The Federal estate tax will be a factor for many additional Americans in 2013. Unless there are changes to existing laws the estate tax exclusion goes down to $1 million next year. (It is currently $5.12 million.) Given this reality you may want to discuss your situation with a licensed Indianapolis estate planning lawyer before the year comes to a close. You may have heard that asset transfers between husbands and wives are not subject to the estate tax. As a result you may … [Read more...] about The Estate Tax & Spousal Asset Transfers
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I Received a Gift – Is It Taxable Income?
Indianapolis estate planning attorneys are often asked questions about the tax ramifications of giving and receiving gifts. If you receive a cash gift from someone is this income considered to be taxable under IRS regulations? The answer to this question is no with an asterisk of sorts. You don't have to claim the face value of a cash gift. But if you were to receive an appreciable asset such as a certificate of deposit you would be liable for the earnings above and beyond the … [Read more...] about I Received a Gift – Is It Taxable Income?
Hurricane Sandy Victims Need Your Help
Our visitors are generally going to be looking for information about estate planning, but something else holds precedent right now. We would like to ask you quite directly to do what you can to assist victims of Hurricane Sandy. A number of different organizations are currently devoting resources to provide relief, and they could use all the donations they can get right around now. If you would like to help simply click this link to find out who is providing assistance to hurricane … [Read more...] about Hurricane Sandy Victims Need Your Help
Effective Long-Term Planning Requires Awareness & Flexibility
Long-term planning should be viewed holistically. One phase of your life leads into another and everything culminates with your eventual passing. So retirement planning and estate planning are naturally intertwined into a long-term financial plan. No sports teams is going to take to the field or the court without any type of a game plan. The game of life is much more serious than any single sporting event, but unfortunately far too many people go through life without … [Read more...] about Effective Long-Term Planning Requires Awareness & Flexibility
Indiana Inheritance Tax Being Phased Out
Indianapolis estate planning attorneys often talk about the federal estate tax. However, depending on the state within which you reside you may be faced with death taxes on the state level as well as the federal level. At the present time we do not have an estate tax here in Indiana. We do however have a state inheritance tax but it is being phased out over a 10 year period. What is the difference between an estate tax and an inheritance tax? An estate tax is levied on … [Read more...] about Indiana Inheritance Tax Being Phased Out
Hard Copy Social Security Checks Being Discontinued
When it comes to retirement planning Social Security is certainly going to be an important component for most people. It is however a good idea to recognize the limitations of the program. There are those who feel as though they don't have to plan ahead to accumulate resources for retirement because they will be receiving a Social Security benefit. While you may well qualify for the program it is important to recognize the fact that it is not possible for most people to live … [Read more...] about Hard Copy Social Security Checks Being Discontinued
Family of Shelby Finally Agree on Final Arrangements
Carroll Shelby was one of the all-time greats in the automotive realm, and although he is most famous for the creation of cars like the Shelby Mustang and the AC Cobra, he was also a great race car driver before getting into the field of design. As we reported in a previous post Shelby passed away on May 10 at the age of 89. His surviving family members were subsequently involved in a dispute that was delaying the final arrangements. Shelby was married multiple times and he had … [Read more...] about Family of Shelby Finally Agree on Final Arrangements
Probate Lawyer Can Guide Executor
It is best to see a practical picture when you are making preparations for the inevitable. Looking at it from a general perspective estate planning is a matter of common sense. You have to ask yourself what needs to be done and then engage the professional expertise that is necessary to make these things happen after you pass away. Executing a last will is one of the options that you have when you are stating your wishes in writing. If you do use a last will rather than a … [Read more...] about Probate Lawyer Can Guide Executor
How Does Work Impact Social Security Benefits?
As studies continually show that a significant percentage of baby boomers are not financially prepared for retirement many people are coming to the realization that they will have to continue to work when they become senior citizens. With this in mind retirement planning lawyers are often asked questions regarding how earning a paycheck may impact your Social Security benefits. To address the question you must first understand when you become eligible for Social Security. The age at … [Read more...] about How Does Work Impact Social Security Benefits?
Intestacy Can Yield Unintended Consequences
A commonly asked question in the field of estate planning involves intestacy. What happens to your financial resources if you die without having executed a last Will or any other type of estate planning documents that direct the transfer of your assets? The answer is that the administration of your estate will be supervised by the probate court. There are intestacy rules of succession, and these will be utilized to determine who assumes ownership of your assets. Your closest … [Read more...] about Intestacy Can Yield Unintended Consequences
