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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 […]

In 2023, two new federal laws were passed to assist employees who are pregnant and new mothers.  The Pregnant Workers Fairness Act (PWFA) took effect on June 27, 2023, and The PUMP for Nursing Mothers Act (PUMP Act) became effective on April 28, 2023.  What do you need to know for your business?PWFAThe PWFA requires employers to provide reasonable accommodations to pregnant employees as long as there is no undue hardship placed on the employer.   Previously, pregnant workers were not provided with the ability to request an accommodation – or at least were not provided any legal protection if they did.   Pregnant […]

FORT WAYNE, IN For Top Lawyer – Super Lawyer  Theodore T. Storer, of BEERS MALLERS, LLP, in Fort Wayne, Indiana, has been honored among Indiana’s Top Lawyers for 2022.  He was listed in the latest edition of 2022 Indiana Super Lawyers under Employment and Labor and has been selected by his peers as a Super Lawyer every year since 2017 in Employment and Labor or General Litigation. Storer has practiced law for over 27 years and has extensive experience in civil litigation on behalf of individuals, small businesses, and large corporations.  For Top Lawyer – Rising Star Ryan M. Gardner, […]

In recent years, more attention has been given to the threat of senior financial exploitation. Unfortunately, it is all too frequent that caregivers and persons acting under a financial power of attorney for a senior use their positions of influence and power to take the senior’s money for their own benefit.  Financial professionals may be the first to notice suspicious patterns of unusual activity on a client’s account, like atypical withdrawals or a sudden interest in risky assets that do not track with the client’s previous investing policies.   In the past, such professionals hesitated to take action out of concern […]

As executor, you are responsible for carrying out the terms of your uncle’s will and overseeing the administration of his estate. Your duties will vary depending on the complexity of the estate, but generally, you are in charge of inventorying his assets, paying any debts and taxes due, then transferring what’s left to those entitled to it. A good starting place is to locate important documents including death certificate, Will, and any Trust Agreement. You will also want to gather documentation of assets such as current bank statements, investment statements, deeds, life insurance policies, certificates of title, etc.Next, speak with your […]