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?
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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?
What Happens to My Property If I Die Without a Trust or Last Will in Indiana?
When you are in the field of estate planning you keep an eye on statistical data that has been compiled about estate planning preparedness. Over the years surveys consistently find that most people do not have a proper estate plan that includes a last will or a trust of some kind to arrange for asset transfers. This is rather amazing when you think about it because we are all aware of the fact that death is considered to be one of the two inevitable events that we face. How can … [Read more...] about What Happens to My Property If I Die Without a Trust or Last Will in Indiana?
Indiana Estate Planning FAQ: What Is the Marital Deduction?
Indiana estate planning involves different courses of action for different people. In a general sense everyone must execute a vehicle or vehicles of asset transfer. However, the optimal estate planning strategy will vary on a case-by-case basis. When it comes to estate planning for high net worth individuals in Indiana, the matter of the federal estate tax can often come into play depending on the exact quantity of your financial resources. We say that the exact quantity of … [Read more...] about Indiana Estate Planning FAQ: What Is the Marital Deduction?
What Is Indiana Legacy Wealth Planning?
Legacy wealth planning is a more advanced form of estate planning. People who have accumulated a great deal of wealth have concerns that others do not. As a result, these individuals are typically going to employ strategies that protect assets and preserve wealth for the benefit of succeeding generations. If you are interested in legacy wealth planning you will definitely want to take steps to gain estate tax efficiency. In 2013, we have a $5.25 million estate tax exclusion. The top rate of … [Read more...] about What Is Indiana Legacy Wealth Planning?
Can't I Just Give Away My Assets and Qualify for Medicaid Benefits?
There are people who don't understand why Medicaid would be something that is relevant to senior citizens. You work all of your life and payroll taxes are deducted from your wages or salary. These taxes are going toward benefits that you become eligible for when you are a senior citizen. These would include Social Security and Medicare. Medicaid is a health care safety net that is in place for people who have virtually no financial resources. Why would a person who is eligible for Medicare … [Read more...] about Can't I Just Give Away My Assets and Qualify for Medicaid Benefits?
What Is a Family Limited Partnership in Indiana?
Each individual is going to be in a completely unique situation when it comes to estate planning. There is no universal estate plan that is perfect for everyone because different circumstances call for different courses of action. For example, the federal estate tax exclusion is $5.25 million in 2013. If your assets do not exceed this amount you have no reason to position them in a way that would protect them from the federal estate tax. On the other hand, if you are exposed you would want to … [Read more...] about What Is a Family Limited Partnership in Indiana?
Should I Have an Indiana Durable Power of Attorney?
Your estate plan should ideally have a number of different components. Of course you must consider the matter of future financial asset distributions among your heirs. We often write about the different possibilities in significant detail here on this blog. In this post we are going to look at another facet that you should consider: incapacity planning. It is not something that you are going to be very anxious to think about, but the fact is that it is very possible that you will … [Read more...] about Should I Have an Indiana Durable Power of Attorney?
Federal Estate Tax: How Large of an Estate Can Pass Tax Free?
It can come as a surprise to some people when they hear that you can't just leave assets to your loved ones after you die without a tax being levied. The reason why this is not commonly spoken about is because of the fact that most people pass away with assets that are valued within the exclusion amount. Federal Estate Tax Exclusion The federal estate tax exclusion is $5.25 million in 2013. (It can be adjusted for inflation on an annual basis, so next year you may see a slightly … [Read more...] about Federal Estate Tax: How Large of an Estate Can Pass Tax Free?
