Your estate plan should ideally have a number of different components. Of course you must consider the matter of future financial asset distributions among your heirs. We often write about the different possibilities in significant detail here on this blog. In this post we are going to look at another facet that you should consider: incapacity planning. It is not something that you are going to be very anxious to think about, but the fact is that it is very possible that you will … [Read more...] about Should I Have an Indiana Durable Power of Attorney?
Power of Attorney
Access Our Estate Planning Report Library
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Health Care POA: Selecting an Agent
The process of estate planning should include preparations for the eventualities that you may face when you reach your twilight years. One of these would be the possibility of becoming unable to make sound health care decisions on your own. Many people suffer from physical and/or mental incapacitation once they reach an advanced age. If you were unable to communicate your health care decisions the court could be petitioned to appoint a guardian to act in your behalf. You can take … [Read more...] about Health Care POA: Selecting an Agent
Estate Planning: Four Things to Think About
We would like to highlight four important components to consider when you are engaged in the process of estate planning. Death Taxes When you are looking forward toward the eventual transfer of your financial resources to your heirs you must consider the impact of death taxes. The inheritance tax in the state of Indiana has recently been repealed, but residents of our state still have to contend with the federal estate tax. The maximum rate of the tax is 40% and the exclusion in … [Read more...] about Estate Planning: Four Things to Think About
Financial Abuse of Elders an Ongoing Concern
The process of estate planning should ideally include preparations for the eventualities of aging. There are a number of different things to take into consideration, and one of them would be the possibility of declining cognitive capabilities or incapacity. With the above in mind we would like to highlight the significant threat that is posed by elder financial abuse. A survey that was conducted by MetLife suggests that almost $3 billion is lost each year due to this type of … [Read more...] about Financial Abuse of Elders an Ongoing Concern
Three Estate Planning Errors to Avoid
Sometimes people make errors of commission or omission that come back to haunt them or their families. We would like to take a look at three common estate planning errors in an effort to bring them to your attention so you can take steps to avoid them. 1.) The Creation of a Do-It-Yourself Estate Plan This is an error that is becoming increasingly common in the age of the Internet. Doing things for yourself can be personally rewarding, and it can sometimes save you money. … [Read more...] about Three Estate Planning Errors to Avoid
Estate Planning Considerations for Same-Sex Couples
People who are involved in committed long-term same-sex partnerships may or may not have the ability to have their unions legally recognized in the states within which they reside. At the present time Indiana is not one of the states that will allow for gay marriages. This has some very profound implications on an estate planning level. There is a $5.25 million per person exclusion, but this only applies to asset transfers between people who are not married. If you are legally … [Read more...] about Estate Planning Considerations for Same-Sex Couples
A Single Reason to Plan Ahead for Possible Incapacity
In truth, incapacity can strike anyone at any time. One of the most widely publicized examples of this was the case of Terri Schiavo. She was in her 20's when she fell into a vegetative state due to full cardiac arrest. The above having been stated, incapacity is obviously something that is more likely to strike people who reach an advanced age. Though there are many different causes of incapacitation, the mere existence of Alzheimer's disease alone is enough to make … [Read more...] about A Single Reason to Plan Ahead for Possible Incapacity
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
Discuss Living Assistance With Aging Parents
People are living longer lives these days, and the numbers of the "oldest old" are growing. This is the term that is used in the geriatric community to describe individuals who are at least 85 years of age. When you reach an advanced age it is likely that you are going to require living assistance. Some people reside in nursing homes or assisted living communities full-time, and others receive some level of in-home care. And of course, there are those who are incapacitated to … [Read more...] about Discuss Living Assistance With Aging Parents
