Estate Planning & Taxes

As tax laws continually change, so do the rules regarding the tax implications on estate planning.  It is important to work with an experienced estate planning and tax attorney who can properly advise you regarding the various estate, gift and income taxation issues found under federal and state laws.

Avoiding probate does not mean avoiding estate taxes.  Currently, only estates which have a net value in excess of $338,000 will be subject to an Ohio estate tax.  It is a common misconception that only probate assets are subject to estate taxes.  Non-probate assets such as joint and survivorship assets and trust assets must also be included in the decedent's estate tax return. 

In estate tax returns, certain items may be deducted such as debts, administration expenses, and charitable gifts.  In addition, other deductions and exemptions may be available.  Due to increases in exemptions, in excess of 78% of estates will not pay Ohio estate taxes.

Here, at Sheppard Law Offices, Co., L.P.A. we pride ourselves with being the “One-Stop-Shop” for all of your legal and tax needs.  Therefore, if you need assistance with setting up your estate plan and if there are tax implications to consider, we are here for you. 

If you need help with a probate matter and if there may be taxation issues that you have to consider, please know we can help you.  You can contact us today at 1-877-505-9455 for your free one-half (˝) hour initial consultation with Estate Planning, Probate, and Tax Lawyer Ken Sheppard.

Read more about the different Estate Planning services we offer:

• Wills

• Trusts

• Powers of Attorney