There are many negative outcomes when you fail to engage in estate planning. To name just a few:
Perhaps most importantly, when you die or become incapacitated without an estate plan in place, the state of Ohio may end up making crucial decisions that will impact you or your loved ones.
In certain cases, your estate could be taxed as much as 40 percent when you have not addressed estate and other taxes.
Business continuity could be adversely affected, with detrimental effects on business revenues, ongoing operations, and even brand reputation.
Existing conflicts among a blended family can be exacerbated when there are no clear instructions from the decedent.
If you suddenly became incapacitated and unable to speak for yourself, your wishes may not be honored. Family members may be thrown into turmoil as they struggle to speak on your behalf, with no clear instructions.