Magazine: Don’t die in Indiana
In 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 it did was phase out the Indiana inheritance tax over the next ten years,” says Kraft.
There are ways to ease the burden of estate tax. “There’s an unlimited exemption for wealth left to charities, 501(c)(3) type organizations,” says Kraft.
You can also give your money away before you die. “There is an annual limit that this year went up to $14,000 dollars, where you can give away $14,000 dollars per person, per year,” says Kraft.
If you have any questions regarding inheritance tax and how it affects your estate plan, please contact us for a free consultation.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.