The process of probate enters the picture when you are executing a last will to state your final wishes. During this interim the probate court will examine the will to determine its validity. Interested parties could step forward during probate to challenge your will, and while the estate is being probated final debts must be paid. Along with the above the assets that comprise the estate must be prepared for distribution to the heirs in accordance with your stated wishes. … [Read more...] about Download Our Free Report on the Probate Process
Estate Planning
Hemsley Estate Dispute Decided by Court
We have been passing along information over the last few months about the disputed estate of the deceased actor Sherman Hemsley, and we can now report that a resolution has been reached. The character George Jefferson catapulted Hemsley into the public consciousness, and he certainly provided millions of Americans with some hearty laughter during his long and successful career. The dispute involved a person stepping forward to challenge Hemsley's will during the probate process. Even … [Read more...] about Hemsley Estate Dispute Decided by Court
Access Free Indianapolis Estate Planning Report
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
Qualified Personal Residence Trust Can Deliver Tax Savings
The value of your real property does indeed count when the IRS is assessing the value of your estate. This is why many people find themselves subject to the estate tax even if they do not necessarily consider themselves to be extraordinarily wealthy in terms of cash. One way that you can reduce the taxable value of your home while you are arranging for it to be transferred to an heir or heirs in the future is to place it into a qualified personal residence trust. To learn about these … [Read more...] about Qualified Personal Residence Trust Can Deliver Tax Savings
Will Your Heirs Reach Their Full Potential?
Estate planning for high net worth individuals involves some added layers of decision-making. When you are in a position to provide life-changing amounts of money to people in your family you have to ask yourself some hard questions. One of them would be whether you may be doing more harm than good by giving certain individuals large inheritances without any strings being attached. If you are relatively young and not yet established you may feel as though you have no particular … [Read more...] about Will Your Heirs Reach Their Full Potential?
Unlimited Marital Exemption & Estate Tax Portability
The amount of the federal estate tax exclusion stands at $5.25 million in 2013. The maximum rate this year is 40%. What this means is that the portion of your estate that exceeds $5.25 million is potentially subject to this 40% tax. The reason why we use the qualifier "potentially" is because there are things that you can do to gain tax efficiency if you work with a good estate planning lawyer. There is a caveat to the above however. You can leave behind an unlimited amount of … [Read more...] about Unlimited Marital Exemption & Estate Tax Portability
Exact Estate Tax Exclusion Figure Now Available
Recently we reported on the outcome of the fiscal cliff deal as it applied to the parameters of the federal estate tax. When the news first broke the exact amount of the estate tax exclusion was not available. This was because of the fact that the $5 million exclusion that was put into place for deaths in 2011 remained intact, but it is adjusted for inflation annually. Last year the IRS increased the exclusion to $5.12 million after making the adjustment. We have now learned … [Read more...] about Exact Estate Tax Exclusion Figure Now Available
Indiana’s Inheritance Tax
Magazine: Don't die in IndianaIn a recent interview with WISHTV.com, estate planning attorney Paul Kraft explains why dying as a resident of the Hoosier state will hit you in your wallet. "Indiana still has an inheritance tax," says Paul Kraft, an attorney and estate planner with Frank & Kraft, Attorneys At Law in Indianapolis, Indiana. However, the amount of inheritance tax will be decreasing every year until 2022, when the tax is eliminated altogether. "The main thing that … [Read more...] about Indiana’s Inheritance Tax
Non-Taxable Gifting: More Possible in 2013
Each year you can give gifts up to a particular limit without the value of these gifts counting toward your available lifetime unified gift/estate tax exclusion. Utilizing this exemption is a great way to transfer funds in a tax-free manner while you are still alive while keeping your available unified exclusion intact. It should be noted that the gifts that you give utilizing this exemption do not have to be direct transfers to the recipients. Funding certain types of trusts that … [Read more...] about Non-Taxable Gifting: More Possible in 2013
Long-Term Planning: Longevity Is a Factor
There are multiple contingencies to consider when you are making preparations for the latter stages of your life. Financing your retirement years is of course going to be one of your concerns, but you also have to consider the eventualities that go along with entering into your twilight years. Your longevity is going to be one of the variables that is a significant factor. The population is rapidly aging, and senior citizens are making up a large percentage of the overall … [Read more...] about Long-Term Planning: Longevity Is a Factor
