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Debunking a longstanding myth regarding estate planning

Here's an uppercase dichotomy relevant to estate planning in Ohio and across the United States: Although many Americans perceive the need to engage in timely and sound planning, legions of them know very little about it and don't have much of a clue as to how to get started with the process.

Consider the following contrastive statistics that emerged from a recent survey on estate administration awareness.

On the one hand, more than seven of every 10 respondents stated that the completion of a well-considered plan would empower them and make them feel like responsible family members. On the other hand, though, fully 25 percent of survey participants admitted to not having even discussed planning needs with their loved ones, and only about 10 percent have even broached the topic with an experienced estate planning attorney.

A primary reason why is a widespread belief that estate administration is something to be dabbled in only by materially wealthy people.

Planning professionals seek to counter that view through education that reveals the widespread applicability of sound planning for virtually every demographic, from young single people and newlyweds just starting families to middle-aged couples, baby boomers and advanced seniors.

In fact, estate planning addresses important matters and attends to them in tailored and logical fashion across a wide universe of concerns. A proven attorney can help a client preserve assets, craft an inheritance plan, lawfully avoid taxes and establish trusts that can be impressively creative in promoting myriad interests. Sound planning can also speak to guardianship matters, important health care decisions, incapacity, charitable giving, gifting and a veritable ocean of additional concerns.

That it applies only to ultra-wealthy individuals and families "couldn't be further from the truth," notes one planning professional and commentator.

Persons seeking information on the importance of estate planning and the crafting of strategies to optimally implement key objectives can obtain candid guidance and on-point representation from a seasoned attorney who routinely works with diverse clients in this important area of law.

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