Estate planning is important for everyone regardless of your financial status or the dynamic of your family. At the same time, different people are going to have different needs. Some will need a traditional plan, and others will benefit from legacy wealth planning. This is one of the reasons why it is important to retain the services of a licensed Indianapolis estate planning attorney when you are planning your estate. Your attorney will gain a comprehensive understanding … [Read more...] about Legacy Planning in Indianapolis: Legacy Wealth Planning vs. Traditional Estate Planning
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A Look At Joint Tenancy With Right of Survivorship
When you look into the postmortem process that will be initiated after you pass away you will invariably learn some things about the process of probate. Probate is a legal proceeding that can be time-consuming and expensive. For this reason, probate avoidance strategies are often implemented. An overly simplistic probate avoidance notion that some people buy into is the utilization of joint tenancy with right of survivorship. Co-Ownership of Property The term joint tenancy … [Read more...] about A Look At Joint Tenancy With Right of Survivorship
Should I Use My Unified Exclusion While I'm Still Alive?
There is a federal estate tax in the United States, and theoretically it is applicable to everyone. However, most people don't pay the estate tax because there is a federal estate tax exclusion. In 2013, the amount of this exclusion is $5.25 million. After the enactment of the American Taxpayer Relief Act of 2012, this exclusion amount is said to be permanent, but there are inflation adjustments applied annually. Therefore, you can expect to see an exclusion that is a little bit … [Read more...] about Should I Use My Unified Exclusion While I'm Still Alive?
How Is Property Managed When Someone Becomes Incapacitated?
Incapacity planning is something to take very seriously when you are putting together a comprehensive plan for aging. Clearly, you are not going to be especially anxious to envision a time when you may not be able to make decisions on your own. At the same time, everyone ages, and incapacity is quite common among people who have reached an advanced age. If there was no other cause of incapacity, Alzheimer's disease alone would make incapacity planning an absolute must for serious … [Read more...] about How Is Property Managed When Someone Becomes Incapacitated?
What Is a Power of Attorney in Indianapolis?
There are various different legal devices in the state of Indiana that are used in the field of estate planning. One of them is the power of attorney. In this post we would like to examine powers of attorney so that we can clear up any confusion that may exist. A power of attorney in Indianapolis Indiana is used to give someone else the right to act in your behalf in a legally binding manner. There are different types of powers of attorney, and they are each used for different … [Read more...] about What Is a Power of Attorney in Indianapolis?
Probate in Indianapolis IN: Can It Be Avoided?
In the city of Indianapolis, your estate must be probated before the heirs will receive their inheritances (assuming the probate assets in question exceed $50,000 in value). Probate is a legal process, and it takes place under the supervision of the probate court. During probate in Indianapolis IN, the executor or the personal representative will administer the estate. While this process is underway anyone who wanted to contest the will could present arguments before the probate … [Read more...] about Probate in Indianapolis IN: Can It Be Avoided?
We're Still Healthy, Is Medicaid Planning Relevant?
When you are preparing for the eventualities of aging Medicaid planning may well be relevant. This is because of the fact that Medicare doesn't pay for long-term care, and most people will need help with their activities of daily living eventually. It is not a simple matter of getting out your checkbook. If you combine the average length of stay with the average cost of nursing home care the figure is going to be in the vicinity of $200,000 using today's prices. The costs of … [Read more...] about We're Still Healthy, Is Medicaid Planning Relevant?
What Is an Indiana Special Needs Trust?
There are a number of different trusts in Indiana that are used in the field of estate planning, and one of them is the special needs trust. An Indiana special needs trust, which is alternately called a supplemental needs trust, is utilized to provide financial assets to someone who has a disability. Providing monetary resources to those who have disabilities can be tricky because government benefit eligibility is in play. Many people with special needs are enrolled in the Medicaid … [Read more...] about What Is an Indiana Special Needs Trust?
Indiana Medicaid Planning: When Is it Too Late?
Medicaid planning is something that is often overlooked, but when you consider the rapid aging of the population coupled the present state of the economy it is relevant to a high percentage of Americans. Because of the maturation of the baby boomer generation our population is aging very rapidly. There are about 10,000 people becoming eligible for Social Security every day. Projections suggest that this number of applications is going to be submitted to the Social Security … [Read more...] about Indiana Medicaid Planning: When Is it Too Late?
Incapacity Planning in Indiana: What Is a Living Will?
Incapacity planning may not be the most pleasant subject to contemplate, but planning ahead is important if you want to make sure that you are treating your family members fairly. You could choose to do nothing and hope for the best. But if you were to become incapacitated, those that you love could bear the brunt of the consequences of your inaction. When you are including an incapacity planning component within your broader estate plan you should execute documents called advance … [Read more...] about Incapacity Planning in Indiana: What Is a Living Will?
