Trusts And Estates
I received a voice mail from a former client. The message indicated he needed to do some estate planning. He wasn't sure if he needed a living will or just a will, but he definitely needed something.
Q: Why would my accountant tell me that my inheritance would be subject to income tax? I thought it was only subject to inheritance tax.
Q: My dad died several years ago. At the time, my mother didn't do anything to remove my father's name from anything. His name is still on the house, the car and several bank accounts. Mom is getting up there in age, and I think we should take care of this before she gets any older. What nee…
Q: Why does a person need a will if he has created a trust?
Q: We recently gave a copy of your article on dying without a will to our daughter. She immediately asked, “If I die without a will, who will get my money if not my nieces, siblings and parents?” We thought you would be kind enough to expound on this for us.
Q: Are attorneys required to give a free consultation when discussing estate planning?
Q: We want to set up a trust for our grandchildren's education. To save money, is it possible to set up one trust for all of the grandchildren or do we need to set up a separate one for each of them?
As you all probably know by now, Indiana has an inheritance tax. The Indiana inheritance tax includes almost everything that transfers as the result of the death of an Indiana resident. Things that aren't taxed include real estate owned by an Indiana resident but located in another state and…
In this column, I talk a lot about how an estate plan is more than just a will or trust. Sure, getting your stuff to your loved ones is a big part of any estate plan, but it's only one part of the plan. With that in mind, I write each week about powers of attorney and living wills. I've talk…
Q: What happens if you change your mind about someone you appointed in a Power of Attorney? Can you remove that person and appoint someone else? If so, what's the best way to do it?
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