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.
Importance of Estate Planning
Similar to how succession planning prepares your business for the transfer of ownership, 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 assets, including how your wealth is distributed, who gets your personal belongings, who will care for your dependents, and more.
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.
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 someone special 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. This can even lead to family members fighting over who gets to keep what.
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 estate. Having a plan prepared ahead of time will help your distribution of property to go smoothly and allow your loved ones to focus on other things.
Importance of Estate Planning
Planning your estate involves putting together a set of legal documents that expresses your wishes for the future. A plan includes documents such as wills, trusts and more, and is often created with the help of lawyers.
A will is critical if you have minor children. This document will make clear who is to have custody of your children upon your death. This is important whether you are married or divorced.
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 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.
Powers of Attorney
A power of attorney is a legal document that states a person may make decisions on your behalf. This is especially helpful in case you are ever in a situation where you’re incapable of making decisions due to health or financial reasons.
Estate Planning, Tax Planning, Estate and Gift Tax Planning
An important part of preparing a plan is tax planning. 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.
About Thomas Taneff
Thomas will be your partner in estate planning. He works closely with each client to create a plan that fits his or her needs and will adapt to changing life circumstances such as divorce, or the birth of a child. 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 that 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.
Probate and Estate Administration
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.
If you are in need of a 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
Our firm serves 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. If you are in need of an experienced Estate Planning Attorney, call us today: (614) 241-2181, or contact us by email.