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Estate Planning

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Estate planning is ideally something you take care of during early adulthood, particularly if you have a spouse and children. But, if you are like many people, you may not get around to it until middle-age when you start dreaming of retirement. Estate planning is an important and invaluable process. This task involves planning where your assets should go after you die. Having a properly structured estate plan ensures that your wishes will be carried out upon your death. Neglecting to have an estate plan may result in unintended consequences for your loved ones.

Getting Started

An estate plan covers all aspects of documenting your holdings, conserving them and distributing them after your demise. A wise plan will enhance and maintain the financial security of the clients and their loved ones. If you don't have an estate plan in place when you die, the courts will decide how your estate is distributed. This may or may not go along with your heartfelt desires; therefore, it is wise to plan ahead.

It is important that you consult an experienced estate planning professional to make sure your wishes are carried out without any hiccups. A professional is knowledgeable about the estate tax laws and helps you protect and transfer your assets seamlessly. Tax laws can change often, and a professional stays up to date on any changes that can affect you or your estate.

The Basics

An estate planning professional utilizes all his knowledge to prepare the best plan for you and your loved ones. This can include writing a will and creating trusts. An estate planning expert is knowledgeable about how the estate tax system works and stays abreast of any changes in the current laws. He is also knowledgeable about gift taxes and any state death taxes.

Federal taxes on inheritance can be quite high, and this is a common situation where the skills and knowledge of the estate planner are beneficial to you. The professional can help you prevent your loved ones from having to pay high taxes on properties and other things of value that they inherit from you. One of the best ways to avoid the taxes is to present your loved ones with a gift of money or a part of your estate that doesn't exceed the exemption limits.

The estate plan expert will also make sure that all the necessary documents are in place in case there is an unforeseen tragedy that renders you incompetent to make decisions about your estate. He will ask you to declare a durable power of attorney who can be trusted to handle all your financial decisions for you and your family if you are incapacitated.

The professional will also help you choose a health care proxy. This is someone who will make decisions about your health care if an unexpected illness, such as Alzheimer's, a coma or some other grave medical issue, befalls you.

At any time during your life, you can make changes to your estate plan, and many people do this as their circumstances change.

No one likes to think about their own death or leaving their loved ones behind, but the plain fact of the matter is that the death rate is one per person. Therefore, do the wise thing and take the time to spend a few hours with a professional estate planner who can ensure that your estate will be distributed according to your wishes.

To schedule a time to discuss your financial future for that abundant retirement you want and deserve, contact us via email or call us at 614.545.0277 today!


By contacting us, you may be offered information regarding the purchase of insurance and investment products.

Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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