The process of legacy planning can be quite rewarding on a number of different levels. When you are proactive about shaping your legacy, you are celebrating your life as you prepare to cast a long shadow after you are gone. Preserving Wealth Wealth preservation can be part of the equation when you are putting your legacy plan together. Even if you have worked hard to make sure that your loved ones will have a comfortable pathway through life, you cannot rest easy. High net worth … [Read more...] about Legacy Planning: Four Facets to Consider
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Disability Lawyers, SSI, and Medicaid
Disability lawyers help clients who have special needs, and we also help the families of people who have loved ones who are disabled. A special needs trust can often provide a solution. In this post, we will provide a basic overview. Funding With the Beneficiary's Resources A first party special needs trust is a type of trust that could be used by someone who is disabled. People with disabilities often rely on government benefits that are only available to people who can prove that they … [Read more...] about Disability Lawyers, SSI, and Medicaid
When Would a Pour-Over Will Be Necessary?
There are many different legal devices that are used in the field of estate planning. If you execute a particular document, this does not mean that the job is done. A well constructed estate plan will typically include multiple different legally binding documents. With this in mind, let's look at the reason why you may want to create a certain type of will, even if you establish a revocable living trust. Pour-Over Will If you create a revocable living trust, you convey assets into it. … [Read more...] about When Would a Pour-Over Will Be Necessary?
A Look at Spousal Estate Tax Laws
One of the first orders of business when you are planning your estate is going to be an inventory of your assets. Clearly, regardless of the exact nature of your financial situation, you have to identify exactly what you have to give to your loved ones. For people who have been particularly successful, this inventory is going to have an added level of significance. If you have been able to accumulate a significant store of wealth, you may be subject to the federal estate tax, and you must … [Read more...] about A Look at Spousal Estate Tax Laws
Who Gets My Property If I Don't Have a Will or Living Trust?
There are people out there who apparently assume that your property will magically fall into the hands of your loved ones in precise accordance with your wishes if you don't have a will or a living trust. Why would we make this assertion? When you look at surveys that are conducted, the majority of American adults don't have estate plans in place. Since just about everyone would say that they put their family members first, these folks must be under the impression that the state can somehow … [Read more...] about Who Gets My Property If I Don't Have a Will or Living Trust?
Gift Tax Law Closes Window of Opportunity
When you give gifts to others, they are potentially subject to taxation. The gift tax law exists to stop people from giving gifts to avoid the estate tax. Most people do not pay the tax because the gifts that they give fall within the amount of the annual gift tax exclusion. In 2016 the amount of this annual gift tax exclusion is $14,000. This is a per person exclusion. You as an individual taxpayer can give as much as $14,000 to any number of others before the gift tax would become … [Read more...] about Gift Tax Law Closes Window of Opportunity
Does an Indiana Power of Attorney Take Effect Immediately?
A truly well constructed estate plan will include an incapacity planning component. While incapacity planning can seem like something that is not really important, in fact, a very significant percentage of elders become unable to handle all of their own affairs at some point in time. When you look at the statistics, you can see that people are living longer and longer lives. The Social Security Administration website has a life expectancy calculator that you can use when you are planning … [Read more...] about Does an Indiana Power of Attorney Take Effect Immediately?
A Valuable Benefit for Aging Indianapolis Veterans
Indianapolis veterans who served during wartime paid a heavy price to help preserve our freedom as Americans. Military service is demanding, and it involves a great deal of sacrifice, but there are some benefits that go along with it. Some of these benefits are overlooked, and in this blog post, we will look at a benefit that can help veterans address a financial challenge that many seniors ultimately face. Long-Term Care Costs If you are a veteran who has served during a time of war, … [Read more...] about A Valuable Benefit for Aging Indianapolis Veterans
Do You Have a Loved One With Special Needs?
When you think about estate planning, you may focus on the preparation of assets for distribution to your heirs. This is one thing to take into consideration, but you should also consider the personal situation of each respective heir. There are various different ways to transfer assets, and the optimal vehicle or vehicles will vary depending on the circumstances. You should act in a fully informed manner to avoid mistakes that could yield unintended negative consequences. With the above … [Read more...] about Do You Have a Loved One With Special Needs?
Estate Planning Attorneys Strengthen Communities
Estate planning attorneys help clients on various different levels. If you really want to leave behind a meaningful legacy, there are steps that you can take to provide for your loved ones optimally as you help to strengthen society as a whole. When you craft your legacy, you consider the impact that you can have after you are gone. For example, let's say that you are going to be leaving inheritances to younger family members. You could potentially choose to help these loved ones achieve … [Read more...] about Estate Planning Attorneys Strengthen Communities
