Indianapolis estate planning attorneys often talk about the possibility of an estate being held up in probate for an extended period of time. This takes place when estate challenges arise, and they are more common than you may think. Even families who are under the impression that they have everything arranged properly can experience some unpleasant surprises later on. The above is applicable to the case of the estate of the deceased actor Sherman Hemsley. This talented man was … [Read more...] about Hemsley of "Jeffersons" Fame Passes; Estate Being Challenged
Wills and Trusts
QPRT: Necessary in 2013?
In an estate planning context the acronym QPRT stands for a qualified personal residence trust. These instruments can be utilized to reduce the taxable value of your home as you are transferring it to a beneficiary. When you consider the fact that your home is in fact considered to be part of your estate by the Internal Revenue Service, a lot of people will be exposed to the estate tax in 2013 when the exclusion goes down to just $1 million. If your home is worth half of this or perhaps … [Read more...] about QPRT: Necessary in 2013?
One More Reason to Avoid Probate
In the field of estate planning probate avoidance strategies are often implemented. Why would you want to avoid probate? There are two primary reasons that most people would point out first. The process involves the probate court that is local to the deceased supervising the administration of the estate. Depending on the complexity of the individual case in question it can take months or even years for the process of probate to run its course. This is a pretty big deal to … [Read more...] about One More Reason to Avoid Probate
Some Clarity Regarding Wills
Some individuals who are of relatively ordinary means automatically think that they should be using a last Will to arrange for the transfer of assets to their loved ones after they pass away. However, while it is true that you can certainly go this route it is not your only choice, and there are some good reasons to consider other options. A popular alternative to a last Will as a vehicle of asset transfer is a revocable living trust. These instruments are thought of by many to be a … [Read more...] about Some Clarity Regarding Wills
Proper Planning to Provide Long-Term Financial Underpinning
For some people receiving an inheritance is the only life event that is likely to take place that will provide a significant influx of financial resources. But at the same time, this is going to mean that a parent or grandparent that was always there in a pinch will no longer be around to assist if financial difficulties were to arise. As you are engaged in your estate planning efforts you may take the above to heart. What if a loved one was to burn through his or her inheritance … [Read more...] about Proper Planning to Provide Long-Term Financial Underpinning
Greater Resources, Greater Risks
Estate planning for high net worth families involves responding to some specific challenges. The first thing to brace yourself for is the federal estate tax. This tax could consume a significant percentage of your legacy if you don't take the appropriate steps. And in reality over a number of generations the federal death levy could conceivably consume the vast majority of the assets that you leave behind over time. If the resources are significant enough and succeeding … [Read more...] about Greater Resources, Greater Risks
Consumer Reports Probes Legal Document Websites
Consumer Reports has always done a good job of making sure that people have relevant information to draw from when they are considering making purchases. They do exhaustive research and let everyone know their findings in their magazine and on their website. As a totally independent and objective entity the recommendations that are given by Consumer Reports are taken very seriously by people who are discerning about how they spend their money. With this in mind we would like to … [Read more...] about Consumer Reports Probes Legal Document Websites
Look Northward for Tax Savings, Asset Protection
Once you have accumulated a significant store of assets you can feel a sense of accomplishment and perhaps a little bit of relief. However, when you are standing on this plateau you have a new set of challenges that you must address. One of them is the necessity to protect these resources. If you were to become the target of a lawsuit and your assets were not positioned properly they could potentially be attached and this is certainly not acceptable. Anxious creditors could … [Read more...] about Look Northward for Tax Savings, Asset Protection
Choose Representatives With Care
When you are recording your wishes in writing you must consider the fact that human beings are going to have to be involved in making those wishes come to fruition when the time is appropriate. Your choices are important and you should make them with full knowledge of the responsibilities that these representatives will be charged with after your passing. People who are using a trust to direct the transfer of assets will have to choose a trustee. The trustee will be empowered to … [Read more...] about Choose Representatives With Care
Will Your Beneficiaries Pay Taxes On Insurance Proceeds?
Tax matters are something to take into consideration when you are looking ahead toward the inevitable. With this in mind questions often arise about insurance policy proceeds. When the beneficiary receives insurance proceeds he or she will not be asked to pay Federal income tax when the transfer takes place. However, there is another tax that looms large for many individuals. If you own insurance policies personally the proceeds are considered to be part of your estate for … [Read more...] about Will Your Beneficiaries Pay Taxes On Insurance Proceeds?
