Share:

The attorneys at Pater, Pater & Halverson in Hamilton, OH have over 90 years of combined experience, and the firm itself has been serving the community for over 100 years. Estate planning is an integral part of the legal services Pater, Pater & Halverson provides, but even their expert attorneys realize that many people don’t have a very good understanding of what estate planning actually is, and why it can be beneficial to them.

Here are four interesting facts that the lawyers at Pater, Pater & Halverson think you should know about estate planning:

  • Estate planning is not just for wealthy individuals: Many people hear the term “estate” and picture villas with expansive gardens, and garages filled with sports cars—but estate planning isn’t just for the wealthy. Your “estate” is simply all of the assets (physical or monetary) that you own, and even if that’s a modest home and a savings account, you still need to have a plan in place for the future.
  • Estate planning can help maintain family harmony: Without an itemized will and explicit legal documents outlining who gets what, even the closest of families can experience discord related to the allocation of certain valuable assets. By planning your estate ahead of time, you’re giving a huge gift to your children and other loved ones, because you’re not putting them in the position of having to make tough decisions.
  • Estate planning can save your family and loved ones money in the long run: A good attorney will advise you on how to avoid excessive taxing, and will make sure you properly itemize all of your assets. Anything ignored during the estate planning process will require your family to go to probate court, pay expensive legal fees, and spend lots of time combing through legal documents. Proper estate planning can help your family avoid this lengthy and expensive process.
  • The estate tax does not affect most people: Many people have heard of the estate tax, and cite that as their reason for not doing proper estate planning. However, it’s important to note that about 98% of the population is not subject to the estate tax. The tax only affects very large estates, or the top 2% of the wealthiest people in the country.

All in all, estate planning is a worthwhile way to ensure that the people you love are taken care of when you’re gone. Begin planning your estate today. The attorneys at Pater, Pater & Halverson will walk you through every step of the process, and make it as quick and easy as possible, so give them a call at (513) 867-1411.  

tracking