Estate planning is never an easy process. This is especially true when it comes to the ever-changing tax code, which can greatly impact people in both the Hamilton, OH, area as well as across the country. Accordingly, Pater, Pater & Halverson remains dedicated to providing the most up-to-date information when assisting those currently creating estate plans. Thanks to more than a century of combined legal experience, this firm has what it takes to offer guidance to their clients even when faced with complex issues.

The first change estate planners should be aware of has to do with the continually increasing inflation rate. A few provisions will be impacted by these rising rates, including the estate tax and the lifetime gift tax exemptions. Additionally, Protecting Americans from Tax Hikes (PATH) legislation may also have a ripple effect on estate planning.

PATH is primarily concerned with real estate investment trusts (REITs). REITs are property and mortgage investments that can be traded like stocks and usually afford high yields to investors. In the past, numerous tax advantages were available for ancillary transactions related to REITs; however, PATH legislation has now put restrictions on these transactions' tax-free status, meaning the transaction must be qualified as REIT for both the distributor and the controller in order to gain tax benefits.

PATH can also affect charitable giving for those 70 1/2 years and older, specifically when it comes to IRAs. Donations made from an IRA account can now be considered required minimum distributions, which are mandatory withdrawals that must be made by people in this age group on a yearly basis.

When it comes to the creation of wills and trusts, Pater, Pater & Halverson makes use of their extensive expertise to offer Hamilton clients legal guidance they can rely on. Contact them today at (513) 867-1411 for answers to your most pressing estate planning questions. You can also visit their website to learn more about their many practice areas.