Your estate plan should be custom crafted to suit your needs. Every family is different, and there is an ideal solution for every situation. With this in mind, let's look at the estate planning device called a QDOT trust. The acronym QDOT stands for a qualified domestic trust. This type of trust would be useful for a high net worth individual who is married to someone who is not an American citizen. Federal Estate Tax Parameters To understand the value of a QDOT trust you … [Read more...] about Indianapolis Wealth Preservation: What Is a QDOT Trust?
Wills and Trusts
What Is an Irrevocable Life Insurance Trust in Indianapolis?
To understand the value of an irrevocable life insurance trust, you must first absorb some background information about the federal estate tax. The federal estate tax can be a factor if you pass away with an extremely valuable estate. In 2014, the estate tax credit or exclusion is $5.34 million. This is the amount that can be passed on free of the death tax. Anything that you are transferring that exceeds this amount is potentially subject to taxation. When you are determining the … [Read more...] about What Is an Irrevocable Life Insurance Trust in Indianapolis?
How Can I Include My Pet in My Estate Plan?
If you are concerned about predeceasing your pet, you are probably wondering how you can include your pet in your estate plan. There are a couple of different ways that you can set aside resources for the care of your pet when you are planning your estate. Direct Bequest to Caretaker You could ask someone to agree to take care of the pet after you pass away. If you create a last will to direct the transfer of your monetary assets, you could leave this person a direct bequest that is … [Read more...] about How Can I Include My Pet in My Estate Plan?
What Is a QTIP Trust?
Each estate planning situation is unique, and there are various different solutions that can be implemented to match the circumstances in question. Trusts are often part of the equation. There is a type of trust called a QTIP trust that can be useful for those who are getting remarried after having children from a previous marriage. In this post we will provide some basic information about QTIP trusts. (The QTIP acronym stands for qualified terminable interest … [Read more...] about What Is a QTIP Trust?
Attend a Living Trust Seminar in June
The last will is the most commonly utilized estate planning document, and you may assume that you should use a last will to arrange for the transfer of your assets. In fact, you may want to consider a revocable living trust as an alternative. We are offering a series of seminars during the month of June that will cover revocable living trusts in detail. The seminars are being offered free of charge, and you will obtain a great deal of valuable information if you attend one of the … [Read more...] about Attend a Living Trust Seminar in June
Is Probate Always Required?
Estate administration tasks are often conducted under the supervision of the probate court. However, there are certain circumstances under which the probate process will not be required. In the state of Indiana, small estates can sometimes avoid the full probate process through the execution of a simple affidavit, and there is also a simplified probate process. To be eligible for either of these shortcuts, the estate in question cannot be valued in excess of $50,000. If the … [Read more...] about Is Probate Always Required?
How Is My Property Transferred If I Die Intestate?
Everyone should have an estate plan in place to prevent intestacy. This is the condition that results if you do not express your wishes regarding the way that you want your assets distributed after you die. If you were to pass away without a will or any other estate planning documents expressing your final wishes, the probate court would be forced to sort things out. The court would ultimately order the distribution of the assets using intestate succession laws. Our firm … [Read more...] about How Is My Property Transferred If I Die Intestate?
What Is Probate?
Briefly and succinctly defined, probate is the legal process of estate administration. Let's look at some of the details, and some of the implications. Personally Held Property You may decide to maintain personal possession of your property throughout your life and arrange for its transfer through the terms of a last will. This is certainly an option that is available to you, and the majority of people go this route. When you create a will you name an executor or personal … [Read more...] about What Is Probate?
White House Releases 2015 Budget; Estate Tax Changes Proposed
Estate planning attorneys emphasize the fact that planning your estate is a dynamic process. It is not a "one and done" affair. You should create an ongoing relationship with your estate planning lawyer and be prepared to make changes to your plan over the years as things change. Changes to the tax code could render your existing estate plan obsolete. With this in mind, you should be aware of some of the changes to the estate tax parameters that have been proposed within the … [Read more...] about White House Releases 2015 Budget; Estate Tax Changes Proposed
Will a Revocable Living Trust in Indianapolis Protect Family Wealth?
There are different trusts that are used to accomplish varying objectives. Sometimes people paint with a broad brush because they have a lack of information. In this post we will look at revocable living trusts in Indianapolis and wealth preservation. Revocable Living Trust in Indianapolis A revocable living trust in Indianapolis is just that, revocable. After you create the trust you are free to revoke or rescind it at any time. Assets that you have conveyed into … [Read more...] about Will a Revocable Living Trust in Indianapolis Protect Family Wealth?
