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Estate planning in Ohio, and what you owe your children

On Behalf of | Dec 29, 2014 | Estate Planning

Interestingly, it appears that baby boomers do not all feel that they owe their children the same things. Recent polls found that more than half — 54 percent — think that they should not have an obligation to leave money behind for their children. The remaining 46 percent begged to differ, but the difference is worthy of note.

Some high-profit individuals, such as Anderson Cooper, have agreed with the idea that money does not have to be left to children.

For many people, though, the type of money that is left over is not going to compare to Cooper’s estate, seeing as how he is paid millions in his line of work. The odds of having nothing to leave behind are small, and it is important to do it right if you’re going to do it. This means having a plan in advance.

If you don’t set things up in advance, there are two main problems that can come up. First off, your desires may be ignored without an official will. Your children could do whatever they want, and it could even lead to fighting in the family.

The second problem has to do with the government. There are tactics that can be used to ensure that the government does not get too large of a share of your wealth. If you have no will, though, a large portion could be lost, and your children may never see it.

No matter your age, it is never too early to think about estate planning in Ohio. Be sure that you know exactly what legal steps have to be taken to set up a plan.

Source: Huffington Post, “What Kind Of Inheritance Do You Owe Your Kids?” Bart Astor, Dec. 29, 2014