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Happy New Year – 2021! Now, Let’s Discuss Taxes!

The IRS has increased exemptions for 2021, which could be helpful to you. Specifically, the federal estate tax exemption has increased to $11.7 million (up from $11.58 million in 2020.) This is the amount you can transfer at your death or (as a lifetime credit) transfer as a gift during your lifetime (less gifts you have already made). As this tax exemption sunsets at the end of 2024 and returns to 2017 exemption amounts ($5.49 million), the current exemption presents an estate planning opportunity for you.

The annual gift tax exclusion amount remains $15,000 in 2021.

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Happy Holidays & Farewell, 2020!

The holidays have arrived and the new year will be soon upon us. Safe to say, many of us are ready to say goodbye to 2020!

As you make your list of plans and goals for 2021, it may be time to put an estate plan in place or revisit your existing plan. We are able to meet via videoconference, from the safety of your home. And we can assist you with remote signing of documents. Contact us to discuss how we can help you in 2021.

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Virtual Estate Services

Life is busy! So many of us have had “estate planning” on our “To Do” list for far longer than we’d like to admit.

My estate practice relies on technology, to serve you from the comfort of home, at a time convenient for you. While I always enjoy meeting clients face to face, if your schedule does not allow for in person meetings, my practice relies on teleconferencing and video conferencing (Zoom, Google Duo, or FaceTime) to allow for virtual meetings at a time and location most convenient for you.

March 2020 UPDATE: At this time of social distancing, when in-person meetings are not available, we are ready to serve you virtually via either video conference or teleconference.

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Execute Documents Remotely

We will soon be able to assist clients in executing their estate planning documents without meeting in person through use of remote notary, which will soon be available by the Indiana Secretary of State. Our attorneys and paralegals will take steps to have this service available to our clients as soon as it is available from the Indiana Secretary of State. Remote notary will allow us to serve as remote notary witnesses, and notarize documents virtually, without an in-person meeting. Although a Last Will and Testament must be executed with in-person witnesses, the remote notary will allow for other documents to be notary witnessed.

Please contact my office with any questions. We’re excited to be able to offer this service to clients at this time of public health crisis and social distancing.

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Estate Administration During Coronavirus & Social Distancing

Loss of a loved one is always difficult, but losing a family member at this time of pandemic is made harder by the social distancing and other restrictions being put in place. Funeral homes are limiting who can attend a funeral.

At this time, when it may not be possible to meet with an attorney face to face, my estate law practice is ready to serve families through use of technology. We can assist with estate administration without an in person meeting. We have a long-established practice of utilizing technology to provide efficient and reliable service for our clients. We are experienced using videoconference or teleconference to meet with clients. Our technology is easy and accessible to use, and will allow us to meet with you from the comfort and safety of your home.

We regularly represent out-of-state or remote clients, many of whom are unable to meet face-to-face. We are ready to apply this experience to serving more families during this time of social distancing, when we may not be able have an in-person meeting.

Our Indiana estate practice has utilized technology for many years, and we are an entirely electronic law practice. Indiana Courts now all use electronic filing of estate administrations. We can meet with you and open estate administrations all without meeting in-person. We are ready to help you through this difficult time of loss, and we understand that it is made all the more difficult and challenging by the current global public health crisis. We will do everything we can to ease the complications created by current restrictions and social distancing, and help you through the administration of your loved one’s estate.

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Estate Planning During Coronavirus & Social Distancing

During this frightening time, we are all reminded of life’s unpredictability and the need for estate planning.  I utilize technology to virtually meet with clients, via videoconference or teleconference.  You can work with us to get your estate plan in place now, from the comfort and safety of your home, without in person meetings.

Key documents all Indiana adults should have in place, at any time, but especially during a time of health risk:

  1. Last Will and Testament. In its most basic form, your Will provides for you to direct the distribution of your assets titled to your name individually upon your death and appoint a person (or persons) to administer your estate upon your death. If you die without a Will, assets titled in your individual name may be subject to intestate administration.
  1. Appointment of Health Care Representative. Also called Health Care Proxy and Health Care Power of Attorney, this document provides for the appointment of a person (or persons) to make medical decisions for you in the event that you are incapacitated and unable to make decisions for yourself.
  1. General Durable Power of Attorney. In your General Durable Power of Attorney, you name a person (or persons) to make financial decisions for you in the event of your incapacity.
  1. Living Will. Your Living Will allows you to state your preferences regarding end of life decisions in the event of an incurable illness or persistent vegetative state.
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Happy New Year – 2020!

Happy New Year!

Here’s what the new year brings for estate and gifting taxes. The 2020 tax changes are:

  • The Estate and Gift tax exemption rate is increased (adjusted for inflation) to $11.58 million per individual in 2020.  This is an increase from $11.4 Million per individual in 2019.
  • Planning together, in 2020, married couples can transfer a total of $23.16 Million in inheritance or gifts without gift or estate tax (subject to prior use of the credit).
  • The annual gift exclusion amount is unchanged from 2019.  It remains $15,000.

Remember, the tax law that ushered in these increased Federal Estate Tax exemption amounts expires at the end of 2025.  Talk with your accountant or attorney to see if you could benefit from taking steps before 2026 to utilize the tax exemption.

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New Years Resolutions?

Is an estate planning tune up on your list of New Years Resolutions?

If yes, you’re in good company!

Check out this fun “punch list” from Above the Law: Estate Planning Resolutions For 2019: How To Be A Grown-Up In The New Year.

This is a great list and includes items I’ve written about here and here.  A short summary of their list:

  1. Write a Last Will and Testament.
  2. Make a Power of Attorney.
  3. Execute a Health Care Proxy.
  4. Purchase a life insurance policy.
  5. Check beneficiary designation forms.
  6. Consider long-term care and disability insurance.
  7. Consult with a financial advisor.
  8. Talk to your parents and grandparents about their estate plans.
  9. Consider burial options.
  10. Inventory your assets.
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Happy New Year – 2019 Estate & Gift Tax

Happy New Year!

Now, time to talk taxes!  The 2019 tax changes are:

  • The Estate and Gift tax exemption rate is increased (adjusted for inflation) to $11.4 Million per individual in 2019.  This is an increase from $11.18 Million per individual in 2018.
  • Planning together, in 2019, married couples can transfer a total of $22.8 Million in inheritance or gifts without paying gift or estate tax (subject to prior use of the credit).
  • The annual gift exclusion amount is unchanged from 2018.  It remains at $15,000.

Remember, the tax law that ushered in these increased Federal Estate Tax exemption amounts expires at the end of 2025.  Talk with your accountant or attorney to see if you could benefit from taking steps before 2026 to utilize the tax exemption.

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Estate Planning Considerations for Mothers

How should a mother provide for her children in her will?  A recent article asks this question, pointing out that many women live alone and need to make decisions on their own, and not with a spouse or partner, regarding their estate planning, finances, and inheritance for their children.

“There are 26.7 million women who are aged 65 or older, according to the 2016 profile of older Americans by the U.S. Department of Health and Human Services. Nearly half (46%) of women who are aged 75 or older live alone. These women have homes, financial resources and children, requiring them to make these decisions on their own.”

The author points out that a mother’s desire to treat her children “equally” in her estate planning, may not match the realities faced by her children.  “For many, dividing the inheritance equally among their offspring is a deeply held value. But it isn’t always easy: What if one child is a successful professional with a good pension plan, and the other is a struggling artist who may never have adequate health coverage? Or perhaps one daughter has a special-needs child, and the other has chosen not to have children? What then is the process of balancing their value of equal distribution and the contradictory need to make financially realistically decisions?”