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While the terms "estate tax" and "inheritance tax" are often used interchangeably, they are not synonymous. Let's try to clarify the difference. Estate Tax Estate tax is based on the net value of the deceased owner's property. An estate tax is applied to these assets when they are transferred to the beneficiary. It is important to remember that an estate…Read More

Can An Individual Residing Out Of State Act As My Executor? A last will and testament, commonly known as a will, is a document that instructs those left behind on the way in which a deceased individual would like his financial and personal matters to be administered. A well thought-out will specifies the distribution of assets and guardianship of minor…Read More

This question presents a fairly common issue posed to estate planning attorneys. The solution is also pretty easy to address in your will, trust and other estate planning documents, including any guardianship appointment for your minor children. First, its important to note that you should not delay establishing an estate plan pending the birth of a new child. In fact,…Read More

Before transferring your home to your children, there are several issues that should be considered. Some are tax-related issues and some are none-tax issues that can have grave consequences on your livelihood. The first thing to keep in mind is that the current federal estate tax exemption is currently over $5 million and thus it is likely that you may…Read More

Automobile deductions: Whether an individual uses a personal vehicle for his or her own business or company owns a vehicle, the depreciation of value and costs associated with that vehicle may be deducted from the company’s income at year's end. A taxpayer must keep track of all of these expenses and document them by maintaining receipts and records of expenditures in…Read More

Why do do-it-yourself estate planning tools often backfire? For an individual in need of a will, ads for self-service online tools such as LegalZoom are tempting. Instead of paying a trusts and estates attorney, why not just fill in the blanks yourself? Sadly, in many cases, the mistakes made in completing the forms without the advice of a lawyer can…Read More

In the words of Indiana’s Director of Adult Protective Services, elder financial abuse is “a drain on our resources if we don’t get a handle on it” – and, from the looks of it, Indiana authorities are far from having a handle on this widespread and devastating problem. According to the details of one recent case, a 79-year old woman had…Read More

Planning for long-term care is a vital component to proper estate planning, particularly if an individual or couple is anticipating financial hardship as a result of an extended stay in a nursing home. One of the most important distinctions between the Medicare and Medicaid programs is that while the latter provides coverage for long-term care, the former does not. Also…Read More

I Am Planning A Spring Wedding, Should I Consider An Estate Plan? If you were recently engaged over the holidays, it may well be time to consider updates and changes to your estate plan. As a matter of fact, if you are like the majority of adult Americans and are without an estate plan altogether – it is definitely time…Read More

Why Is It Important To Consider Computer Information When Engaging In Estate Planning? In this age of technological acceleration, when most people are constantly increasing the daily use of their computers to include banking, personal and business record-keeping, shopping and, medical and tax information, it is essential to include conversations about computer data in estate planning consultations. Access to computer…Read More