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?
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Do I Lose Control of Property I Place Into a Living Trust?
Some people think that you surrender complete control of assets that you place into any type of trust. They go forward with this assumption, and as a result they ignore the possibility of creating a trust. Do you lose control of assets that you place into a trust? This is going to depend on the type of trust that you are utilizing. Let's look at revocable living trusts. Incidents of Ownership Revocable living trusts are commonly used by people who want to avoid … [Read more...] about Do I Lose Control of Property I Place Into a Living Trust?
Can Medicaid Planning Begin After Dementia Symptoms Appear?
Custodial care is not covered by Medicare. This is the type of care that you would receive in a nursing home or assisted living community. Medicare will only pay for convalescent care after surgery for a period of time not to exceed 100 days. This presents a challenge for many individuals, because the majority of Americans will eventually need long-term care. A stay in a nursing home or assisted living community is extremely expensive. Most people cannot comfortably … [Read more...] about Can Medicaid Planning Begin After Dementia Symptoms Appear?
Do I Pay Taxes When I Inherit Money?
The matter of taxation is logically going to enter your mind if you are inheriting money. Do you have to report your inheritance as income when you file your annual income tax return? In general, the answer to this question is no, assuming there is no appreciation to take into account. If you inherit appreciable resources there are tax implications. This is a somewhat complicated subject that you should discuss with a licensed estate planning attorney. Other Types of … [Read more...] about Do I Pay Taxes When I Inherit Money?
Deadline Extended for Estate Tax Exclusion Portability Opt-In
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was passed in December of that year. Among other things, it made the federal estate tax exclusion portable between spouses. Portability was made permanent when the Taxpayer Relief Act of 2012 was passed. What Is Portability? Portability is the ability of a surviving spouse to use the estate tax credit or exclusion that was afforded to his or her deceased spouse. Prior to the 2011 calendar … [Read more...] about Deadline Extended for Estate Tax Exclusion Portability Opt-In
Why Would I Need a Pour-Over Will?
You may want to consider the use of a revocable living trust to serve as a vehicle of asset transfer instead of a last will. Let's look at some of the reasons why this may be a better choice. Trust vs. Will When you state your wishes regarding the transfer of personally owned property through the terms of a last will, the heirs to the estate don't receive their inheritances right away. The will must be admitted to probate first. The estate must be probated before the inheritances will be … [Read more...] about Why Would I Need a Pour-Over Will?
Estate Planning FAQ: What Happens If I'm Single When I Die?
People tend to take estate planning more seriously when they have a number of loved ones depending on them. This may be human nature, but estate planning is important for single people as well as married individuals and those with children. If you do not have an estate plan in place you will die intestate, and this can yield some negative results. Condition of Intestacy If you die without executing the appropriate estate planning documents as a single person the condition of … [Read more...] about Estate Planning FAQ: What Happens If I'm Single When I Die?
How Long Does the Probate Process Take?
If you want your loved ones to receive their inheritances in a timely manner, you should be aware of the process of probate. The executor that you choose must admit your last will to probate if you do in fact use a will to record your final wishes. Probate is a legal process, and it takes place under the supervision of a court. The process of probate takes time. The exact length of time will vary depending on the circumstances. State laws allow creditors a certain amount of … [Read more...] about How Long Does the Probate Process Take?
What Is the Difference Between a General and a Limited Power of Attorney?
A power of attorney is a legally binding document that can be used for various different purposes. With a power of attorney you give another person, called an agent or attorney-in-fact, the power to act on your behalf. There are different types of powers of attorney. Let's take a look at some of them. Limited Power of Attorney A limited power of attorney is used to give the agent the ability to act on your behalf on a limited basis. The limitations are entirely up to … [Read more...] about What Is the Difference Between a General and a Limited Power of Attorney?
February Living Trust Seminars Scheduled
The last will is the most commonly executed estate planning document. It may be natural to assume that a last will is going to facilitate a very simple and direct transfer of assets to the heirs. There are even websites on the Internet that will sell you do-it-yourself last will downloads. You fill in the blanks and go forward with the assumption that everything will go smoothly after you pass away. As they say, a little bit of information is a dangerous thing. There is nothing inherently … [Read more...] about February Living Trust Seminars Scheduled
