Preparing for the orderly transfer of your assets is one of the most significant financial steps you will take. You likely begin by identifying who should inherit your property and in what proportions. That foundational work is essential, but effective estate planning extends well beyond naming beneficiaries. If you want to preserve what you have built, you must also consider tax exposure, asset protection, liquidity, and long-term family governance. Without deliberate planning, estate and … [Read more...] about Tax Planning Tips for Your Indiana Estate Plan
Taxes
How Does Portability Fit into Your Indiana Estate Plan?
Portability is an important yet often overlooked aspect of federal gift and estate tax planning. It allows a surviving spouse to make use of their deceased spouse’s unused estate tax exclusion, potentially reducing or even eliminating federal estate taxes upon their own death; however, it can overfund the surviving spouse’s estate. Understanding how portability works and how it fits into your estate plan can help ensure that your assets are protected and passed down efficiently to your heirs. An … [Read more...] about How Does Portability Fit into Your Indiana Estate Plan?
Do I Pay Taxes on an Inheritance?
When a loved one passes away, the emotional toll on those left behind can be profound. As the initial shock subsides, practical and legal considerations regarding the decedent's estate begin to take precedence. If you find yourself in the position of potentially inheriting assets, it is natural to wonder about the tax implications involved. The Indianapolis attorneys at Frank & Kraft understand these concerns and are here to shed light on the various tax aspects associated with receiving an … [Read more...] about Do I Pay Taxes on an Inheritance?
Does Indiana Have an Inheritance Tax?
When most people think about estate planning, they think about making decisions regarding the distribution of their estate assets when they are gone. While that is certainly an important part of an estate plan, it shouldn’t be the only consideration when you create your estate plan. For example, the impact taxes will have on your plan should also be taken into consideration. An Indianapolis estate planning attorney at Frank & Kraft discusses whether you need to worry about an Indiana … [Read more...] about Does Indiana Have an Inheritance Tax?
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?
The Annual Gift Tax Exclusion: How it Can Help with Your Estate Planning
As complex as estate planning is in a general sense, many of the finer points involved in creating a sound plan can be even more confusing for the average person. Take estate taxes, for example. You will often hear analysts and others dismiss concerns about this tax on the basis that only about one percent of estates are ever subject to its provisions at the federal level. While there is some truth to that argument, it fails to address a broader truth: though the current law exempts estates with … [Read more...] about The Annual Gift Tax Exclusion: How it Can Help with Your Estate Planning
Estate Tax Efficiency for High Net Worth Families
There is a federal estate tax that can come into play if you intend to transfer a significant amount of wealth to your loved ones. This tax carries a 40 percent maximum rate, so it can take a toll on the financial legacy that you are passing along to the next generation. Fortunately, everyone is not exposed to the estate tax, because there is a relatively large credit or exclusion. The exclusion is the amount that you can pass on before the estate tax would be applicable. We should point … [Read more...] about Estate Tax Efficiency for High Net Worth Families
Inheritance Law: Understanding the Importance
If you hear the term "inheritance law," the document called a last will may come to your mind. This is the most commonly used estate planning document, but the importance of inheritance law extends far beyond the ability to create a valid will. There are various different ways that you can facilitate asset transfers when you are planning your estate. You should certainly explore your options, because a last will is not going to be the ideal choice in many if not most cases. When a will is … [Read more...] about Inheritance Law: Understanding the Importance
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
State-Level Estate Taxes: Are You in the Clear?
When you hear about estate taxes, you may immediately think about the federal level. Many people are aware of the fact that the exemption on the federal level is quite high, so you could go forward with the impression that your estate will not be in taxable territory. It is true that there is a relatively high estate tax exclusion or exemption. In 2016, the amount of this exclusion is $5.45 million, and the top rate is 40 percent. Only the portion of an estate that exceeds the amount of this … [Read more...] about State-Level Estate Taxes: Are You in the Clear?
