Estate planning mistakes can yield negative consequences, but when you are aware of the traps that are out there, you will be ready to steer clear of them. With this in mind, we will look at three commonly made estate planning errors in this post. Do-It-Yourself Estate Planning You can buy generic, boilerplate legal documents on the Internet, including wills and trusts. The sites that sell them contend that it is simple to use the downloads and worksheets to create your own estate plan. If … [Read more...] about Steer Clear of These Estate Planning Mistakes
When Is a Trust Better Than a Will (Part 2)?
In our last post, we looked at three different reasons why you may want to use a trust instead of a will. We promised a second installment, and this is the conclusion of the two part series. Streamlined and Efficient Estate Administration A lot of people assume that the estate administration process is very simple and straightforward if you use a will as your primary vehicle of asset transfer. In reality, there are some rather burdensome steps that must be taken before the assets can be … [Read more...] about When Is a Trust Better Than a Will (Part 2)?
Is There an Indiana Estate Tax?
We get a lot of questions about the taxes that can impact inheritances, and people are usually surprised when they hear the answers. Believe it or not, you do not have to report an inheritance as taxable income on your federal or state tax returns. Another positive element to the rules for taxation on bequests is the step-up in basis. The best way to explain this is through the use of a simple example. Let’s say that your grandfather passes away, and he leaves you 1000 shares of stock that … [Read more...] about Is There an Indiana Estate Tax?
Steer Clear of These Common Estate Planning Mistakes
In all too many instances, people come to us seeking damage control solutions. They find themselves in difficult situations because of estate planning mistakes that were made by loved ones. We do what we can, but it is frustrating when you know that negative outcomes could have been avoided. With this in mind, let’s look at a few common estate planning mistakes that you should definitely avoid. Embracing DIY Solutions There are websites that sell template, boilerplate legal documents, … [Read more...] about Steer Clear of These Common Estate Planning Mistakes
Coronavirus and Nursing Homes
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
Economic Fallout from Coronavirus May Provide Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. While healthcare systems have fought the virus, economies have been hurt by the social distancing required to combat the virus. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. Read on to learn more … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
COVID-19 Office Update
At O’DROBINAK & NOWACZYK, P.C., the health and safety of our Clients, Team Members, and Friends of our Firm, are certainly our priority amid concerns about the spread of the Coronavirus (COVID-19). The uncertainty around the pandemic has many people concerned about exposure to the virus. We are committed to ensuring everyone’s safety and making it easy and accessible for our community to get their long term care planning and estate planning questions answered, as well as ensure they have … [Read more...] about COVID-19 Office Update
The Importance of Communicating Your Plans
Each of us will die eventually. This article looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article will look at the importance of communicating your plans with your loved ones to avoid disputes after your death. The Importance of Communicating Your Plans … [Read more...] about The Importance of Communicating Your Plans
How Much is Too Much?
This article looks at the question of how much is too much to leave your children. Many people have pledged to give the majority of their wealth to charity. If you won’t leave all your assets to your children, the article provides resources for vetting worthwhile charities. How Much is Too Much? … [Read more...] about How Much is Too Much?
Planning for Step-Children
If your spouse has biological children, you may consider them your own. But, if you haven’t adopted them, they have no inheritance rights. This article looks at how to plan for step-children. Planning for Step-Children … [Read more...] about Planning for Step-Children
