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Estate Planning & Personal Services
Want to Change a Joint Account? Put it in Writing!
Recently, the Indiana Court of Appeals issued an opinion that offers some guidance on how to properly change a joint account with rights of survivorship while living.
In Solomon v. Lindsey, 163 N.E.3d 302 (Ind. Ct. App. 2020), Paul Martin (“Martin”) opened an account with Rydex Series Trust. On the…
Estate and Gift Taxes: Do We Bet on Red or Black (Or Green)?
Change is coming, again, to the Federal Gift and Estate Tax laws. There are already proposals for increased income tax rates, increased corporate tax rates, increased tax rates on and taxability of multi-national corporations, and proposed increases in the number of employees at the Internal…
IRS Announces Higher Estate and Gift Tax Rates for 2021...But....?
On October 26, 2020, the Internal Revenue Service (“IRS”) announced the official estate and gift tax limits for 2021. Currently, the estate and gift tax exemption equivalent is $11.58 million per individual (or $23.16 million for a married couple). For 2021, the exemption equivalent will increase…
Estate Planning During the Time of COVID-19
COVID-19 is creating a number of unique estate planning and legal challenges, from actual execution of documents to the volatility of the financial markets. However, it also has created some unique opportunities in wealth transfer planning.
A. Core Estate Planning and Remote…
Indiana's New Legacy Trust: An Asset Protection Strategy for Hoosiers
Indiana embarks on a bold, new planning strategy on July 1, 2019. As of that date, individuals will be able to avail themselves of “Legacy Trusts” as an additional method by which they can lawfully protect assets against creditors. Indiana residents have long been able to make gifts during life or…
Is Now the Time to Consider Establishing a Donor Advised Fund?
While donor advised funds (“DAF” or “DAFs”) have been around since the 1930’s, they were not defined by statute until the Pension Protection Act of 2006 added Section 4966(d)(2) to the Internal Revenue Code. With the passage of President Trump’s Tax Cuts and Jobs Act in December of 2017 (“TCJA”),…