John D. Clark Attorney

Estate Tax Planning 

With the repeal of the Ohio Estate Tax in 2013, only the federal Estate Tax remains as a potential death tax on assets to be distributed following death. Fortunately, the individual exemption against federal estate taxes is greater than $13 million, so most people will not have to pay the 40% federal estate tax. However, for those clients who own significant wealth, it is very important to plan early and often to minimize and avoid this federal estate tax. 

Many strategies are evaluated and the techniques used to minimize estate taxes are implemented after careful consideration of all of the consequences, including loss of control, lack of marketability, and increased wealth of children and grandchildren. Preparation of gift and estate tax returns, including the allocation of the generation-skipping transfer (GST) tax.

Planned Giving

Many clients recognize the value of helping build a stronger community through charitable giving. Making a gift to charity involves many considerations: intended purpose of the gift, the ability of the charity to meet that purpose, maintaining anonymity or receiving recognition for the gift, tax considerations for different methods to make the charitable gift.  Before simply writing a check to your favorite charities, a consultation may be very beneficial to you – and the charity you support. 

Asset Protection & Business Planning

Review strategies and techniques to protect assets from future lawsuits and risk of loss. Preparation of family limited partnerships (FLP), limited liability companies (LLC), domestic asset protection trusts in Ohio. Operating a business comes with inherent risks that must be minimized through careful planning with a team of advisors, including your accountant, insurance agent, and an attorney. Further, the decision to retire or otherwise transition the business to family members (business succession) should be started long before you are ready exit your business.

Elder Law

Providing for your long-term care as you get older is a top priority. Staying in your home (aging in place) can be achieved for many seniors with careful planning. Elder law involves both planning for future possibilities, and reacting to health emergencies when they arise. Understanding the complicated options of long-term care insurance, Social Security and Medicare benefits and Medicaid regulations requires a comprehensive approach. There are many mistakes and pitfalls that happen when people start trying to avoid nursing home costs and preserving assets without a roadmap of which routes to follow throughout the journey of getting older. 

Probate Court Services

Includes probate administration of decedent’s estate, guardianships, and trustee accounts. Prompt completion of a probate estate is most important, whether in the representation of an Executor, or providing legal services to a beneficiary of an Estate.

DISCLAIMER: The information contained on this site is intended as a general explanation of the law. It is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. Please seek the counsel of a lawyer if you need any legal advice. Circular 230 Disclosure: Any U.S. federal tax advice contained on this site is not intended or written to be used, and cannot be used, by any person for the purposes of avoiding any penalty that may be imposed by the Internal Revenue Service. Further, any U.S. federal tax advice contained in this material deemed written to support the promotion and marketing by others of any transactions or matters addressed was not intended or written to be used, and cannot be used, by any person, for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person, and each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.