We practice law in Indianapolis, and we serve many clients who live in Hamilton County. A while back, Eyewitness News 13 carried a story about the affluence of Hamilton County residents. They cited a Census Bureau study that was conducted to determine the wealthiest counties in the country. Hamilton County came in at number seven. Clearly, success is what we all strive for, and wealth is a very good thing. At the same time, you also have to take steps to preserve your wealth, because taxation … [Read more...] about The Estate Planning Implications of Hamilton County Affluence
Estate Planning
Explore Business Planning Strategies
In this post, we are going to look at a couple of different concerns that may be a factor when you are engaged in your business planning efforts. First, we will look at business planning for people who are partners in small businesses. Let’s say that you are one of three partners in a small business. The business is very successful, and the share that is owned by each partner is quite valuable. In fact, your share in the business is your most valuable asset, and you want its value to be … [Read more...] about Explore Business Planning Strategies
There Is More to Estate Planning Than Creating a Will
A significant percentage of Americans know very little about estate planning. They think that creating a will is the long and short of it, and they assume that they will have time to do this at some point in the future. This is one of the reasons why most people are going through life without a comprehensive estate plan. In fact, there is much more to the process of estate planning than creating a will. Let's look at the facts. Creating a Will When you are planning your estate, one of … [Read more...] about There Is More to Estate Planning Than Creating a Will
Living Trust Benefits May Surprise You
There are many different tools in the estate planning toolkit. People who have not looked into the subject extensively often assume that they should use a last will as an asset transfer vehicle, but there are inherent drawbacks and limitations when you use a last will. For many, a revocable living trust would be a better choice, and you may be rather surprised when you learn about the living trust benefits that you can take advantage of if you go this route. Debunking the Myths There is … [Read more...] about Living Trust Benefits May Surprise You
Baby Boomer Phenomenon Is Impacting Indianapolis Demographics
The baby boomers are reaching retirement age, and this is having a significant demographic impact here in Indianapolis. An article by Matt Klinghorn, a demographer for the Indiana Business Research Center, Kelley School of Business, Indiana University, was published in the Indiana Business Review. It is very well researched and informative. The article points out the fact that the first wave of baby boomers reached the age of 65 in 2011. At that time, senior citizens comprised 13 percent … [Read more...] about Baby Boomer Phenomenon Is Impacting Indianapolis Demographics
When Would a Pour-Over Will Be Necessary?
There are many different legal devices that are used in the field of estate planning. If you execute a particular document, this does not mean that the job is done. A well constructed estate plan will typically include multiple different legally binding documents. With this in mind, let's look at the reason why you may want to create a certain type of will, even if you establish a revocable living trust. Pour-Over Will If you create a revocable living trust, you convey assets into it. … [Read more...] about When Would a Pour-Over Will Be Necessary?
Who Gets My Property If I Don't Have a Will or Living Trust?
There are people out there who apparently assume that your property will magically fall into the hands of your loved ones in precise accordance with your wishes if you don't have a will or a living trust. Why would we make this assertion? When you look at surveys that are conducted, the majority of American adults don't have estate plans in place. Since just about everyone would say that they put their family members first, these folks must be under the impression that the state can somehow … [Read more...] about Who Gets My Property If I Don't Have a Will or Living Trust?
Gift Tax Law Closes Window of Opportunity
When you give gifts to others, they are potentially subject to taxation. The gift tax law exists to stop people from giving gifts to avoid the estate tax. Most people do not pay the tax because the gifts that they give fall within the amount of the annual gift tax exclusion. In 2016 the amount of this annual gift tax exclusion is $14,000. This is a per person exclusion. You as an individual taxpayer can give as much as $14,000 to any number of others before the gift tax would become … [Read more...] about Gift Tax Law Closes Window of Opportunity
Estate Planning Attorneys Strengthen Communities
Estate planning attorneys help clients on various different levels. If you really want to leave behind a meaningful legacy, there are steps that you can take to provide for your loved ones optimally as you help to strengthen society as a whole. When you craft your legacy, you consider the impact that you can have after you are gone. For example, let's say that you are going to be leaving inheritances to younger family members. You could potentially choose to help these loved ones achieve … [Read more...] about Estate Planning Attorneys Strengthen Communities
Estate Tax Efficiency for High Net Worth Families
There is a federal estate tax that can come into play if you intend to transfer a significant amount of wealth to your loved ones. This tax carries a 40 percent maximum rate, so it can take a toll on the financial legacy that you are passing along to the next generation. Fortunately, everyone is not exposed to the estate tax, because there is a relatively large credit or exclusion. The exclusion is the amount that you can pass on before the estate tax would be applicable. We should point … [Read more...] about Estate Tax Efficiency for High Net Worth Families
