web admin

I meet with many clients every year who wish to plan for their after-death gifting. The gifting of assets using a Last Will and Testament is responsible and essential, but it does not go far enough. What about your family’s emotional well-being? Do you need an Emotional Will?An Emotional Will is not a legal document, and not even a single document at all. It is a way of thinking about the emotional and practical challenges your family will face after you are gone and then preparing to ease those challenges. For example, your legal and financial documents should be updated […]

Q:        What is all this talk about “the loss of a step up in basis”; and, why is it so important?A:        The loss of a step up in basis relates to the state and federal (long-term) capital gains tax; and, it can potentially have quite a lot to do with estate planning.  In Indiana, this tax is at 3.23%, but for most people, the federal capital gains tax is 15% (0% if you make less than $40,000 and 20% if you make more than $445,850).  These rates are applied to real property you own that increases in value […]

The first and best alternative to guardianship is good planning. If possible, appoint a Health Care Representative and Durable Power of Attorney well before you ever need help with medical or financial decisions. If making those appointments is no longer an option, Indiana now endorses the use of lesser restrictive alternatives prior to the appointment of a guardian. Those alternatives include but are not limited to, the entry of a supported decision-making agreement; technological assistance; appointment of a representative payee; appointment of a health care representative; or a power of attorney. The goal of any lesser restrictive alternative is to […]

The answer is:  Now!  It is never too early to start planning for nursing home care.  Even young married couples or individuals should start planning. Accidents or the sudden onset of serious incapacitating health problems afflict even the young and may require nursing home care.  For the young, married, or single, it is important to plan for possible nursing home stays by having in place proper powers of attorney for financial matters and health care, and perhaps, by also investing in long-term care insurance.  With seniors, long-term care insurance may not be an option either due to its cost or […]

Q:  What are my next steps, from a legal perspective, once there is a diagnosis of dementia?A:  The first thing to do is to schedule an appointment with an elder law attorney.  Most likely that attorney will provide you a questionnaire that you fill out which answers questions about you, your family, and your finances.  A meeting will then be scheduled and the attorney will likely help you work through making decisions about who will assist you with your healthcare decisions and your finances as your disease progresses.  Once those decisions are made legal documents called a Power of Attorney […]

Q:  Will you please elaborate on the definition, purposes, and protocols attributable to Powers of Attorney documents?A:  The term “power of attorney” becomes more understandable if you bear in mind that “attorney” originally meant “one who was appointed” or “turned to” to officially represent the appointer.  This referred to a private person with no special legal ability and was distinguished from an “attorney at law,” who is a certified legal expert.  Nowadays, a “power of attorney” refers to a legal document in which Person A (the “Principal”) appoints Person B to legally act in the name of Person A to […]

“Funding a trust” refers to the process of placing assets into a trust. It is a critical step and, if left undone, can undermine your entire estate plan. Trusts are popular and useful estate planning tools because they are an effective way to avoid probate, provide for asset management, and achieve many other goals, including tax, long-term care, and asset protection planning.  However, you can’t take advantage of what a trust has to offer if you don’t properly fund your trust.  Knowing which assets to fund requires an understanding of the type of trust as well as your estate planning goals. […]

Many seniors title their financial accounts jointly with their children.  However, extreme caution and careful consideration should be exercised before doing this.  First, ask yourself what is the reason for doing this?  Many seniors want a child as joint on their financial accounts so that the child can help with the parent’s financial management.  As a joint owner, the child can withdraw money from the account for paying the parent’s bills or make deposits to the account.  We call this a “convenience account.”  In other words, the reason why the child is made a joint owner is not because the […]

Employers continue to face issues related to COVID-19 in 2021.  Most states, including Indiana, have seen an increase in positive test results and continue to be wary of exposure to the virus.  Employers are looking for certainty on what benefits they have to provide, if any, with the start of the New Year. In 2021, employers are not required to provide any additional paid leave benefits for employees who are ill due to the Coronavirus.  The federally mandated leave expired on December 31.  Indiana’s General Assembly has not passed any legislation mandating paid time off.  Under the Taxpayer Certainty and […]