Fans of the classic television series Dallas certainly remember Larry Hagman well. He played the memorable character J.R. Ewing, the man that viewers loved to hate.
We lost Larry Hagman on November 23. He had been battling throat cancer and was being treated at the Medical City Dallas Hospital in Dallas, so ironically he passed away in the city that he is so intimately connected with via his work as an actor.
According to reports the estate of Larry Hagman includes some valuable real estate. It is important to understand the ramifications of the estate tax if you do in fact own real property that is valued in excess of the estate tax exclusion.
Many people invest a lot into their homes over the years, and your place of residence may well be your most valuable possession. When you factor in the value of your home or homes the total value of your estate may indeed exceed the estate tax exclusion even if you don’t consider yourself to be wealthy.
To be certain that you are taking the appropriate steps to gain estate tax efficiency in light of the value of your property you would do well to discuss your personal situation with a good Indianapolis estate planning lawyer.
Your attorney will be up-to-date on the estate tax parameters that are in place at the time of the consultation and give you the appropriate advice given your unique circumstances. If you go forward without the benefit of professional guidance your family may be exposed to quite a hefty tax bill at the time of your passing.
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.