Before we get into the matter of adult guardianship, we should provide some background information about incapacity. Estate planning is clearly going to revolve around financial issues for the most part, but you should also consider the eventualities that you may face toward the end of your life. Incapacity Planning There are various different causes of incapacity. When people become physically ill they sometimes become unable to communicate, and this is one form of incapacity … [Read more...] about What Are the Advantages and Disadvantages of a Guardianship?
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Who Can Act as an Agent Under a Power of Attorney?
In the legal field, a power of attorney can be used to appoint someone to make decisions on your behalf. Within the estate planning niche, durable powers of attorney are often used to account for the possibility of incapacity. Durable powers of attorney are used because they remain in effect if the grantor becomes incapacitated. Incapacity is quite common among elder Americans. There are various different causes of incapacity, some of them physical, and some of them mental. … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
Do I Lose Control of Assets in a Revocable Living Trust?
It is important to gain an understanding of the vehicles of asset transfer that you can utilize when you are planning your estate. There are those who have misconceptions, and you can look past viable solutions if you do not know all the facts. With this in mind, we would like to look at revocable living trusts in this post. Loss of Control? Some people are under the impression that you lose personal control of assets when you place them into a trust. That's the whole … [Read more...] about Do I Lose Control of Assets in a Revocable Living Trust?
Should I Create a Joint Tenancy With My Child?
When you are looking around for information about estate planning, you may hear about joint tenancy. There are always those who are looking for easy answers, and joint tenancy can seem like a simple solution on the surface. Joint tenancy is a somewhat fancy way of describing co-ownership. If you add someone to the title or deed of property that you own, this person would become a joint tenant. When you pass away in direct personal possession of property and you arrange for its … [Read more...] about Should I Create a Joint Tenancy With My Child?
What is a Living Will in Indiana?
What is a Living Will? from Paul Kraft A Living Will is not used to transfer monetary assets. It serves an entirely different purpose. A Living Will is an advance directive for health care. It is used to prepare for possible incapacitation. Learn more about a Living Will in Indiana in this presentation. … [Read more...] about What is a Living Will in Indiana?
What Are the Disadvantages of a Medicaid Trust?
Medicaid is thought of as a program that is only relevant to people who have virtually no financial resources. This is true to a large extent, but there is more to it when you understand the facts. Most seniors will qualify for Medicare when they reach the age of 65. You would logically assume that you won't need Medicaid if have Medicare coverage, and you wouldn't qualify anyway. In fact, many elders who were never financially needy ultimately do seek Medicaid coverage, … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
What is a TOD or POD Account in Indiana?
What is a TOD or POD Account? from Paul Kraft When you are planning your estate, you facilitate asset transfers to your heirs. There are a number of different ways to go about it. Learn more about TOD or POD Account in Indiana in this presentation. … [Read more...] about What is a TOD or POD Account in Indiana?
Indianapolis Wealth Preservation: What Is a QDOT Trust?
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?
What Is Estate Tax Exclusion Portability?
It is important to understand the law of the land when it comes to the federal estate tax when you are planning your estate. Assets that you intend to transfer to your heirs are potentially subject to taxation. However, there is a federal estate tax credit or exclusion. Your estate would not be subject to the death levy if its value does not exceed the amount of the exclusion. The federal estate tax exclusion was set at $5 million for 2011, and there have been ongoing adjustments … [Read more...] about What Is Estate Tax Exclusion Portability?
What Questions Should I Ask an Indianapolis Elder Law Attorney?
If you are concerned about the challenges that you may face when you enter different stages of life, you should sit down and discuss everything with an elder law attorney. This type of attorney is focused on matters that are of particular interest to senior citizens. When you are fully aware of the elder law issues that people are facing, you can take the right steps to prepare yourself. Let's look at some questions that you should ask your elder law attorney. 1.) Will Medicare cover all … [Read more...] about What Questions Should I Ask an Indianapolis Elder Law Attorney?
