For many, these are times of uncertainty. Recent changes in tax laws have created confusion and in many cases, have rendered good financial and estate planning obsolete.
For example, recently the IRS radically changed the rules for taking distributions from IRAs and other retirement accounts and annuities. This change in the law could greatly affect the benefits you and your heirs may receive from your IRA. In addition, Congress has recently made significant changes to the tax laws, and Ohio has changed its laws regarding trusts (even if they were signed before January 1, 2007) as well as health care documents (Living Wills, Powers of Attorney for Health Care, etc.). These changes make updating and reviewing your estate and financial plan a necessity.
We have also found that many families have not kept their estate planning documents up- to-date or their trusts fully funded. Many times we have met with families after someone has passed away or become disabled only to find that a portion of the family’s assets were not transferred into the living trust. When this occurs, the assets not held in the trust may have to go through the expensive and time consuming probate process.
If you are an established client with our law firm, we are offering a complimentary review. If you are not a client, you may wish to schedule an appointment with our firm to:
- Discuss your family situation to ensure that the terms of your trust still reflect your wishes and family situation;
- Review your assets to be sure they are properly titled in your living trust and;
- Analyze the impact of the new tax law changes to see if your estate planning documents need to be updated.
In addition, we will answer any questions you may have regarding the recent law changes and your estate planning goals. This will also be an ideal opportunity to coordinate your financial planning goals with your estate planning documents.
To schedule an appointment, please call our office at 330/394-1501 or 1-800-307-5544 to discuss these important issues.
We look forward to hearing from you soon.