Creating a revocable living trust in Indiana can be a good way to arrange for your assets to be transferred to your heirs after you pass away. In this post we will provide the answers to some frequently asked questions about these trusts. What is the primary benefit of a revocable living trust in Indiana? When you state your wishes regarding the distribution of your financial assets in a last will alone the transfer of assets is going to be stalled by the probate process. The will must … [Read more...] about Revocable Living Trust in Indiana FAQs
Estate Planning
Estate Planning: Celebrity Estate Cases Shed Light
Estate planning is important for everyone, but it is more important for some people than it is for others. Celebrities who have very significant financial resources are risking big losses if they don't plan ahead intelligently. This is because of the existence of estate taxes. The federal estate tax carries a maximum rate of 40%, and a number of states also have a state-level estate tax. Another thing to consider when you're thinking about celebrity estate planning is the fact … [Read more...] about Estate Planning: Celebrity Estate Cases Shed Light
The Estate Plan of Jim Morrison
When you are a young person you may not take estate planning that seriously, and the truth is that most young people don't have an estate plan in place. Many don't take action because they simply feel as though they are not going to be passing away for decades. This is perhaps understandable, but it is not necessarily the most responsible viewpoint. Young people do sometimes die before their time. Others do not care much about estate planning because they simply don't have much … [Read more...] about The Estate Plan of Jim Morrison
How Thorough Is Your Existing Estate Plan?
If you have an estate plan in place you are actually among a minority of Americans. That's correct, even though death is widely understood as one of the proverbial two inevitable facts of life, the majority of American adults have not executed all of the necessary estate planning documents. There are those who have taken a single step along the way. Perhaps you had a last will drawn up when you had your first child, or when you got married. This does not mean that you are … [Read more...] about How Thorough Is Your Existing Estate Plan?
An Examination of Federal Transfer Taxes
If you have been able to accumulate a significant store of wealth throughout your life you must take steps to mitigate your exposure to federal transfer taxes. Those who do not plan ahead effectively could be doing their family members quite a disservice. There are taxes on asset transfers in the United States. These levies can dramatically reduce the value of your estate as it is being passed on to your heirs. Gifts that you give to others while you are alive can also be … [Read more...] about An Examination of Federal Transfer Taxes
Taxes to Erode Gandolfini Estate
The actor James Gandolfini died recently at the age of 51. He made his mark playing the unforgettable role of Tony Soprano, and he will certainly be missed by his family, friends, and legion of fans. When famous people pass away the media shares whatever information is available. Sometimes you can learn something about estate planning when you hear about the successes and failures of high profile individuals. There are a couple of things that can be learned when we examine the … [Read more...] about Taxes to Erode Gandolfini Estate
In Right Climate GRAT Can Pay Off
In the field of estate planning the acronym GRAT stands for a grantor retained annuity trust. If you create such a trust in the right economic climate it could result in an eventual transfer of assets to the beneficiary without any gift or estate tax exposure. Those who have assets in excess of the estate tax exclusion amount must indeed look for ways to pass along these resources in a tax efficient manner. Right now the exclusion is $5.25 million, and if you have assets that … [Read more...] about In Right Climate GRAT Can Pay Off
Affidavits and Simplified Probate
If you choose to direct the future transfer of your assets to your heirs through the terms of your last will the process of probate is probably going to be a factor. We say "probably" because small estates may be able to avoid the full probate process. In the state of Indiana it is possible to avoid probate altogether by utilizing a simple affidavit if the overall unencumbered value of the property is less than $50,000. If there is real property involved this process cannot be … [Read more...] about Affidavits and Simplified Probate
SCOTUS Rules on DOMA Constitutionality
The Defense of Marriage Act (DOMA) states that a marriage is something that can only exist between a man and a woman. Because of this, same-sex couples who have been married in states or countries where these marriages are legal have not been afforded certain privileges that are available to heterosexual married couples. One of these is the unlimited marital estate tax deduction. There is a $5.25 million estate tax exclusion, and the maximum rate of the tax is 40%. This … [Read more...] about SCOTUS Rules on DOMA Constitutionality
Your Living Trust May Be Outdated
A revocable living trust can be a popular alternative to a last will as a way to express your wishes regarding the transfer of your financial assets after you pass away. The primary advantage that comes along with the creation of such a trust is the fact that assets would be distributed to your beneficiaries outside of the process of probate. People often times try to avoid probate because it is time-consuming, and in some cases it comes along with a number of significant … [Read more...] about Your Living Trust May Be Outdated
