Do I Pay Taxes When Someone Leaves Money from Paul Kraft It can seem as though you are required to report any type of income on your annual income tax return. Learn more about income tax in Indiana in this presentation. … [Read more...] about Do I Pay Taxes When Someone Leaves Money?
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Free Report: Can I Give Away Assets to Qualify for Medicaid in Indiana?
Elder law attorneys assist clients who are concerned about long-term care costs. If you discuss your unique personal situation with an elder law attorney, you can devise a strategy that leads to Medicaid eligibility. Topics covered in this report include: Medicaid and Long-Term CareMedicaid Planning Strategies Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Can I Give Away Assets to Qualify for Medicaid in Indiana?
Why Would I Want to Avoid Probate?
You should have a 360 degree understanding of the lay of the land when you are planning your estate. Assumptions can get you into trouble, and you can make sure that you take the right steps if you discuss things with a licensed estate planning attorney. One thing that you will learn about when you consult with your lawyer is the process of probate. Many people are under the impression that a last will is the most efficient asset transfer vehicle that you can utilize if you are not … [Read more...] about Why Would I Want to Avoid Probate?
Why Is a Living Trust Better Than a Power of Attorney?
People who start to scratch the surface with regard to estate planning often come away with some misconceptions because they have incomplete information. With this in mind, we will draw some distinctions between powers of attorney and living trusts in this blog post. Representation When you create a power of attorney, you are giving someone else the power to act on your behalf in a legally binding manner. In the field of estate planning, durable powers of attorney are used to … [Read more...] about Why Is a Living Trust Better Than a Power of Attorney?
How Does a Living Trust Terminate?
Before you make any final estate planning decisions, you should understand how a revocable living trust could be beneficial to you. People who are not extraordinarily wealthy sometimes overlook trust creation, because they think trusts are only useful for high net worth families. In fact, this is not the case with a revocable living trust. There are multiple different benefits that you derive when you use a revocable living trust as a vehicle of asset transfer. Probate … [Read more...] about How Does a Living Trust Terminate?
Does the State Take My Assets If I Go on Medicaid?
It is said that a little knowledge is a dangerous thing, and this can be a factor when people obtain incomplete information about nursing homes and Medicaid. The Medicaid program is equipped to pay for long-term care. Since Medicare does not pay for living assistance, Medicaid provides a solution for many elders who were once qualified for Medicare coverage. Many people are aware of the fact that Medicaid is a program that is intended for people with virtually no financial … [Read more...] about Does the State Take My Assets If I Go on Medicaid?
Why Do I Need a Will?
People often question the value of estate planning. They do not understand why they should execute a last will or some other vehicle of asset transfer. If you don't have a will or some other estate planning document directing the distribution of your assets, the condition of intestacy will result. Under these circumstances, assets that were in your personal possession would become probate assets. The probate court would supervise the estate administration process, and after … [Read more...] about Why Do I Need a Will?
What Is an Irrevocable Trust?
An irrevocable trust is a type of trust that you cannot dissolve or revoke. Once you create this type of trust, you cannot call the whole thing off and take back the assets. Why would you want to take this type of risk? There are various different reasons why people decide to utilize irrevocable trusts. We will look at some of them in this blog post. Estate Tax Efficiency In a general sense, you would want to consider the utilization of an irrevocable trust if you … [Read more...] about What Is an Irrevocable Trust?
Is There an Inheritance Tax in Indiana?
Taxes that can come into play when assets are being transferred can be confusing. You have probably heard of the estate tax, and you may assume that an inheritance tax and an estate tax are the same thing. In reality, these are two different forms of taxation. We will look at the distinctions in this post, and we will focus on taxes that can impact Indiana residents. Estate Tax An estate tax would be imposed on the entire taxable portion of the estate in question. Some … [Read more...] about Is There an Inheritance Tax in Indiana?
What is the Medicaid Look-Back in Indiana?
What is the Medicaid Look-Back in Indiana? from Paul Kraft Medicaid is another government run health insurance program. Learn more about The Medicaid look-back in Indiana in this presentation. … [Read more...] about What is the Medicaid Look-Back in Indiana?
