Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from Lisa Marie
The Sky Isn’t Falling
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. Read on to learn more. … [Read more...] about The Sky Isn’t Falling
Are All Asset Transfers Subject to Probate
Probate is the legal process of estate administration. If you arrange for the distribution of your personally owned property through the terms of a last will, the probate court would provide supervision. Creditors are given an opportunity to come forward seeking satisfaction during probate and interested parties would have the opportunity to challenge the validity of the will. This process serves a purpose, but it is not necessarily positive for the rightful heirs to an estate. In Indiana, it … [Read more...] about Are All Asset Transfers Subject to Probate
An Enlightening Conversation About Trusts
We find that people we consult with ask a lot of the same questions. With this in mind, we thought that it would be a good idea to create a hypothetical question-and-answer session and make it available here on our blog. Living trusts are only for wealthy people, right? This is one of the most common misconceptions in the field of estate planning. There are trusts that are used by high-net-worth individuals that have concerns about estate taxes. We have a federal estate tax that everyone must … [Read more...] about An Enlightening Conversation About Trusts
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
Is SSI the Same as SSDI?
It is easy to assume that similar sounding acronyms are actually referring to the same government program, but this is not always the case. SSDI and SSI would definitely fall into this category, and we will provide clarity in this post. Social Security Disability Insurance (SSDI) When you look at your pay receipts, you invariably see the FICA contributions that take a significant bite. The good news is that you get something in return for your tax payments. You get one retirement credit for … [Read more...] about Is SSI the Same as SSDI?
How to Dispose of “Stuff”
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
Steer Clear of These Estate Planning Mistakes
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?
