By: Phil Shepardson
If you and your spouse executed your estate plan more than 5 years ago, you may each have included a trust as the recipient of your estate in order to take maximum advantage of the estate tax-saving tools available at that time and to protect your assets until such time as your children are mature enough to handle their inheritance. Fast-forward to 2013. Your children are grown; Ohio has gotten rid of its estate tax; and the federal estate tax has been modified to the extent that few if any of us need to be concerned with regard to federal estate taxes. It may be time to revisit your estate plan to see if you cannot bypass one of those trusts and the hassle that goes along with administrating it during the surviving spouse’s lifetime. Give us a call and allow one of our attorneys to help you through that decision-making process.