We would like to highlight four important components to consider when you are engaged in the process of estate planning. Death Taxes When you are looking forward toward the eventual transfer of your financial resources to your heirs you must consider the impact of death taxes. The inheritance tax in the state of Indiana has recently been repealed, but residents of our state still have to contend with the federal estate tax. The maximum rate of the tax is 40% and the exclusion in … [Read more...] about Estate Planning: Four Things to Think About
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Commonly Asked Questions About Last Wills
Last wills are the most widely utilized estate planning documents. Let's take a look at three of the questions that people often have about these legal devices. I know that a last will can be used for transferring assets. What else can a will do? You are going to want to appoint someone to actually conduct the business of the estate during the probate process. This individual is known as the executor or personal representative, and you can name the executor in your last … [Read more...] about Commonly Asked Questions About Last Wills
Bequest Mix-Up Disappoints Oklahoma Animal Shelter
When you give a bequest to a charity it is going to be greatly appreciated, especially if the organization is strapped for cash. Many people choose to give to charitable causes in addition to the inheritances that they give to their family members. If you're in a position to do this you may want to include a charitable giving component within your estate plan. On the other hand, if you don't have any family why not leave a bequest to a charitable cause or causes? We recently … [Read more...] about Bequest Mix-Up Disappoints Oklahoma Animal Shelter
Postmortem Planning & Your Insurance Policies
The matter of postmortem planning is something to take into consideration when you are planning ahead for the inevitable. Yes, you do have to execute all the appropriate estate planning documents. The basic estate plan would include a will and/or a trust, a living will, and durable powers of attorney at minimum. You may have life insurance as well, and if you do you must let someone know about your policy or policies. If you use a last will to direct asset transfers the person … [Read more...] about Postmortem Planning & Your Insurance Policies
Powerball Winner Faces Immediate Estate Tax Exposure
Winning a large lottery is a dream come true, but you are faced with immediate estate tax exposure if you were to win over $5.25 million. A recent Powerball lump sum payout totaled almost $371 million. (The annuity option would pay over $590 million) . The ticket was sold in Florida, where there is no state income tax to pay. But 25% would be deducted from the lump sum for federal income taxes, leaving $278 million. You might think that paying almost $100 million in taxes would be enough, … [Read more...] about Powerball Winner Faces Immediate Estate Tax Exposure
Planning for the Stages of Aging
If you think about estate planning you might reduce it to the act of drawing up a last will to express your final wishes regarding monetary assets. This is a rather closed viewpoint because it doesn't really address the stages of aging. The majority of people don't pass away without going through these stages, and it takes intelligent advance planning to prepare for them. Retirement Planning When you reach the age of Social Security eligibility you do not magically gain the … [Read more...] about Planning for the Stages of Aging
Pet Planning Makes Dog Ownership Possible for Elders
Pet planning for dog owners may seem like something that is really not important because dogs have much shorter lifespans than humans. This may be true, but what if you bring a dog into your home as an elder? Dog ownership can be an ideal antidote for loneliness. As many of us are aware it is not uncommon for senior citizens to lose people close to them. They can subsequently feel quite a void in their lives. This can sometimes lead to depression. It's difficult to … [Read more...] about Pet Planning Makes Dog Ownership Possible for Elders
A Look at Recent Will Forgery Case
When you pass away interested parties are afforded the opportunity to challenge your will. However, they can't simply stamp their feet and say that they were treated unfairly. You have a right to leave inheritances as you see fit. Someone who wants to contest a will must do so under one or more of the appropriate grounds. One acceptable ground would be the contention that the will in question was executed by a testator who was not of sound mind. You have to be in full control of … [Read more...] about A Look at Recent Will Forgery Case
Consider the Odds When Getting Remarried
It is useful to consider the odds when you are getting remarried after having been divorced. There are various different theories with regard to why it is so, but a high percentage of divorced people who get remarried wind up getting divorced again. The majority of second marriages fail, and almost 3 out of every 4 third marriages do not withstand the test of time. Most people who get remarried after divorcing have children. From an estate planning perspective you have to consider … [Read more...] about Consider the Odds When Getting Remarried
Paul Kraft Weighs in on End of Indiana Inheritance Tax
The retroactive repeal of the Indiana inheritance tax is perhaps the biggest story circulating throughout the estate planning community here in the state of Indiana at the present time. Inheritances are no longer subject to a state inheritance tax if the decedent passed away after December 31st of 2012. An inheritance tax is potentially levied on each person who is receiving an inheritance. An estate tax is levied on the estate as a whole before inheritances are … [Read more...] about Paul Kraft Weighs in on End of Indiana Inheritance Tax
