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Estate Planning and Business Lawyer in Mansfield, OH

This is just a list typical of documents for an estate plan.
Simple- Manages one's estate at one's death and bequeaths property to beneficiaries outright.
Pourover- Manages one's estate at one's death and bequeaths property to a living revocable trust.
Signing testament - Living Trusts in Mansfield, OH
Estate Planning
  • Wills
  • Trusts
  • Power of Attorneys
  • Living Wills
  • Family Limited Partnerships
  • Special Needs Trusts
  • Asset Protection Trusts
  • Charitable Trusts
Probate Law
  • Estates
  • Guardianships
  • Name Changes
Asset Protection
  • Trusts
  • Estate Planning
  • Gifting
Elder Law
  • Elder Law
  • Social Security Income (SSI)
Real Property Law
  • Deeds
  • Land Contracts
  • Leases
  • Easements
Finding a Solution with a Lawyer - Property Law OH in Mansfield, OH
Signing a agreement - Estate Planning OH in Mansfield, OH
Last will and testament - Property Law OH in Mansfield, OH
Living Revocable Trusts:
Simple Trust- Gives property held in trust outright to beneficiaries at death or trust creator (“Grantor”). Used mainly for probate avoidance.
Declination Trust- Established a marital trust specifically for use by the surviving spouse while allowing the surviving spouse to decline certain assets to a separate trust. Good for medium size estates, especially when Grantor wants to control payout of assets at death.
Credit Shelter Trust- Utilized the United Credit Shelter Exemption at one's death. Used mainly for larger estates for state tax avoidance.
Qualified Terminable Interest Property (QTIP) Trust- Gives surviving spouse limited access to trust assets at death of Grantor and is used to protect assets for children of previous marriages.
Living Will - Do Not Resuscitate Order
Power of Attorney for Health Care - Allows principal to name agent to oversee health care decisions when the principal is incompetent.

Financial Power of Attorney - Allows principal to name agent to oversee financial decisions when the principal is incompetent.

Irrevocable Life Insurance Trust (ILIT) - Irrevocable trusts used to hold life insurance on either an individual or couple at death of one or both, respectively. Used for bigger estates so life insurance proceeds are not considered part of estate for estate tax purposes by IRS.

Federal Estate Tax and Gifting information
For 2016, the Estate and Gift Tax Exemption is $5,450,000 per person.
For 2017, the Estate and Gift Tax Exemption is $5,490,000 per person.
*Also, for a married couple, the surviving spouse can elect to carryover any unused exemption not used by his or her deceased spouse upon the correct filing of an IRS Form 706. This allows the surviving spouse to use a portion, up to the whole thereof, of the deceased spouse's unused exemption for himself or herself upon his or her death. In effect, it can allow a surviving spouse to transfer $10,980,000 tax free to his or her descendants.
For 2017, the annual gift tax exclusion stays at $14,000.
Estate tax is repealed for 2010.
Please answer the questions below which help determine which estate plan documents are best for you.
  • Are you married?
  • Do you have children?
  • Do you have children from previous marriages?
  • Are any of your children minors?
  • What is your net worth (all assets-all liabilities)?
  • Do you own property in more than one state or country?
  • Do you have issues with any prospective beneficiaries receiving possibly large sums of money?
  • Do you have issues with a child's or grandchild's spouse?
  • Who would you want to oversee your financials?
  • Do you have life insurance?