RKPT attorneys have decades of experience advising clients on their estate planning needs. After a thorough consultation to determine your goals and needs, an estate planning attorney will create a customized estate plan to help you and your family meet your financial goals and leave a legacy to the people you care about, while minimizing estate and wealth transfer taxes.
Whether you have basic estate planning needs like a Trust, Will, Financial Power of Attorney, Living Will, and Health Care Powers of Attorney, or more complex estate planning needs like a more complex trust, foundation, or family limited partnership, our lawyers have the experience and expertise to offer you and your family sound advice and help you plan for life’s inevitable changes.
Our lawyers recognize that estate planning is a dynamic, lifelong process. We partner with our clients as they experience major life events like marriage, divorce, the birth of a child, new or growing business endeavors, or receiving a substantial gift or inheritance, and help our clients make changes to their estate plan to best serve their needs and meet their goals.
Some of our clients have relatively straightforward needs, while others require more advanced estate and tax planning tools. Regardless of your specific needs, the estate planning attorneys at RKPT have the experience and expertise to help you plan for the future, minimize tax liability, and protect your legacy.
Basic Estate Planning Services
A basic estate plan may include a simple Trust, a Last Will and Testament, a Financial Power of Attorney, a Health Care Power of Attorney, and a Living Will. An estate planning attorney will compile these documents to ensure that your wishes are carried out as you near the end of your life or lack the capacity to make decisions on your own and allow you to leave a legacy to the people you care about most.
- A Simple Trust is similar to a Will in that it determines how property should pass upon someone’s death but can also help to avoid probate and minimize the complexity of administering the transfer of property after the death of the grantor, or creator, of the trust.
- A Will is one of the foundational documents of an estate plan. It identifies broad categories of assets and describes how they will be transferred at the time of your death.
- A Financial Power of Attorney appoints someone else to make financial and business decisions for you if you are unavailable or lack the capacity to make them yourself.
- A Healthcare Power of Attorney allows someone else to make healthcare decisions for you if you are unable to make them for yourself.
- A Living Will can be used to describe your wishes regarding end-of-life treatment that you do or do not wish to receive, and gives you control over decisions made as you near the end of your lifetime.
Complex Estate Planning Services
For more complex estates or families who must address special needs, RKPT offers complex estate planning strategies that may include the creation of a Family Limited Partnership, trust, or private family foundation.
Family Limited Partnership
A Family Limited Partnership (FLP) is a financial arrangement that allows family members to pool assets to operate a business. Each family member buys shares in the business and can take a profit proportionate to the number of shares they own. An FLP can be used to preserve a family business for future generations while sheltering assets and minimizing tax liability.
A complex trust is similar to a Will in that it specifies how a person’s property will be transferred; however, a trust offers additional flexibility and is often used to address more complicated estate planning situations.
A trust establishes a fiduciary relationship between the trust-maker (sometimes known as the grantor, settlor, or trustor) and the trustee. The trustee manages assets placed in the trust for the benefit of a third party, known as the beneficiary.
Unlike a Will, which must be reviewed and approved by a probate court, assets placed in a trust remain private.
A trust can also be used to transfer assets while the grantor is still living, while a Will can only be used to transfer assets after the person who wrote the Will has died.
Depending on your needs, a trust can be revocable or irrevocable. A revocable trust can be changed during the lifetime of the grantor, while an irrevocable trust cannot.
Finally, there are a variety of trusts that can be used to address specific estate planning needs.
Creating a Private Family Foundation as Part of Your Estate Plan
Some of our clients wish to create a Private Family Foundation (PFF) as part of their estate planning strategy. Through a PFF, you can receive a tax deduction for contributions made to the foundation. Contributions to a PFF can also minimize estate and income tax liability and provide continuing employment for family members.
RKPT: Help with Your Estate Planning Needs
The personal planning attorneys at RKPT recognize that everyone can benefit from sound estate planning. Whether you are approaching retirement or need an estate plan to protect and care for your young family, our estate planning attorneys are here to help.
Contact us today to learn more about our estate planning services and for assistance with your planning needs. From our offices in Cincinnati, we serve clients throughout Ohio.