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
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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
Spiraling Nursing Home Costs Raise Serious Questions
As the baby boomer generation is reaching retirement age millions of people are asking questions about elder law issues. One of these is the matter of long-term care and how you are supposed to go about handling these expenses. Once you attain senior citizen status your life expectancy is going to exceed 80 years. People who reach an advanced age often require living assistance, and this can involve full-time residence in a nursing home or assisted living community. When you … [Read more...] about Spiraling Nursing Home Costs Raise Serious Questions
Retirees: Beware of Property Tax Liens
Retirement planning involves doing some careful calculations. You don't want to work with ballpark figures because you may well be quite vulnerable financially during your twilight years. It is very likely that you will not be in a position to go out looking for a new career opportunity should you find yourself in financial need when you are 75 years of age or older. With the above having been stated you should be very cognizant of the impact that property taxes may have on your … [Read more...] about Retirees: Beware of Property Tax Liens
Hemsley of "Jeffersons" Fame Passes; Estate Being Challenged
Indianapolis estate planning attorneys often talk about the possibility of an estate being held up in probate for an extended period of time. This takes place when estate challenges arise, and they are more common than you may think. Even families who are under the impression that they have everything arranged properly can experience some unpleasant surprises later on. The above is applicable to the case of the estate of the deceased actor Sherman Hemsley. This talented man was … [Read more...] about Hemsley of "Jeffersons" Fame Passes; Estate Being Challenged
QPRT: Necessary in 2013?
In an estate planning context the acronym QPRT stands for a qualified personal residence trust. These instruments can be utilized to reduce the taxable value of your home as you are transferring it to a beneficiary. When you consider the fact that your home is in fact considered to be part of your estate by the Internal Revenue Service, a lot of people will be exposed to the estate tax in 2013 when the exclusion goes down to just $1 million. If your home is worth half of this or perhaps … [Read more...] about QPRT: Necessary in 2013?
