Many parents want a child joint on their financial accounts so the child can help with their financial management if they are incapacitated. As a joint owner, the child can withdraw money from the account, write checks to pay bills or make deposits to the account.
One major area that clients often fail to address, which creates major difficulties for family members at death, is planning for and documenting digital assets
When thinking about estate planning, it may seem confusing to determine what documents should be prepared. But the truth is, with the assistance of an elder law attorney it’s quite simple.
Employers use different restrictive covenants to protect their proprietary information and competitive status in their industries. Restrictive covenants are often identified as confidentiality or nondisclosure agreements (NDA’s), trade secret provisions, nonsolicitation agreements, nonpiracy provisions, and noncompete agreements. Noncompete provisions contractually outline certain activities that past employees may not engage in. In Indiana, those noncompete provisions had to be narrowly drawn to protect the legitimate business interests of the employer and not unfairly restrict an employee in terms of the scope of the duration, the nature of the protection and the geographic range. However, this type of restrictive covenant will soon […]
The United States Department of Labor issued a new rule related to overtime that could impact many employers in our area. To be exempt from overtime, most employees must meet a duties test AND a salary level.
Elder abuse affects some of our most vulnerable citizens—our seniors. It’s crucial to recognize the signs of elder abuse and understand the steps to take if suspected. Elder abuse can take many forms, including physical, emotional, financial, or neglect. Physical abuse may be shown as unexplained injuries, while emotional abuse could involve threats or intimidation. Financial abuse might include unusual bank activities or changes in estate documents. Neglect is often evident when an elder appears poorly cared for or malnourished.Recognition of the abuse is the first step in getting the abused person help. Watch for changes in behavior or appearance that might […]
Many small business owners are great at building and growing a business. As we age, it becomes increasingly important to prepare for retirement and the transition of the business to other partners or family members. Small businesses must be prepared for retirements or the sudden death or illness of leadership. One reason to have a plan in place is for the benefit of your customers or clients. Another reason is to protect your business and any employees from sudden undue hardship caused by your departure. Having a transition plan in place helps ensure that customers and clients are comfortable with […]
If you are married at the time of your death, then yes, your spouse has certain rights to your estate. First, Indiana law automatically grants your spouse a survivor’s allowance. Currently, this allowance amount is $25,000.
A Transfer on Death Deed is a document that is recorded at your local county recorder’s office prior to your passing. This deed automatically transfers property ownership to the named beneficiaries when the owner of the property dies. The beneficiary listed on the deed can be one individual, multiple people, or a charity. The main objective of this type of deed is to avoid probate. After the property owner passes away, an additional document is filed with the local county recorder’s office to transfer ownership in the county records to the beneficiaries. While this is a great way to avoid probate, […]
Everyone should eventually plan for the end of life by making sure all end-of-life expenses (funeral, burial, etc.), debts, and assets will be addressed as desired. Inadequate or inaccessible liquidity seems to be the most prevalent culprit either because the deceased did not have enough available resources; or quite often those resources are left outside the estate to beneficiaries who refuse to contribute to those expenses. Planning for end-of-life expenses means making sure your personal representative, executor, or Trustee have clear instructions and access to available funds at death. Otherwise, illiquid assets such as real estate and personal property must […]