Indianapolis estate planning lawyers are always going to emphasize the fact that every case is different and it takes experience and expertise to craft a plan that is ideal in light of your unique circumstances. Tax considerations are always going to be of tantamount importance because the federal estate tax and the gift tax with which it is unified carry quite a wallop. At the present time the rate of the gift/estate tax is 35%, and this is no small nibble. But at the end of this … [Read more...] about Facebook Moguls Employed GRAT Strategy
Wills and Trusts
Protection For Spendthrifts
If you have someone on your inheritance list who is not a good money manager you may want to take specific steps to make sure that he or she does not burn through the inheritance that you leave too quickly. One of the ways that this can be done is through the creation of a spendthrift trust. With these trusts you name a trustee who will manage the financial resources that you place into the vehicle. This trustee has total control, so the important decision-making is left out of the … [Read more...] about Protection For Spendthrifts
Tax Efficient Giving With A GRAT
You have to be aware of the federal gift tax if you give gifts beyond the exclusion amount. This is a matter that is a bit complicated because of the unification of the gift and the estate taxes. There is a $5.12 million exclusion so you can give gifts up to this amount free of taxation. But, since the gift tax is unified with the estate tax if you used up your entire exemption giving gifts while you are alive all of your estate would be subject to the estate tax. There are … [Read more...] about Tax Efficient Giving With A GRAT
Making Provisions For Man's Best Friend
If you are like a lot of Americans, you may have a loyal four-legged friend by your side, and indeed dogs are fantastic companions. In the eyes of your dog you are the most important person in the world and there is no denying that it is a good feeling to be held in such high esteem, even if it is coming from a canine point of view. All kidding aside, pets are obviously valuable to people of all ages but owning a dog can be especially good for senior citizens. It is not uncommon … [Read more...] about Making Provisions For Man's Best Friend
What Is A CRUT?
In the field of estate planning there are a lot of acronyms tossed about that can be kind of confusing to the uninitiated. We like to highlight one of these from time to time in an effort to demystify things, and with that in mind we will take a look at the CRUT. In an estate planning context the acronym CRUT stands for a charitable remainder unitrust. These vehicles are utilized to provide individuals with tax efficiency while satisfying their philanthropic urges in the … [Read more...] about What Is A CRUT?
Directing Assets Into A Trust
Most people are going to have to choose between a will and a trust when they are making estate plans, and there are some significant advantages that go along with opting for a revocable living trust. When you use a revocable living trust you can enable the transfer of assets to your loved ones outside of the process of probate. Probate is a legal process during which the probate court that is local to the deceased supervises the administration of the estate. The actual hands-on … [Read more...] about Directing Assets Into A Trust
Blended Family Solution
Because of the high incidence of divorce in the United States at the present time there are a lot of blended families out there, and there are many different types of scenarios to address in an estate planning context. We are going to take a look at a relatively common one here and offer a typically utilized solution. To explain by way of example, let's say that you married your childhood sweetheart and had three children along the way. You accumulated assets as a couple and you … [Read more...] about Blended Family Solution
There Is More That One Type Of Will
Just about everyone is aware of what a simple last will is utilized for, and the execution of this document can be the right choice for some people who have a very uncomplicated estate. However, there are some other types of wills that are routinely used in estate planning as well and we would like to take a look at some of them here. Living Wills A living will does not have anything to do with the transfer of personal property. This document is an advance health care directive, and … [Read more...] about There Is More That One Type Of Will
Celebrities Provide Legacy Planning Clues
Experience is undoubtedly the best teacher, but when it comes to estate planning you don't have the luxury of learning from your mistakes. However, you can become wiser by observing the mistakes of others. Though you don't have a window into the lives of people that you don't know, the media gives us perhaps too much information about the lives of celebrities. Some of the stories surrounding the estates of famous people can be instructive as you are making your own plans for … [Read more...] about Celebrities Provide Legacy Planning Clues
Charitable Remainder Unitrusts Provide Benefits
There are individuals out there who question why you would want to (or need to) engage the services of an estate planning attorney. They figure that all you have to do is draw up a last will and the matter is closed. And in fact, there are websites out there that will sell you blank generic last will documents. They tell you that all you have to do is fill in the blanks and you have all of your bases covered. The truth is that estate planning is not something that you want … [Read more...] about Charitable Remainder Unitrusts Provide Benefits
