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Why timely, effective estate planning is important

On Behalf of | Jan 9, 2015 | Estate Planning

To persons of a certain age in Ohio and elsewhere, it likely doesn’t seem that long ago that many people regarded estate planning as some esoteric prerogative of only the super rich.

These days, there is a far greater appreciation among many millions of individuals and families in the United States that planning — that is, well-considered, timely and comprehensive planning — can promote the interests of just about any person.

And truly important interests, to boot.

Estate planning can encompass far more than the mere execution of a will. Although attending to that matter is obviously an important step toward ensuring identification and accuracy regarding the transfer of wealth, will execution often comprises one — though obviously important — element of effective estate planning.

At its essence, planning seeks to preserve wealth, transfer assets in the manner intended by a planning creator and avoid taxes to the fullest extent legally possible.

Thoughtful planning, though, can promote far more than just those limited objectives. Well-crafted estate planning documents can spotlight and attend to health considerations, address the special needs that a family member might have and appoint trusted persons who will ensure that planning objectives are carried through in timely and accurate fashion.

We note on our website’s Estate Planning page at the Toledo-based law firm of Mahaffey & Associates, LLC, that “None of us can predict the future.”

Given that reality, many people make the reasoned choice to make estate planning decisions that will greatly affect both their future and the future lives of upcoming family generations when they are best equipped to do so.

Our law firm guides them in those actions, playing a proud role in the work we do that helps people craft sound strategies for dealing with future uncertainties.

We invite your closest look at our firm, its attorneys and the work we passionately do on behalf of our clients.