There are various different taxes that can be imposed on asset transfers. The federal government has its own tax code, and each state has the right to levy taxes as well. Exactly what you are exposed to is going to vary depending on a number of factors. These would include the state within which you live or own property, the relationship that you hold with the respective inheritors, and the amount of the asset transfers in question Estate Tax vs. Inheritance Tax You may … [Read more...] about Will My Heirs Be Forced to Pay an Inheritance Tax?
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Why Should I Have a Durable Power of Attorney for Health Care?
A comprehensive estate plan will go beyond the postmortem transfer of monetary assets. To be fully prepared, you should address the contingencies that you may face during the latter portion of your life. Incapacity is one of these eventualities. It is quite possible that you will become unable to make all of your own decisions late in your life due to incapacitation. You can account for this possibility through the execution of a legally binding device called a durable power … [Read more...] about Why Should I Have a Durable Power of Attorney for Health Care?
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?
Who Can Create a Power of Attorney?
A power of attorney is a legal document that is utilized by a principal or grantor to name an agent or attorney-in-fact. The grantor empowers the agent to act as his or her proxy. When you are planning your estate you leave behind instructions about what should happen after you die. At the same time, you should prepare for the period of time that will precede your death. Many people become incapacitated before they pass away. In the field of estate planning powers of … [Read more...] about Who Can Create a Power of Attorney?
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
Indianapolis Living Trust Seminars Scheduled for April
Everyone has heard of the last will or last will and testament. You may be under the impression that things are very simple when you use a last will. For this reason you may decide that you are not interested in creating a living trust. The Process of Probate When you state your final wishes in a last will, you name an executor or personal representative. This is the individual who administers the estate. The executor does not have the power to distribute resources to … [Read more...] about Indianapolis Living Trust Seminars Scheduled for April
Nursing Home in Indiana [Infographic]
Everyone has different needs and requirements when it comes to nursing homes, therefore it is really important for you to assess what you really want for you to end up residing in the best nursing home for you. This infographic shows you ten important tips on how to find the right nursing home in Indiana. … [Read more...] about Nursing Home in Indiana [Infographic]
Philip Seymour Hoffman: Estate Planning Details Emerge
The actor Philip Seymour Hoffman passed away recently, and some news about his estate plan is starting to circulate. The first reports were coming from the website TMZ, and now there is a more comprehensive piece appearing on the New York Daily News website. According to the article, a copy of Hoffman's will, which was executed back in 2004, has surfaced. Philip Seymour Hoffman was apparently estranged from his longtime partner Mimi O'Donnell. In spite of their estrangement, the … [Read more...] about Philip Seymour Hoffman: Estate Planning Details Emerge
