Archive for the ‘Estate planning’ Category

Everyone Should Have an Estate Plan

Is there more to estate planning than just knowing that your family and loved ones will receive your property and/or assets when you are gone? You’ve worked hard to build your assets—your investments, home, personal property. Doesn’t it make sense to work just as hard to protect them in the event something should happen to you?

That’s the primary goal of Cusack law office estate planning—to protect, preserve and manage your estate if you die or become disabled. Some people may see no need for estate planning until they reach a certain age, or they might believe that it’s only for the wealthy.

Why is estate planning so important? Because it allows you to accomplish a number of crucial objectives:

Estate planning can help with cutting taxes- Minimize estate taxes and other transfer taxes. In fact, it is geared for that which in turn helps you to leave more money to those that you want to have it.

Choose Your Beneficiaries Help ensure that your money and other assets go to the people you choose. Without a plan, state laws will determine your beneficiaries.

Follow Legal Process-Avoid the costs, publicity and delays of probate, the legal process used to value your estate, settle any debts, pay taxes and transfer assets to your heirs.

Defuse Conflicts- Defuse potential conflicts over the distribution of your assets & ensure that you and your affairs are taken care of in the manner you wish if you should become incapacitated.

Estate planning can begin with something as simple as reviewing the beneficiaries of your insurance policies and retirement accounts and updating them as appropriate.

How to get started
Most people can address their estate planning goals with the simple, four-step process outlined below.

  • Take inventory of your assets and liabilities. List the value of your home and all liabilities, including    mortgages, lines of credit and other debt, other real estate, cars, jewelry and other physical assets.
  • Define your estate planning objectives. Whom do you wish to manage your affairs if you become disabled and distribute your assets upon your death? Who will make health care decisions on your behalf if you become incapacitated? Answering these questions before you meet with an estate planner can save you both time and money.
  • Meet with an estate-planning attorney- A qualified attorney will review your objectives, explain the tools—wills, trusts, powers of attorney, etc  and help you think through matters you may not have addressed.

Though planning for one’s own demise may feel morbid, you don’t want to procrastinate. Remember, if you don’t put your own estate plan into action, the government will do it for you. Do your loved ones a favor and get started now. For more detail visit our site http://www.cusacklawoffice.com/

Author bio:-

Cusack law office provides you full information about estate planning. We guide the client from beginning to end of the administration of the estate. If you want to know about living trusts and if you have will & you need to learn about trusts. We invite you to schedule an appointment for a FREE consultation to review your estate plan.

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     Ohio Trust

The Ohio trust is located in Cincinnati, which existed from 1830 -1857. This trust is like an excellent tool which is used by qualified estate planners and  legitimate professionals so that their clients to achieve certain objectives, controlling the disposition of assets, avoiding probate, reducing paperwork costs, an economic depression, saving estate taxes, and preserving family wealth for future generations. The principles are valuable in all social and personal relationships as well as at work. Ohio trust provide legal counseling, substantive guidance of an attorney. The trust promoters give full consideration to protecting the estate in the case of incompetency, legitimate attorney; licensed to practice law in your state this trust is properly funded. There are four dimensions of this trust are Sincerity, Reliability, Competence and Care.

Estate Tax

Estate taxes arise when the death of a person results in property or belongings being passed on to another individual or entity. According to the economic growth and tax relief reconciliation Estate tax set a exemption and it is apply only to estates whose gross estate value exceeds a set amount and it is applied at graduated rates. Proper estate planning strategies are helpful because the estate tax can be quite high, careful estate planning is advisable. In Estate Tax the includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

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