Magazine: Don't die in IndianaIn a recent interview with WISHTV.com, estate planning attorney Paul Kraft explains why dying as a resident of the Hoosier state will hit you in your wallet. "Indiana still has an inheritance tax," says Paul Kraft, an attorney and estate planner with Frank & Kraft, Attorneys At Law in Indianapolis, Indiana. However, the amount of inheritance tax will be decreasing every year until 2022, when the tax is eliminated altogether. "The main thing that … [Read more...] about Indiana’s Inheritance Tax
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Non-Taxable Gifting: More Possible in 2013
Each year you can give gifts up to a particular limit without the value of these gifts counting toward your available lifetime unified gift/estate tax exclusion. Utilizing this exemption is a great way to transfer funds in a tax-free manner while you are still alive while keeping your available unified exclusion intact. It should be noted that the gifts that you give utilizing this exemption do not have to be direct transfers to the recipients. Funding certain types of trusts that … [Read more...] about Non-Taxable Gifting: More Possible in 2013
Long-Term Planning: Longevity Is a Factor
There are multiple contingencies to consider when you are making preparations for the latter stages of your life. Financing your retirement years is of course going to be one of your concerns, but you also have to consider the eventualities that go along with entering into your twilight years. Your longevity is going to be one of the variables that is a significant factor. The population is rapidly aging, and senior citizens are making up a large percentage of the overall … [Read more...] about Long-Term Planning: Longevity Is a Factor
Empower Someone to Make Final Arrangements
The matter of final arrangements should be something that you take into consideration when you are devising an estate plan. Multiple decisions must be made, and if you don't state your preferences in writing your family members could ultimately wind up disagreeing about things and a difficult time for them could become even more stressful. It is possible to execute a document called an "authorization for final disposition." With this authorization you can name someone who you would … [Read more...] about Empower Someone to Make Final Arrangements
Estate Tax Details Set for 2013
When the fiscal cliff deal was reached we finally got some clarity with regard to the estate tax parameters for 2013. "Going over the cliff" as it were would have resulted in a harsh scenario for those who have achieved a bit of financial success. The estate tax exclusion would have been trimmed down to $1 million, and the maximum rate of the tax would have gone up to 55%. In 2012, the estate tax exclusion was $5.12 million. There is a base of $5 million that was implemented … [Read more...] about Estate Tax Details Set for 2013
Retirement Planning for Business Owners
When you are self-employed your primary concern when you first start out is going to be to simply make it over the hump and survive. After some time you may recognize the fact that you are indeed on firm footing, and at this point you have some advance planning to do with regard to retirement. When you work for an employer you are usually going to be offered the opportunity to participate in a 401(k) plan, and many times the employer will match your contributions. On the other hand, … [Read more...] about Retirement Planning for Business Owners
Preparing for Possible Incapacity: Remember HIPAA Release
Estate planning is a basic responsibility that goes along with being a self-supporting adult. When you are planning ahead for the future you should definitely discuss everything with a licensed estate planning attorney because there are things that you may not have considered. One of these is the possibility of incapacity. We have all heard of Alzheimer's disease, but you may be somewhat surprised to hear that according to the Alzheimer's Association around 40% of people who reach … [Read more...] about Preparing for Possible Incapacity: Remember HIPAA Release
Medicaid Changes Announced
Medicaid is very important to many elders because most of the nursing home care that is provided in the United States is paid for by this joint federal/state program. Even if you were to enter into retirement with some reasonably significant savings they could be swallowed up by long-term care costs. In 2012 the average annual charge for a private room in a nursing home exceeded $90,000 throughout the United States. Senior citizens have a 40% chance of requiring nursing home care … [Read more...] about Medicaid Changes Announced
The Importance of Estate Planning for Parents of Minors
Sometimes people do not understand the value of taking certain actions until tragedy strikes. They find out what can happen the hard way, and this can be quite sad for some families. With the above in mind we would like to emphasize the importance of estate planning for the parents of minor children. Young adults often times decide that they do not need an estate plan because they are in fact young and they don't expect to pass away any time soon. However, every day when you tune … [Read more...] about The Importance of Estate Planning for Parents of Minors
The Rewards of Giving
Arranging for resources to be given to charity can be part of your estate planning efforts, and this can be a very rewarding way to foster a lasting legacy. To engage in philanthropy you must select a vehicle of charitable giving. There are those who opt for private family foundations, and we are all aware of famous ones such as the Rockefeller Foundation and the Ford Foundation. Very large and well-funded private family foundations are going to be staffed, and there will be … [Read more...] about The Rewards of Giving
