If you don't know a lot about estate planning you may be under the impression that you should use a last will to arrange for the distribution of your property after you die. This may be a perfectly good choice. However, before you make a final decision you should consider the possibility of using a revocable living trust instead. Probate Let's say that you retain direct personal possession of your property through to the time of your death. You arrange for its transfer … [Read more...] about Why Should I Have a Living Trust in Indianapolis?
Wills and Trusts
Can You Contest a Trust in Indianapolis?
Most people are aware of the fact that you can contest a last will, but can you contest a trust in Indianapolis? Acceptable Grounds Your first thought with regard to an estate challenge may be that a disgruntled party really has no right to an inheritance, but he or she can't accept reality. This individual did not maintain a good relationship with the decedent. The decedent was so distressed that he or she decided to disinherit the party in question. Case … [Read more...] about Can You Contest a Trust in Indianapolis?
What Is an Indiana Special Needs Trust?
There are a number of different trusts in Indiana that are used in the field of estate planning, and one of them is the special needs trust. An Indiana special needs trust, which is alternately called a supplemental needs trust, is utilized to provide financial assets to someone who has a disability. Providing monetary resources to those who have disabilities can be tricky because government benefit eligibility is in play. Many people with special needs are enrolled in the Medicaid … [Read more...] about What Is an Indiana Special Needs Trust?
What Happens to My Property If I Die Without a Trust or Last Will in Indiana?
When you are in the field of estate planning you keep an eye on statistical data that has been compiled about estate planning preparedness. Over the years surveys consistently find that most people do not have a proper estate plan that includes a last will or a trust of some kind to arrange for asset transfers. This is rather amazing when you think about it because we are all aware of the fact that death is considered to be one of the two inevitable events that we face. How can … [Read more...] about What Happens to My Property If I Die Without a Trust or Last Will in Indiana?
Does an Indiana Revocable Living Trust Provide Asset Protection?
When you consult with an estate planning attorney you can be certain that you are not making any decisions based on misguided notions. It is easy to assume things without having a full understanding of the legal devices that are available to you when you're planning your estate, such as an Indiana revocable living trust. Indiana Revocable Living Trusts: No Asset Protection In a general sense people often think that you no longer own assets that you place into a trust. That's the whole … [Read more...] about Does an Indiana Revocable Living Trust Provide Asset Protection?
Charitable Giving in Indiana: Consider Its Value
Charitable giving in Indiana can be part of your estate plan. When you understand all the facts and take the correct steps you can assist nonprofit enterprises of your choosing while gaining tax efficiency in the process. Right now the estate tax exclusion is $5.25 million, and the top rate is 40%. When you are planning ahead for the future you should inventory your assets so that you have an understanding of your net worth. If your assets exceed the estate tax exclusion you must take steps to … [Read more...] about Charitable Giving in Indiana: Consider Its Value
Revocable Living Trust in Indiana FAQs
Creating a revocable living trust in Indiana can be a good way to arrange for your assets to be transferred to your heirs after you pass away. In this post we will provide the answers to some frequently asked questions about these trusts. What is the primary benefit of a revocable living trust in Indiana? When you state your wishes regarding the distribution of your financial assets in a last will alone the transfer of assets is going to be stalled by the probate process. The will must … [Read more...] about Revocable Living Trust in Indiana FAQs
How Thorough Is Your Existing Estate Plan?
If you have an estate plan in place you are actually among a minority of Americans. That's correct, even though death is widely understood as one of the proverbial two inevitable facts of life, the majority of American adults have not executed all of the necessary estate planning documents. There are those who have taken a single step along the way. Perhaps you had a last will drawn up when you had your first child, or when you got married. This does not mean that you are … [Read more...] about How Thorough Is Your Existing Estate Plan?
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
