Ohio’s move of repealing estate tax and the increase in federal estate tax exemption equivalent has brought about perception that estate planning is no longer important since no estate taxes will be posted upon one’s death. However, this is not true. Coming up with an estate plan saves time and money, and avoids the probate proceedings by a court which will necessarily cost more to achieve predictability, efficiency and privacy. An estate plan usually contains powers of attorney upon one’s temporary or permanent incapacity, appointments of health care agent, and beneficiary designations. It is a great help if clients go to see an estate planning attorney with some summary of net assets and some preliminary information about objectives.
See Timothy Pillari, “Special Feature – Estate Planning: Why Bother?” JDSupra.com (February 5, 2015).
Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.