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Confronting your own mortality may be challenging, but creating an estate plan is essential if you want to ensure your family is taken care of after you pass. Although there are a lot of estate planning resources online, everyone’s situation is different, and only an experienced attorney can help you create the best plan for your particular circumstances. Below, the seasoned legal team at Pater, Pater & Halverson Co. in Hamilton, OH, discusses the basics of estate planning, so you will have a better idea of what you need to discuss when meeting with your lawyer:

The Basics of Estate Planning

Drafting Essential Documents

Wills and trusts are two of the most important estate planning documents. Your will is essentially the cornerstone of your estate plan, and you should have one regardless of the size of your estate.

If you have not accumulated many assets yet, you can still use a will to detail any last wishes regarding your funeral and remains, establish guardianship for your children, and leave any cherished possessions to your loved ones.

If you have acquired any significant assets, you may want to consider creating a trust as well. A trust allows your loved ones to minimize estate taxes and avoid the probate process after your death.

Understanding Estate Taxes

estate planningUnderstanding tax law is essential if you want to reduce the financial burden your loved ones will have to bear after your death. As of 2013, there are no estate taxes in the state of Ohio; however, the federal estate tax is still in place. Smaller estates do not call for an estate tax return, but estates with combined gross assets and taxable gifts exceeding $5,490,000 do.

If you have questions regarding estate planning, turn to Pater, Pater & Halverson Co. Visit the firm online to learn more about their legal services, and call (513) 867-1411 to schedule an initial consultation in Hamilton, OH. To stay connected via social media, you can also like them on Facebook

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