Each individual is going to be in a completely unique situation when it comes to estate planning. There is no universal estate plan that is perfect for everyone because different circumstances call for different courses of action. For example, the federal estate tax exclusion is $5.25 million in 2013. If your assets do not exceed this amount you have no reason to position them in a way that would protect them from the federal estate tax. On the other hand, if you are exposed you would want to … [Read more...] about What Is a Family Limited Partnership in Indiana?
When you consult with an estate planning attorney you can be certain that you are not making any decisions based on misguided notions. It is easy to assume things without having a full understanding of the legal devices that are available to you when you're planning your estate, such as an Indiana revocable living trust. Indiana Revocable Living Trusts: No Asset Protection In a general sense people often think that you no longer own assets that you place into a trust. That's the whole … [Read more...] about Does an Indiana Revocable Living Trust Provide Asset Protection?
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Winning a large lottery is a dream come true, but you are faced with immediate estate tax exposure if you were to win over $5.25 million. A recent Powerball lump sum payout totaled almost $371 million. (The annuity option would pay over $590 million) . The ticket was sold in Florida, where there is no state income tax to pay. But 25% would be deducted from the lump sum for federal income taxes, leaving $278 million. You might think that paying almost $100 million in taxes would be enough, … [Read more...] about Powerball Winner Faces Immediate Estate Tax Exposure
There are some very useful things that revocable living trusts can do for you when you are planning your estate. One of them is the ability to address the possibility of incapacity. Around 40% of people who are at least 85 are suffering from Alzheimer’s disease, and of course this is not the only cause of incapacitation. So, incapacity planning is a must. With these trusts you can choose a disability trustee, and this individual or entity would be empowered to handle the assets … [Read more...] about Three Things a Revocable Living Trust Won’t Do For You
Some people do not take action with regard to executing the appropriate estate planning documents because they are not aware of all of the things that can go wrong if you do not plan ahead in an intelligent and informed manner. When you do have a basic understanding of the relevant tax laws and the various challenges that seniors citizens face you see why it is indeed important to make preparations for the future with the benefit of expert guidance. With the above in mind we have prepared … [Read more...] about Access Free Indianapolis Estate Planning Report
Once you have accumulated a significant store of assets you can feel a sense of accomplishment and perhaps a little bit of relief. However, when you are standing on this plateau you have a new set of challenges that you must address. One of them is the necessity to protect these resources. If you were to become the target of a lawsuit and your assets were not positioned properly they could potentially be attached and this is certainly not acceptable. Anxious creditors could … [Read more...] about Look Northward for Tax Savings, Asset Protection
Free advice can be a bit dangerous to accept under certain circumstances. However, sometimes genuine expertise is available to you in a readily accessible and cost-effective manner. Just such an opportunity is presenting itself over the next couple of weeks here in the Indianapolis area. Our firm is going to be presenting some very informative seminars throughout the month of September and we would like to invite all of our readers to attend. At our seminars you will find out … [Read more...] about Indianapolis Estate Planning Seminars
You may have found yourself daydreaming from time to time about what you would do if you were ever to come into a large sum of money. The truth is that a visit to a good local Indianapolis estate planning lawyer should be near the top of your list. If you were to pass away without taking any steps to gain estate tax efficiency your loved ones could lose massive amounts of money when the federal estate tax is imposed. Of course some people accumulate significant financial resources … [Read more...] about Protect Your Resources For Succeeding Generations
Your home may be your most valuable personal asset, and as a result you may be very interested in protecting it from any legal actions that may be lodged against you in the future. People who are in certain lines of work are naturally vulnerable to lawsuits, and for these individuals (and others) a qualified personal residence trust may be a good option. Once you place the property into the trust it is protected because it is technically no longer your personal property and it is not … [Read more...] about Residential Asset Protection