Indiana Estate Planning Attorneys
Your Estate: Preparing For Your Future
Developing a comprehensive estate plan today no longer covers only the distribution and transfer of property and assets. Other factors involved include how medical and financial decisions will be made if you become incapacitated, guardianship for minor children, business succession planning, as well as reducing the taxes for the beneficiaries of the estate.
What is Estate Planning?
Estate planning is the legal process of assessing an individual's total assets and property holdings, and creating a plan for the transfer of those assets at the individual's death according to the wishes of the property owner. The primary goal is often to avoid or minimize the estate and inheritance taxes owed when the property passes to the beneficiaries. Planning for the client's possible future incapacity, as well as the needs of younger family members are also considerations in the estate planning process.
Regardless of the value of your estate, to assure that these and other areas are carried out as you wish means having a will, determining if a trust is appropriate for you, assigning a power of attorney, creating a living will and a medical power of attorney, and addressing the tax liability on your estate by the way you distribute your assets to spouse, children, charitable donations, or other beneficiaries.
Another consideration is the cost and public record of probate court, under which wills are administered, or establishing a trust to lower estate taxes or to cover specific situations, such as a special needs trust.
Indianapolis Estate Planners
Our estate planning attorneys stay abreast of the changes in the law. This up-to-date knowledge can have a large financial impact and make the process of planning for the future easier and more secure. We offer impeccable drafting and advice related to:
- Wills
- Trusts
- Probate
- Estate Administration
- Living Wills
Whether you are preparing for your own future or dealing with the after effects of a loved one’s death, we can help. Our estate planners are familiar with the continually changing federal and state laws and federal estate tax codes and keep you aware of changes which affect you. Our Estate Planners serve clients throughout Indiana, including Indianapolis, Carmel, Fort Wayne, Tipton & Kokomo.
What does estate planning accomplish?
Estate planning is the overall procedure for delineating the transfer of assets and properties, designating guardianships, special needs protections, charitable donations and covering any personal matters of concern at the time of your death. Tax planning may also be a part of this. The main document involved is usually either your will or a trust. Estate planning is tailored to cover your specific goals and concerns in your given family situation, and can involve a variety of professionals to help you see that your wishes are carried out.
What is included in an estate plan?
An estate plan may include a will, a trust, Durable Power of Attorney, living will and health care directives, written instructions of your preferences, and tax planning. There are many alternatives for meeting your needs, and it can be designed specifically for your situation.
Should an estate plan be reviewed or changed?
Every two to three years your estate plan should be reviewed, more often if there are major changes in your life. Your life circumstances as well as personal desires may alter. Changes to be considered include birth, death, marriage, divorce, disability, changes in net worth, business changes, relocation to another state, and tax law changes.
What is the purpose of a trust?
What many people are thinking of when they refer to a trust is actually a "Revocable Living Trust." This trust is an entity which you create with a written agreement during your lifetime that is set up to manage the assets and property that you place in the trust, as you direct for your benefit. This type of trust can also be amended or revoked whenever you wish, as long as you have the capacity to do so. There are several advantages a revocable living trust can offer. Within it you can provide for the transfer of your property to your designated beneficiaries upon your death, without having to go through the probate court process. Other benefits may involve reducing or eliminating death taxes, maintaining privacy of family financial matters, managing and controlling asset distribution, and reducing capital tax gains.
Who should take advantage of a trust?
Not everyone needs, or will really benefit from having a trust. The question of whether a trust is right for you can only be answered by discussing the issue with an attorney who presents all aspects to you fairly in light of your particular situation. The time and expense involved in the probate process and its public availability of financial information are thought to be some of the primary advantages of a trust, but depending on the size of the estate, the type of assets involved, and other factors, the time and expense of setting up a trust and then administering the estate with the trust at the grantor's death can be higher and more complicated than a simple will and probate estate would have been.
Why do I need a will or a trust?
The primary reason to have a will or a trust is that if you don't have one or the other or both, any assets you possess at your death will be distributed according to the law of your state, without regard for any personal wishes you may have had. The state retains jurisdiction over all decisions regarding your property. In addition, you will have no voice in who is given guardianship of any minor children involved or adult family members who are incapacitated and need special protection. Estate taxes may potentially be higher as well.