Estate planning can be difficult since it involves looking ahead and deciding where we want our assets to go when we die. While every situation in estate planning is different, there are four main structures to consider.
First, some people use an “everybody equal” structure. Second, some people use a structure called “equal opportunity.” Third, others use a “who needs it most” structure when estate planning. Finally, some people use a “this one helped me most” structure.
Seldom are we able to anticipate and prepare for the future, even when we know that various aspects of the future will end up a certain way. For instance, we know that we will each die someday. Nonetheless, it is difficult to visualize the world without our self being a part of the world.
Therefore, estate planning can be difficult because it necessarily requires looking into the future to prepare for our financial and physical needs later in life, as well as where we want our possessions to end up when we pass away. As a result, clients often ask me, “What do other people do?” or “What do you think would work best for us?”
Read more about estate planning structures to consider in Lee’s article in the Lima News here: Legal-Ease: Four estate planning structures to consider
Source: LimaOhio.com, “Legal-Ease: Four estate planning structures to consider,” by Lee R. Schroeder, June 29, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.