A Legal Blog written by Indiana Lawyer, Lisa M. Adler
If you have lost a loved one to Covid-19, you may be able to seek reimbursement of funeral costs from the Federal Emergency Management Agency (“FEMA”). Information about eligibility, expenses covered, and application can be found on FEMA’s website.
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.
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.
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.
We will soon be able to assist clients in executing their estate planning documents without meeting in person through use of remote online notary (“RON”), which will soon be available by the Indiana Secretary of State. Our team will take steps to have this service available to our clients as soon as it is available from the Indiana Secretary of State. Remote online notary will allow us to serve as remote online notary witnesses, and notarize documents virtually, without an in-person meeting.
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.
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.
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:
Happy New Year!
Here’s what the new year brings for estate and gifting taxes. The 2020 tax changes are:
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.
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:
Happy New Year!
Now, time to talk taxes! The 2019 tax changes are:
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.