Fortunately, no, small estates in Indiana do not have to go through probate, which is good, because that saves a lot of time and money. There are some restrictions on what makes an estate small, however. In Indiana, a small estate is one where the gross estate, less liens and encumbrances, does not exceed $50,000, the costs and expenses of administration, and reasonable funeral expenses. In such cases, the personal representative for the estate may immediately disburse and distribute the … [Read more...] about Do Small Estates Have To Go Through Probate?
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Can I Avoid Probate?
Yes, you can avoid probate with a little advance planning. Many people are interested in how to set up their assets in order to avoid probate (court proceedings to transfer their property to their beneficiaries) after their death. These vehicles will help you achieve that goal: Insurance policies—insurance proceeds will go directly to a beneficiary and avoid probate, unless the beneficiary is your estate401Ks—money from a 401k will go directly to beneficiaries, avoiding probateLiving … [Read more...] about Can I Avoid Probate?
How Do I Update My Will?
Any time there is a major change in your life—marriage, divorce, birth of a child—it is a good idea to update your will. Or there may come a time when you want to change your beneficiaries, or add or subtract property to be devised. For minor changes such as changes to specific bequests or a name change or change in personal representative, you would probably just want to make a codicil. With a codicil, you can make specifics changes to certain items while leaving the rest of the will … [Read more...] about How Do I Update My Will?
What’s Keeping You from Writing Your Will?
Death is a touchy subject for almost everyone. In order to think about writing your will, you have to think about death. This is one reason why so many people put off writing a will; there tends to be an emotional block around the subject of death. Of course there is more to it than just fear of death—there are fears about the future of your family, too. If you find that you cannot think of death because you are afraid of what your family will do without your income, or you are having … [Read more...] about What’s Keeping You from Writing Your Will?
What Is a Special Needs Trust?
If you want to provide for a disabled child or adult, you might want to consider a special needs trust, also called a supplemental needs trust. A special needs trust gives a disabled or incapacitated person the little “extras” in life without endangering their public assistance benefits such as food stamps, Medicaid, or Supplemental Security Income “SSI.” Such trusts can allow for education, travel, and home care above what is provided by public benefits, etc. There are a couple of … [Read more...] about What Is a Special Needs Trust?
Diversify to Protect Your Investments
Everyone has heard the warnings about putting all your savings into one basket. One only has to look back a few years to see what might happen if you do. Although extreme examples, there was the Madoff debacle, where trusting people invested their entire savings with Bernie Madoff, a shyster who took them to the cleaners, and Enron, where employees put their entire retirement savings into company stock and lost everything when the company collapsed. So how do you protect yourself and your … [Read more...] about Diversify to Protect Your Investments
What If My Loved One Needs a Guardian?
If you are concerned about a family member being able to care for themselves, you might want to consider guardianship. A guardian can be appointed for persons who cannot provide self care or manage their finances, who have dementia, or are otherwise incapacitated mentally or physically. Those who are habitually drunk or abuse drugs or have a developmental disability can also be considered incapacitated for guardianship purposes. There are three kinds of guardianships: Guardian of the … [Read more...] about What If My Loved One Needs a Guardian?
Term vs. Whole Life Insurance. Which One is Best for You?
Everyone knows the value of life insurance and what can happen if you don't have it. A spouse dies, leaving the other spouse with little or no income and no resources. Dreams of staying in your home or sending the kids to college may go by the wayside. Everything caves in on itself. So you need it, but committing to buying it is something else. First off, life insurance is an important part of your financial plan. If you are married or have kids, buying life insurance is a no brainer. There … [Read more...] about Term vs. Whole Life Insurance. Which One is Best for You?
Who Needs a Pour Over Will?
Many people might not know the term "pour over will." But if you want to create a revocable living trust, you definitely need one. A pour over will works in tandem with a revocable trust. (A revocable trust is created while you are alive and can be changed or amended or even terminated during your lifetime. With some exceptions, it becomes irrevocable on your death.) The main benefit of this trust is that it allows your estate to avoid probate and the associated high court costs and attorney … [Read more...] about Who Needs a Pour Over Will?
The Long and Short of Disability Insurance
One of people's greatest fears is that they will get sick or injured, can't work for a long time, get in debt, and then lose their savings and their house, basically losing their independence and dignity. Sounds grim, and it is. If you have enough money in savings or investments that you could weather up to five years of unemployment, stop reading here. For the rest of you, disability insurance might be the answer. But do you need short-term disability or long-term disability, or both? … [Read more...] about The Long and Short of Disability Insurance
