If you choose to direct the future transfer of your assets to your heirs through the terms of your last will the process of probate is probably going to be a factor. We say "probably" because small estates may be able to avoid the full probate process. In the state of Indiana it is possible to avoid probate altogether by utilizing a simple affidavit if the overall unencumbered value of the property is less than $50,000. If there is real property involved this process cannot be … [Read more...] about Affidavits and Simplified Probate
Wills and Trusts
Your Living Trust May Be Outdated
A revocable living trust can be a popular alternative to a last will as a way to express your wishes regarding the transfer of your financial assets after you pass away. The primary advantage that comes along with the creation of such a trust is the fact that assets would be distributed to your beneficiaries outside of the process of probate. People often times try to avoid probate because it is time-consuming, and in some cases it comes along with a number of significant … [Read more...] about Your Living Trust May Be Outdated
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
Marital Deduction Only Afforded to U.S. Citizens
There is a federal estate tax marital deduction between a husband and a wife that allows you to bequeath an unlimited amount of money to your spouse without incurring any estate tax liability. At the current time the estate tax carries a 40% top rate, and the amount of the exclusion is $5.25 million. (You may see this exclusion figure increase next year if an adjustment for inflation is applied.) Anything that you pass along to your heirs other than your spouse that exceeds $5.25 million … [Read more...] about Marital Deduction Only Afforded to U.S. Citizens
New Show to Feature Estate Feuds
There is an article of interest to people in the estate planning community appearing on The Trust Advisor website at the present time. A reality television show is in the works that would look at disputed estate cases. Most of us have heard of the popular reality TV show Storage Wars, and this one is working with the name Will Wars during the early stages of exploration. The premise is to allow members of wealthy families who are involved in estate disputes to make their respective … [Read more...] about New Show to Feature Estate Feuds
Commonly Asked Questions About Last Wills
Last wills are the most widely utilized estate planning documents. Let's take a look at three of the questions that people often have about these legal devices. I know that a last will can be used for transferring assets. What else can a will do? You are going to want to appoint someone to actually conduct the business of the estate during the probate process. This individual is known as the executor or personal representative, and you can name the executor in your last … [Read more...] about Commonly Asked Questions About Last Wills
Powerball Winner Faces Immediate Estate Tax Exposure
Winning a large lottery is a dream come true, but you are faced with immediate estate tax exposure if you were to win over $5.25 million. A recent Powerball lump sum payout totaled almost $371 million. (The annuity option would pay over $590 million) . The ticket was sold in Florida, where there is no state income tax to pay. But 25% would be deducted from the lump sum for federal income taxes, leaving $278 million. You might think that paying almost $100 million in taxes would be enough, … [Read more...] about Powerball Winner Faces Immediate Estate Tax Exposure
Pet Planning Makes Dog Ownership Possible for Elders
Pet planning for dog owners may seem like something that is really not important because dogs have much shorter lifespans than humans. This may be true, but what if you bring a dog into your home as an elder? Dog ownership can be an ideal antidote for loneliness. As many of us are aware it is not uncommon for senior citizens to lose people close to them. They can subsequently feel quite a void in their lives. This can sometimes lead to depression. It's difficult to … [Read more...] about Pet Planning Makes Dog Ownership Possible for Elders
A Look at Recent Will Forgery Case
When you pass away interested parties are afforded the opportunity to challenge your will. However, they can't simply stamp their feet and say that they were treated unfairly. You have a right to leave inheritances as you see fit. Someone who wants to contest a will must do so under one or more of the appropriate grounds. One acceptable ground would be the contention that the will in question was executed by a testator who was not of sound mind. You have to be in full control of … [Read more...] about A Look at Recent Will Forgery Case
