Avoiding federal gift and estate taxes is a common estate planning goal. To successfully decrease your estate’s exposure to taxes you need to understand current tax laws and incorporate those laws into your overall asset protection strategies within your estate plan. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft explain what happens to your estate assets if you die intestate in Indiana. Federal Gift and Estate Taxes For anyone who hopes to pass down … [Read more...] about Updated Federal Gift and Estate Tax Figures for 2023
How Does an Estate Pay Federal Gift and Estate Taxes?
When a loved one passes away, the person appointed as the Executor in the decedent’s Last Will and Testament has several important responsibilities during the administration of the estate. One of those responsibilities is to determine whether the estate owes federal gift and estate taxes, and if so to pay them. To help you fulfill your role as Executor, the Indianapolis probate attorneys at Frank & Kraft offer some practical information related to paying federal gift and estate … [Read more...] about How Does an Estate Pay Federal Gift and Estate Taxes?
Estate Taxes Made Easy
Protecting your estate assets to ensure they are available to pass down at the end of your life should be an important consideration in any comprehensive estate plan. One of the biggest potential threats to your estate assets occurs just after your death in the form of federal gift and estate assets. An Indianapolis estate planning attorney at Frank & Kraft federal gift and estate assets for those who are unfamiliar with how the tax is levied and collected. What Happens after Your … [Read more...] about Estate Taxes Made Easy
What Can I Do to Reduce Estate Taxes?
Working hard, saving regularly, and investing wisely will certainly ensure that you amass a moderate to large estate; however, if you fail to protect the assets that make up your estate your beneficiaries will ultimately lose out in the end. One of the most potentially devastating threats to your estate assets is the federal gift and estate tax. Careful planning can help you decrease, or even eliminate, your estate’s exposure to federal gift and estate taxes. The Indianapolis estate planning … [Read more...] about What Can I Do to Reduce Estate Taxes?
What Is a Crummey Notice?
Are you a trust beneficiary who recently received a “Crummy notice?” If so, and you have never before received one, you may be unsure what to do next. After all, there must be some reason why you received the notice, right? To help you better understand why you received the notice, an Indianapolis trust attorney at Frank & Kraft explains a Crummey notice and what to do if you received one. Trust Fundamentals To understand the significance of a Crummey Notice you must first understand … [Read more...] about What Is a Crummey Notice?
Indiana Inheritance Tax: Is Your Inheritance at Risk?
If you live in Indiana and see the words “Indiana inheritance tax” you may very well wonder why anyone would bother talking about a now-repealed form of taxation. For while the state did at one time levy that tax on inheritances, that old system of taxation was retroactively repealed in a law that went into effect in 2013. For heirs whose loved ones passed away after January 1, 2013, no inheritance tax is due. But does that mean that your future inheritance is free from any inheritance tax … [Read more...] about Indiana Inheritance Tax: Is Your Inheritance at Risk?
Can Lifetime Gifts Be Given to Avoid the Inheritance Tax?
It would be logical to assume that you could give a gift without any tax consequences. Imagine this simple scenario. You receive your salary via direct deposit, and you notice that about 40 percent of your pay has been absorbed by taxes. It is your son's birthday, and you take some of the remainder to buy him a gift. You pay sales tax on the gift. That is a lot of taxation when you put it all together. However, technically speaking, the gift is also taxable. There is a gift tax in place in … [Read more...] about Can Lifetime Gifts Be Given to Avoid the Inheritance Tax?
A Look at Spousal Estate Tax Laws
One of the first orders of business when you are planning your estate is going to be an inventory of your assets. Clearly, regardless of the exact nature of your financial situation, you have to identify exactly what you have to give to your loved ones. For people who have been particularly successful, this inventory is going to have an added level of significance. If you have been able to accumulate a significant store of wealth, you may be subject to the federal estate tax, and you must … [Read more...] about A Look at Spousal Estate Tax Laws
Indiana Does Not Have an Inheritance Tax Anymore
People sometimes hear bits and pieces about estate planning topics, and they go forward with certain misconceptions. We endeavor to clear up some of these misunderstandings from time to time, and we will address one of them in this blog post. Death Taxes Taxes can come into play after someone passes away when assets are being transferred. There are federal taxes, and there are also a state-level taxes. While there is no tax that is formally called a "death tax," this term is often used to … [Read more...] about Indiana Does Not Have an Inheritance Tax Anymore
Can I Leave Everything to My Spouse to Avoid the Estate Tax?
If you have looked into the subject, you may hear a general statement with regard to asset transfers between spouses. The surface statement would be that you are allowed to transfer an unlimited amount of property to your spouse free of the estate tax. In a broad sense, this is true, but there is a caveat, and there are intricacies to think about. We will look at the subject in this blog post. Marital Deduction The idea that you can transfer unlimited assets to your spouse free of … [Read more...] about Can I Leave Everything to My Spouse to Avoid the Estate Tax?