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Too often we see wealthy widows and widowers preyed upon by a subsequent non-wealthy significant other who abuses a romantic relationship to gain access to the finances and real estate of the wealthy significant other. The dilemmas of these situations are obvious and difficult. For example, the wealthy widow/widower is emotional from the loss of their first spouse but finds comfort in someone who comes along and pays attention to them. Over time, trust is built, and the widow/widower marries the subsequent non-wealthy significant other who eventually gains access to the finances and real estate of the wealthy significant other, […]

Most likely, yes.  In Indiana, a single individual must have less than $2,000 in assets to receive Medicaid benefits. If your inheritance, combined with existing assets, causes your assets to exceed this limit, Medicaid benefits will stop. To reestablish benefits, you must reapply for Medicaid eligibility once the assets are reduced.  Please note that waiving the inheritance, or gifting it to friends or family, will trigger penalties and will also result in a loss of benefits. There are ways to avoid this loss.  One way is to spend the inheritance on goods or services prior to the end of the […]

Your Power of Attorney (“POA”) or attorney-in-fact is the person who has the power to act in your place while you are still alive. Your POA is able to pay your bills and handle your financial duties for you. Your POA has no authority to do anything once you pass away. At that time, the powers provided to your POA cease.In your Last Will & Testament (“Will”), you will name a person to act as the Personal Representative of your estate. It might be your spouse, child, or a trusted friend. This is the person who will collect and inventory […]

Elder abuse is a significant concern in our society, but there are steps we can take to protect our elderly loved ones.Firstly, it’s essential to recognize the signs of abuse – physical, emotional, financial, or neglect. If an elderly relative shows unexplained injuries or sudden financial difficulties, it may be necessary to investigate further.Maintaining regular communication with our loved ones is also critical. When they feel valued and heard, they’re more likely to voice concerns about any mistreatment. Therefore, establishing a routine for check-ins, whether in-person or over the phone, is key.Educating our loved ones about the resources they can […]

A personal representative is the individual appointed by the Court to oversee the management of a decedent’s estate. Their duties often include simple tasks such as bill pay, but also sometimes include the difficult duty of marshaling, locating, and organizing, the decedent’s property. This individual typically works closely with an attorney who helps them throughout the probate process.A personal representative must be appointed by the Court and file with the Cour their oath to fulfill their duties pursuant to Indiana law and any directives set out by the decedent in the last will and testament. With that said most decedents […]

Estate planning is often a struggle between giving up control and receiving tax savings or other long-term benefits. For instance, to obtain the full benefit of the federal unified estate and gift tax credit (currently $12,920,000.00) or the annual gift tax exclusion (currently $17,000.00 per person per year), you must relinquish all incidents of ownership over the assets you wish to use to take advantage of such credits and exclusions. In other words, you must give up legal control over that particular asset (whether it is cash, stock, real estate, or anything else). Also, to take advantage of the Medicaid […]

There are many ways to include charitable giving in your estate plan. A common and simple method is to make a bequest in your will. Another simple approach is to name your charity as a beneficiary of your IRA. This comes with an added tax advantage since qualified charities are exempt from paying taxes on IRA distributions, which means more of your donation makes it directly to the charity. Other methods to consider, depending on the size of your gift and your desired level of involvement, can include creating a scholarship or setting up a charitable trust. In addition to […]

An advance directive document involves deciding who will be your voice and advocate as well as the specific treatment you do or do not wish to receive if you are unable to speak for yourself. In Indiana, the legal document you need for advance care planning is called an Advance Directive Appointing a Health Care Representative. The purpose of this document is to name someone who can make health care decisions for you if you are unable to do so for yourself. In addition, there was a major law change that went into effect on January 1, 2023, regarding advance […]

Answer: The best way to start working on your estate plan is to make an appointment with an estate planning attorney.  As part of your preparation for your upcoming appointment, the attorney may provide you with a questionnaire that asks you about your assets and your family.  Even if the attorney does not provide you with a questionnaire, it is still important to create a list of all your assets and debts.  Assets may consist of a home, car, bank accounts, retirement accounts and life insurance as well as other items.  Debts could be loans that you have through a […]