Estate Planning In Ohio Can Include Annuities

Medina estate planning and wills
Estate planning in Ohio can include annuities.  An annuity can be an effective estate planning and Medicaid planning device, if done properly.  This article will focus on annuities as an estate planning device.   An annuity is an insurance product, which does one of the following: pays you back in payments over time; pays you back when you decide to draw the money out; or pays named beneficiaries when you die.  An immediate annuity pays fixed payments over a certain number of years or over your lifetime.  A deferred annuity earns interest and dividends until you decide to withdraw the money.  Annuities are different than bank accounts, as they are not insured by the FDIC.  Some of the money is guaranteed by the Ohio Guaranteed Insurance Fund.  While the amount of gain is taxed, the original investment is not.    Annuities can be a good part of your estate planning if you are in a high income tax bracket and expect to be in lower income tax bracket when you withdraw some or all of the money.  If you may need quick access to your money, an annuity may not be a good plan, as there are penalties for early withdrawal from the annuity.  Early withdrawal penalties are not incurred for the set payments or for the amount permitted by the terms of a deferred annuity.  The penalty is for withdrawing funds above these permitted amounts.   Click on any of the following links to my other articles related to Ohio estate planning law: How do you make a will; Long term care insurance’s role in Medicaid planning; Should you use online legal document services; More problems from online legal document services.   Attorney Gigiano is an experienced Medina County estate planning attorney in Wadsworth.  His positive work is reflected in the following links to his reviews:  Daniel Gigiano; Daniel Gigiano ratings; Daniel Gigiano reviews; Working with Daniel Gigiano; Daniel Gigiano work.  Call Attorney Gigiano at 330-336-3330 if you need the services of a Wooster estate planning attorney near Orrville or a Summit County estate planning attorney near Barberton, please call Attorney Daniel F. Gigiano at 330-336-3330.