The process of probate is something to consider when you are planning your estate. To understand probate, look at your estate as a business entity of sorts. There are various different parties that have an interest in this entity. Probate gives these parties the opportunity to conduct business with the estate. When you think about parties that have an interest in an estate, the heirs to the estate are certainly going to come to mind. However, they are not the only … [Read more...] about Does Probate Present Any Difficulties?
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What Is a Payable on Death Account?
You may hear about the subject of probate avoidance when you are looking around for information about estate planning. Some probate avoidance strategies are more effective than others. With this in mind, let's look at payable on death accounts. POD and TOD Accounts Payable on death accounts are often referred to as POD accounts. You may also see the term TOD account. This stands for a transfer on death account. These are essentially two different names for the … [Read more...] about What Is a Payable on Death Account?
What Is an Estate Executor?
Planning for the inevitable involves the execution of legally binding documents. Most people use a last will to state their final wishes. However, you should also consider the human element. Someone has to gain an understanding of these written wishes and implement a plan of action. This individual is the estate executor. Probate Process The executor of an estate has a lot of real-world tasks to complete. One of them will be the admittance of the will to … [Read more...] about What Is an Estate Executor?
What Is the Annual Gift Tax Exclusion?
When you are interested in wealth preservation you should know the facts about transfer taxes. We have a federal estate tax, and most people are aware of it. We also have a federal gift tax that may not be on your radar. Gifts Are Taxable The estate tax was originally enacted in 1916. Wealthy people immediately started giving large gifts to their heirs to avoid the estate tax. The enactment of the gift tax a few years later closed this window of opportunity. Why … [Read more...] about What Is the Annual Gift Tax Exclusion?
Why Should I Have a Living Trust in Indianapolis?
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?
Federal Estate Tax Exclusion Adjusted
If you are interested in wealth preservation you need to understand the law of the land when it comes to the federal estate tax. Estate planning is a dynamic endeavor like any other type of financial planning. Things change, and you should always be aware of relevant changes when they come down the pike. With this in mind we would like to pass along some news that has recently been released by the Internal Revenue Service. First, let's take a look at the estate tax and the … [Read more...] about Federal Estate Tax Exclusion Adjusted
Are There Trusts That Provide Asset Protection in Indianapolis IN?
We like to answer frequently asked estate planning questions here on our blog. Recently, we covered the topic of revocable living trusts and asset protection in Indianapolis IN. To recap, a revocable living trust is popularly used as an alternative to a last will to enable probate avoidance. Probate is a legal process that your estate must pass through before the heirs to the estate receive their inheritances. People often take steps to avoid probate because it can be … [Read more...] about Are There Trusts That Provide Asset Protection in Indianapolis IN?
Special Needs Planning in Indianapolis: How Much Would it Cost to Create a Supplemental Trust?
There are those who are always looking for a bargain. They don't think that there is ever a need to pay for something of quality. In many instances they look for do-it-yourself solutions. This can even extend to the area of estate planning. With this in mind, let's look at do-it-yourself estate planning in Indianapolis and how it may interface with special needs planning. Providing for a Person With a Disability If you have someone with a disability on your … [Read more...] about Special Needs Planning in Indianapolis: How Much Would it Cost to Create a Supplemental Trust?
Medicaid Recovery in Indianapolis IN: Can I Add an Heir to My Property Title to Avoid It?
When you get serious about planning ahead for the eventualities of aging you may learn about some things that you never considered. One of these is the fact that Medicare won't pay for long-term care. As a result, Medicaid is relied upon by most seniors who reside in nursing homes. Because of this, Medicaid recovery in Indianapolis IN is an important consideration. Medicaid will assist with long-term care costs if you can stay within the low upper asset limit of $1,500. … [Read more...] about Medicaid Recovery in Indianapolis IN: Can I Add an Heir to My Property Title to Avoid It?
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?
