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?
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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?
Estate Planning in Indiana: What Is It?
You may hear the term "estate planning in Indiana" and wonder what it is. We would like to provide an explanation here. At any given time you're going to be in possession of financial assets and other types of property. What would happen to these possessions if you were to pass away? Estate Planning in Indiana Things that you owned while you were living comprise your estate after you pass away. Estate planning involves making preparations for the distribution of these … [Read more...] about Estate Planning in Indiana: What Is It?
Top Five Strategies for Avoiding Estate Taxes [Infographic]
As you probably already know, just about everything is taxed in the United States – even your death. Technically it is not your death that is taxed but the assets you own at the time of your death. No one wants to pay estate taxes because every dollar paid out in estate taxes is one dollar less that goes to your loved ones. The good news is that there are estate planning tools and tactics that can help you minimize your estate tax exposure. Click here to view a larger image. … [Read more...] about Top Five Strategies for Avoiding Estate Taxes [Infographic]
Medicare and Medicaid in Indiana: What's the Difference Between Them?
When you're planning ahead for your retirement years you should know everything that you need to know about the government programs such as Medicare and Medicaid in Indiana, that are available for seniors. You should also consider the twilight years that follow the active retirement years if you want to be comprehensively prepared. Some people are confused about Medicare and Medicaid. They are not different facets of the same program. In this post we would like to provide some … [Read more...] about Medicare and Medicaid in Indiana: What's the Difference Between Them?
