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.

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.

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.

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.

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.

Inheritance Tax in Indiana

Good news for Hoosiers doing their estate tax planning: Indiana does not have an inheritance tax.  Indiana previously had an inheritance tax, but it was repealed in 2013.  Thus, there is no Indiana Inheritance tax for those who die after December 31, 2012.

Indiana is in good company.  The majority of U.S. states do not have Inheritance Tax.  However, Federal Estate Tax and other taxes remain and are important considerations in planning your Indiana estate.