Proud Neighbors In Cincinnati

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The benefits of estate planning for couples

| Oct 8, 2020 | Estate Planning & Elder Law |

While it is encouraged that everyone has an estate plan in place, the option also exists for couples to create such a plan together. Estate planning has multiple benefits, including tax-related perks. These advantages are just part of why it is such a good idea for couples in Ohio to identify and work towards goals when developing their estate plan together.

Providing for loved ones

While every married couple may have different goals for their estate plan, most of them probably agree that providing for their surviving loved ones is probably near the top of the list. Making sure that the surviving spouse is taken care of is a great benefit of these joint estate plans as is the ability to leave any children the couple may have together in a position to prosper financially.

Tax breaks

Many people may not realize that there are tax benefits to estate planning. By decreasing the amount of money that is withheld for taxes, couples can increase the amount of money that they are leaving to their loved ones. Couples should be sure to check on the potential savings with both federal and state taxes that can be taken advantage of with good estate planning.

Asset control

People want to be able to control the money that they have spent a lifetime working to earn. Taking the steps to create an estate plan allows couples to maintain control of their assets even after they have passed on. This reduces the amount of chaos that can happen within a family should a person die without a will.

Couples who want to build an estate plan should contact an attorney who is well-versed in joint estate planning. This type of lawyer can help a couple through the process of gathering the information needed and putting their wishes into a legally binding estate plan.