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What is a TOD Deed? by Daniel K. Leininger
TOD Deed stands for “Transfer on Death Deed.” The owner of real estate can have his/her attorney prepare a “Transfer on Death Deed” which names the beneficiaries who are to receive ownership of the real estate after the death of the owner. The owner signs the Transfer on Death Deed and it is recorded in the county recorder’s office in the county where the real estate is located. Once recorded, the owner is still free to do what he/she pleases with the real estate: mortgage it for a loan, sell it, or transfer it in any way, all without the […]
How to Handle a Loved Ones Decline by Heidi B. Adair
Question:I noticed a decline in my loved one over the holidays. What should I do?Answer:This often happens during the holiday season. It is the time of the year when the focus turns to family and a change is often noticed. One of the key actions you can take is to approach your loved one to see if they already have a relationship with an elder law attorney. If they do, schedule a review meeting with that attorney. Attempt to schedule the meeting so that you and your loved one can attend together. If he or she does not have an […]
Death & Probate by: Kurt Bachman
I am asked by clients all the time the question: Do I need a Trust to avoid probate in Indiana? The simple answer is: No. The more accurate answer is: It depends.Probate is the legal process by which a court of competent jurisdiction appoints an executor / administrator / or personal representative (synonymous terms often used interchangeably), to pay expenses of a decedent; and, to gather, collect, value, and transfer assets of a decedent to the next of kin or properly designated heirs. This process is public and can become cumbersome, lengthy, and expensive. Trusts are often used to legally […]
What is a “Living Trust”? by Daniel K. Leininger
A “living trust” is the name frequently given to a revocable trust used in estate planning as an alternative to a will. The downside to a will is that for a will to be valid and effective to transfer property at one’s death, the will must be “probated.” Probate is a formal court proceeding that is expensive and often ties up the decedent’s estate for many months, while the beneficiaries wait for their inheritance. A “living” trust avoids probate. An individual can establish his/her own individual living trust, or spouses, if they wish, can establish one trust together called a […]
Should I gift $15,000 to my children annually as part of my estate plan? by Janell M. Sprinkle
The current federal gift tax exclusion allows you to give away up to $15,000 per person annually, to as many individuals as you wish. Whether you will benefit from utilizing this exemption depends on your assets, but for most, at least those with assets under $11.7 million, gifting $15,000 annually does not result in a tax reduction.The federal government imposes taxes on gifts made during your lifetime and/or at death that exceed certain dollar amounts. The current lifetime exemption for 2021 is $11.7 million per person. This means you have the ability to gift a total of $11.7 million ($23.4 […]
Opportunities in New Health Care Representative Law by Troy C. Kiefer
An essential legal document that everyone should have is an Appointment of Health Care Representative. Recent changes to Indiana law make it important that you review your Appointment of Health Care Representative with your attorney. Unfortunately, injury and the illnesses of old age often make it difficult or even impossible for a person to make their own decisions. If a person can’t make health care decisions for themselves, someone must be appointed to make those decisions for them. Indiana recently updated its Health Care Representative law, making it easier to appoint a Health Care Representative and providing additional options for […]
A Seller May Condition the Sale of “Replacement Property” by Kurt R. Bachman
Q: Can the Seller of “replacement property” real estate, in a 1031 like – kind exchange, place conditions on the sale of that real estate which would entitle the Seller to receive the property back in certain situations? A: A Seller may condition the sale of “replacement property” in a 1031 like – kind exchange which would require the property to revert back to the Seller in certain circumstances. However, placing such a “hook” of some sort on the replacement property that the Buyer in a 1031 like – kind exchange is planning to receive could jeopardize the Buyer’s tax […]