The older population in the United States is already making history as the largest population of seniors ever recorded. A primary reason for the dramatic increase in the number of older Americans is the aging of the Baby Boomers. As they move into their retirement years, they are breaking records causing everyone to take notice. Not surprisingly, the largest senior population in history also has a historic amount of wealth. Traditionally, experts would expect that wealth to be passed down to … [Read more...]
What Should I Do If I Don’t Want My Inheritance?
As much as we all try not to admit it, when a loved one passes away we often anticipate receiving some type of inheritance. In fact, conflicts and discord often erupt because of the way in which a decedent chose to dispose of his/her estate. It may surprise you then to find yourself in a position one day where you don’t want an inheritance left to you – but it happens more often than you may realize. Rejecting an inheritance, however, is more complicated than it sounds as the Indianapolis estate … [Read more...]
Eight Things You Need to Know About Taxation and Estate Planning
Eight Things You Need to Know About Taxation and Estate Planning from Paul Kraft If you leave inheritances to your loved ones, they will not be required to report the bequests as income for regular income tax purposes Capital Gains Taxes. Learn more about eight things you need to know about taxation and estate planning in this presentation. … [Read more...]
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...]
The Right Trust for the Right Job
There is an old expression about using the right tool for the right job, and this dynamic can be applied to the process of estate planning. In the field, there are different types of trusts that can be utilized. The appropriate choice will depend upon the circumstances, so you should act in a fully informed manner. Revocable Living Trusts First, let's look at the revocable living trust, because this type of trust can be very effective for a wide range of people. You do not have to be … [Read more...]
Hurricane Sandy Victims Need Your Help
Our visitors are generally going to be looking for information about estate planning, but something else holds precedent right now. We would like to ask you quite directly to do what you can to assist victims of Hurricane Sandy. A number of different organizations are currently devoting resources to provide relief, and they could use all the donations they can get right around now. If you would like to help simply click this link to find out who is providing assistance to hurricane … [Read more...]
A Legacy Of Wisdom
Depending on just how seriously you take your legacy, there can be a lot more to estate planning than just preparing your assets for eventual transfer to your heirs. When you sit back and ruminate with regard to your life's path you may find it to be relatively easy to come to terms with your own mortality. The thing that bothers a lot of people more than anything else is the fact that they will no longer be around to counsel their loved ones. Without question, financial resources … [Read more...]
Pet Trusts Ensure Your Animals' Well Being
If you worry about what will happen to your pets should you die , you are not alone. Leona Helmsley, New York real estate magnate, dubbed “The Queen of Mean” because of how she treated her employees, died in 2007 and left roughly $12 million to her dog, Trouble. A judge later reduced that amount to $2 million. Most of our pets, even the spoiled ones, could get by on a lot less. Thanks to a change in the 1990 Uniform Probate Code, most states now allow you to provide for pets in estate … [Read more...]
