We would like to highlight four important components to consider when you are engaged in the process of estate planning. Death Taxes When you are looking forward toward the eventual transfer of your financial resources to your heirs you must consider the impact of death taxes. The inheritance tax in the state of Indiana has recently been repealed, but residents of our state still have to contend with the federal estate tax. The maximum rate of the tax is 40% and the exclusion in … [Read more...] about Estate Planning: Four Things to Think About
Advance Directives
Three Estate Planning Errors to Avoid
Sometimes people make errors of commission or omission that come back to haunt them or their families. We would like to take a look at three common estate planning errors in an effort to bring them to your attention so you can take steps to avoid them. 1.) The Creation of a Do-It-Yourself Estate Plan This is an error that is becoming increasingly common in the age of the Internet. Doing things for yourself can be personally rewarding, and it can sometimes save you money. … [Read more...] about Three Estate Planning Errors to Avoid
A Single Reason to Plan Ahead for Possible Incapacity
In truth, incapacity can strike anyone at any time. One of the most widely publicized examples of this was the case of Terri Schiavo. She was in her 20's when she fell into a vegetative state due to full cardiac arrest. The above having been stated, incapacity is obviously something that is more likely to strike people who reach an advanced age. Though there are many different causes of incapacitation, the mere existence of Alzheimer's disease alone is enough to make … [Read more...] about A Single Reason to Plan Ahead for Possible Incapacity
Preparing for Possible Incapacity: Remember HIPAA Release
Estate planning is a basic responsibility that goes along with being a self-supporting adult. When you are planning ahead for the future you should definitely discuss everything with a licensed estate planning attorney because there are things that you may not have considered. One of these is the possibility of incapacity. We have all heard of Alzheimer's disease, but you may be somewhat surprised to hear that according to the Alzheimer's Association around 40% of people who reach … [Read more...] about Preparing for Possible Incapacity: Remember HIPAA Release
Unmarried, Childless People Need an Estate Plan Too
Estate planning is something that is relevant to all self-supporting adults. While it is true that married couples who have children may be more concerned about the future than single individuals, unmarried people should take estate planning seriously as well. Some single people feel as though they have less to be concerned about because no one is relying on them. But at the same time, single individuals are going to age like anyone else and they are going to accumulate personal … [Read more...] about Unmarried, Childless People Need an Estate Plan Too
Far Too Many Go Through Life Unprepared
Recent surveys have indicated that the percentage of individuals in the United States who have children who do in fact have an estate plan in place is right around 50%. This leaves half of the parents in the country without having made any provisions for the well-being of their children, and this is truly a sad state of affairs. While it is understandable that freewheeling single people may not prioritize intelligent advance planning, you really should have an estate plan in place as soon as … [Read more...] about Far Too Many Go Through Life Unprepared
Addressing Details Can Keep Peace Among Family Members
Everyone would like to see their family members all getting along well 100% of the time, but unfortunately few if any families are totally resonant with one another at all times. It can take some effort to create a harmonious dynamic, and this is something to keep in mind when you are making preparations for the latter portion of your life and eventual death. First of all, keeping decisions out of the hands of your family members can go a long way toward squashing any possible … [Read more...] about Addressing Details Can Keep Peace Among Family Members
How Wills Are Used In Estate Planning
In the field of estate planning there are many different legal instruments that are utilized, and some of these are rather complex and not commonly understood. One exception would be the last Will and testament, but the fact is that there are other types of Wills to consider as well. With a last will you state your wishes regarding how your assets will be transferred to your loved ones after you pass away. While it could seem as though this is a simple and efficient choice with … [Read more...] about How Wills Are Used In Estate Planning
Have You Prepared For Health Care Contingencies?
Comprehensive estate planning is going to involve attending to multiple details. Obviously you have to direct future transfers of financial assets, and you may also want to take care of funeral arrangements in advance. However, you should consider the before as well as the after. In many cases people do not pass away suddenly without experiencing any type of significant decline beforehand. This is true of elders of course, but even younger people can sometimes become … [Read more...] about Have You Prepared For Health Care Contingencies?
Making Wishes Known Regarding Organ Donation
If you want to develop a comprehensive plan for aging that covers any and all contingencies, you must consider the possibility of certain medical scenarios presenting themselves. There are those who become unable to communicate at some point in time, and due to the medical advances that have been made it is sometimes possible to keep people alive for long periods of time who are in a vegetative state with no hope of recovery. Of course elders can fall into such a condition, but it … [Read more...] about Making Wishes Known Regarding Organ Donation
