death of a spouse, moving to a different state, or if there is a change in the size, number, or value of your assets. You should also review and update your estate plan if new people are added to your family through birth or marriage and you want to name them in your will, or if you want to change who is listed as beneficiaries, trustees, or an executor. An estate planning attorney from Taneff Law can help you revise your estate plan on a regular basis while taking into account all aspects of the law.
About Thomas Taneff
Thomas will be your partner in estate planning. Well versed in probate law, he works closely with each client to create a plan that fits his or her needs and will adapt to changing life circumstances. He will help your family avoid battles over who gets what and how proceeds from your home, car and other family assets should be distributed. Thomas shares his extensive expertise and experience in this field by regularly lecturing and teaching other professionals on the process and to the community at large. You too can benefit from his experience, skill, and one-on-one approach.
Thomas is a former Probate Court Magistrate. That background ensures he knows how to handle your estate plan to maximize the assets you pass on to your descendants and minimize tax consequences. Contact us today to learn more about how we can assist you in estate planning.
Columbus, Ohio Probate and Estate Administration
Probate is the process of carrying out a person’s will and administering their estate following their death. If a will was created, the distribution of a deceased person’s property and wealth will be based on that document. If a will was not created, a legal representative will step in to assist in the administration process.
Appointing an Executor
Appointing an executor is an important step in estate planning. This is the person who will oversee the distribution of your property during the probate process. If you do not name an executor in your will, the court will appoint a personal representative or administrator to be in charge of distributing your belongings. Choosing an executor can help you feel confident that your property and finances will be given to people as you see fit.
Benefits of Working with Estate Planning Lawyers
Columbus estate planning attorneys can guide you through the process of estate planning to help make the experience go as smoothly as possible. When working with an estate planning attorney, you’ll know your estate plan meets any legal requirements and includes everything that should be included. Estate planning attorneys will explain what happens to your personal items and business items after your death, and how you can ensure the future of those items matches your intentions. At Taneff Law, we have years of experience and can help you create a strong and legal estate plan that’s well thought out and clearly expresses your wishes.
If you are in need of a probate lawyer to help you handle the closing of a family member’s estate, our firm is here to help. If you are concerned about how long it will take, how much money it will cost, how difficult the process is, don’t worry. We understand. We do this kind of work every day. We will take the legal burdens off your shoulders so you can grieve and deal with the other emotions of losing a loved one.
Who We Serve
The attorneys at our law firm serve clients throughout the state of Ohio, specifically the Columbus metro area, including Franklin County, Delaware County, Knox County, Licking County, Fairfield County, Pickaway County, Madison County, and Union County in probate and estate administration. In adoption law matters, our business serves clients in the entire state.
Contact Taneff Law Today
Estate Planning Screw-Ups!
I DON’T HAVE MUCH. So what?! You can still decide who gets your stuff! You may not need a complex Trust, but a basic Will can direct where you want assets to go. Who gets the family Bible? Or your mother’s jewelry? Save your loved ones from fighting over who gets what. And keep your maybe not-so-loved ones from getting all of your stuff…
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