You have to consider the matter of estate administration when you are planning your estate. Letting your family know where your estate planning documents are located is fine, but what do they do next? Making your wishes as stated in writing become a reality is going to take the efforts of individuals with certain types of expertise. If you are using a revocable living trust to arrange for the distribution of your resources to your heirs after your passing, you would do well to … [Read more...] about Who Will Administer Your Estate?
Estate Planning
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
The Limitations of Living Trusts
Living trusts are often utilized by people who would like to arrange for the eventual transfer of assets to their loved ones outside of the probate process. When you use a last will to direct the transfer of your assets after your passing the estate must be probated. During this process the probate court supervises the administration of the estate. The heirs to the estate will not receive their inheritances until this process has run its course. Depending on the specifics of the case … [Read more...] about The Limitations of Living Trusts
End of Year Signals End of Unique Opportunity
Estate planning should be viewed as an ongoing, dynamic process. Things do not stand still, and events can and do take place that can make an estate plan revision necessary. We are experiencing one of these events at the present time. There are significant changes to the estate/gift tax parameters on the horizon in 2013, and because of these changes you may want to take certain actions before 2012 comes to a close. At the present time the unified gift/estate tax exclusion … [Read more...] about End of Year Signals End of Unique Opportunity
Update on Hemsley Estate Challenge
The probate court in El Paso, Texas is going to preside over a trial that is scheduled to commence on October 31 in an effort to resolve the Sherman Hemsley estate case. News was circulating a while back about a man named Richard Thornton stepping forward claiming to be the late actor's brother. He is challenging Hemsley's will. In the will, Hemsley leaves everything to his "beloved partner" (this is the term used in the will) Flora Enchinton. Things have been in limbo since … [Read more...] about Update on Hemsley Estate Challenge
More Senior Couples Eschewing Marriage
An interesting elder law trend has emerged involving the numbers of seniors who are in relationships who decide not to get legally married. According to United States Census statistics, if you compare findings from 2005 through 2007 to the 2008-2010 figures, the number of Americans in their 60's who are unmarried but living with partners has increased by 14%. There are a variety of different financial reasons why more people are deciding to remain unmarried. One of them involves … [Read more...] about More Senior Couples Eschewing Marriage
The Estate Tax & Spousal Asset Transfers
The Federal estate tax will be a factor for many additional Americans in 2013. Unless there are changes to existing laws the estate tax exclusion goes down to $1 million next year. (It is currently $5.12 million.) Given this reality you may want to discuss your situation with a licensed Indianapolis estate planning lawyer before the year comes to a close. You may have heard that asset transfers between husbands and wives are not subject to the estate tax. As a result you may … [Read more...] about The Estate Tax & Spousal Asset Transfers
I Received a Gift – Is It Taxable Income?
Indianapolis estate planning attorneys are often asked questions about the tax ramifications of giving and receiving gifts. If you receive a cash gift from someone is this income considered to be taxable under IRS regulations? The answer to this question is no with an asterisk of sorts. You don't have to claim the face value of a cash gift. But if you were to receive an appreciable asset such as a certificate of deposit you would be liable for the earnings above and beyond the … [Read more...] about I Received a Gift – Is It Taxable Income?
Effective Long-Term Planning Requires Awareness & Flexibility
Long-term planning should be viewed holistically. One phase of your life leads into another and everything culminates with your eventual passing. So retirement planning and estate planning are naturally intertwined into a long-term financial plan. No sports teams is going to take to the field or the court without any type of a game plan. The game of life is much more serious than any single sporting event, but unfortunately far too many people go through life without … [Read more...] about Effective Long-Term Planning Requires Awareness & Flexibility
Indiana Inheritance Tax Being Phased Out
Indianapolis estate planning attorneys often talk about the federal estate tax. However, depending on the state within which you reside you may be faced with death taxes on the state level as well as the federal level. At the present time we do not have an estate tax here in Indiana. We do however have a state inheritance tax but it is being phased out over a 10 year period. What is the difference between an estate tax and an inheritance tax? An estate tax is levied on … [Read more...] about Indiana Inheritance Tax Being Phased Out
