Indiana estate planning involves different courses of action for different people. In a general sense everyone must execute a vehicle or vehicles of asset transfer. However, the optimal estate planning strategy will vary on a case-by-case basis. When it comes to estate planning for high net worth individuals in Indiana, the matter of the federal estate tax can often come into play depending on the exact quantity of your financial resources. We say that the exact quantity of … [Read more...] about Indiana Estate Planning FAQ: What Is the Marital Deduction?
Taxes
What Is Indiana Legacy Wealth Planning?
Legacy wealth planning is a more advanced form of estate planning. People who have accumulated a great deal of wealth have concerns that others do not. As a result, these individuals are typically going to employ strategies that protect assets and preserve wealth for the benefit of succeeding generations. If you are interested in legacy wealth planning you will definitely want to take steps to gain estate tax efficiency. In 2013, we have a $5.25 million estate tax exclusion. The top rate of … [Read more...] about What Is Indiana Legacy Wealth Planning?
Federal Estate Tax: How Large of an Estate Can Pass Tax Free?
It can come as a surprise to some people when they hear that you can't just leave assets to your loved ones after you die without a tax being levied. The reason why this is not commonly spoken about is because of the fact that most people pass away with assets that are valued within the exclusion amount. Federal Estate Tax Exclusion The federal estate tax exclusion is $5.25 million in 2013. (It can be adjusted for inflation on an annual basis, so next year you may see a slightly … [Read more...] about Federal Estate Tax: How Large of an Estate Can Pass Tax Free?
Estate Planning: Celebrity Estate Cases Shed Light
Estate planning is important for everyone, but it is more important for some people than it is for others. Celebrities who have very significant financial resources are risking big losses if they don't plan ahead intelligently. This is because of the existence of estate taxes. The federal estate tax carries a maximum rate of 40%, and a number of states also have a state-level estate tax. Another thing to consider when you're thinking about celebrity estate planning is the fact … [Read more...] about Estate Planning: Celebrity Estate Cases Shed Light
An Examination of Federal Transfer Taxes
If you have been able to accumulate a significant store of wealth throughout your life you must take steps to mitigate your exposure to federal transfer taxes. Those who do not plan ahead effectively could be doing their family members quite a disservice. There are taxes on asset transfers in the United States. These levies can dramatically reduce the value of your estate as it is being passed on to your heirs. Gifts that you give to others while you are alive can also be … [Read more...] about An Examination of Federal Transfer Taxes
Taxes to Erode Gandolfini Estate
The actor James Gandolfini died recently at the age of 51. He made his mark playing the unforgettable role of Tony Soprano, and he will certainly be missed by his family, friends, and legion of fans. When famous people pass away the media shares whatever information is available. Sometimes you can learn something about estate planning when you hear about the successes and failures of high profile individuals. There are a couple of things that can be learned when we examine the … [Read more...] about Taxes to Erode Gandolfini Estate
In Right Climate GRAT Can Pay Off
In the field of estate planning the acronym GRAT stands for a grantor retained annuity trust. If you create such a trust in the right economic climate it could result in an eventual transfer of assets to the beneficiary without any gift or estate tax exposure. Those who have assets in excess of the estate tax exclusion amount must indeed look for ways to pass along these resources in a tax efficient manner. Right now the exclusion is $5.25 million, and if you have assets that … [Read more...] about In Right Climate GRAT Can Pay Off
SCOTUS Rules on DOMA Constitutionality
The Defense of Marriage Act (DOMA) states that a marriage is something that can only exist between a man and a woman. Because of this, same-sex couples who have been married in states or countries where these marriages are legal have not been afforded certain privileges that are available to heterosexual married couples. One of these is the unlimited marital estate tax deduction. There is a $5.25 million estate tax exclusion, and the maximum rate of the tax is 40%. This … [Read more...] about SCOTUS Rules on DOMA Constitutionality
Estate Planning for the Rest of Us
There are people who do not concern themselves with estate planning because they are not extraordinarily wealthy. They assume that estate planning attorneys are only useful for high net worth individuals who are exposed to the estate tax. The federal estate tax carries a 40% maximum rate in 2013, and the amount of the exclusion is $5.25 million. This does not mean that you have no reason to consult with an estate planning attorney if your assets do not exceed this … [Read more...] about Estate Planning for the Rest of Us
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
