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“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 […]

Employers rely on their employees to carry out their day-to-day tasks and to properly represent the needs of their employers.  Unfortunately, at times those acts result in legal liability to third parties.  When employees subject their employer to legal liability to third parties, courts use the doctrines of Respondeat Superior or vicarious liability to make the employer responsible for the actions of the employees. The Indiana Supreme Court and the Indiana Court of Appeals have recently issued several decisions concerning these doctrines. Based on these decisions, employers must be even more vigilant in training and preventing their employees from committing […]

Q:    I would like to donate to a charity but don’t have the means to do so at this time.  Is there a way to leave a donation upon my passing?A:      Many people choose to make an end of life gift to their favorite charity or church through a simple will or a beneficiary designation.  In a nutshell, planned giving is a great way to leave a legacy at your favorite organization and allows you to make a gift that you ordinarily may not make.  In order for an individual to leave behind a major gift, planned gifts can take […]

Have you checked your “beneficiary designation forms” lately?Now that we are approaching the end of the year, many people are in the planning mode, and thinking about getting all of their financial matters in order.  As you are reviewing your financial and estate plans, don’t forget to review your “beneficiary designation forms.”    Unfortunately, many overlook their “beneficiary designation forms” and forget to make sure that these forms are up to date and accurate.   With “beneficiary designation forms” I am referring to life insurance, annuities, and retirement plans (IRAs, 401ks, etc.).    When you take out a life insurance policy or set […]

Question:          My loved one is getting to be too much for me to care for on my own, but I would like to keep him at home.  Are there any options?Answer:            The Medicaid Waiver program is an assistance program that provides a meaningful amount of care in a home setting.  The program can cover the costs of in-home care, adult daycare, equipment needed for a person to safely reside in the home, and other benefits.  This program is especially helpful when family members or other loved ones are able to do some of the caretaking but need a […]

Question:       What are the legal effects of dying without a Will?Answer:        Assets like life insurance proceeds, or non-probate assets like a Transfer-On-Death account, automatically transfer when you die regardless of whether or not you have a Will.  That said, the state of Indiana, as does every state, has a series of laws that determine every possible contingency for distributing your possessions should you call Indiana home and die without a Will. This series of laws is called “Intestate Succession”: you are “intestate” or “not testate” if you do not have a Last Will and Testament, and “succession” refers to […]

Employers rely on their employees to carry out their day-to-day tasks and to properly represent the needs of their employers.  Unfortunately, at times those acts result in legal liability to third parties.  When employees subject their employer to legal liability to third parties, courts use the doctrines of Respondeat Superior or vicarious liability to make the employer responsible for the actions of the employees. The Indiana Supreme Court and the Indiana Court of Appeals have recently issued several decisions concerning these doctrines. Based on these decisions, employers must be even more vigilant in training and preventing their employees from committing […]

I own an LLC with my brothers. What happens to our business when one of us dies?Generally, business interests are transferred to the deceased individual’s beneficiaries, along with the entirety of their estate, in accordance with a Last Will and Testament, or, if the individual dies without a will, in accordance with the state’s intestacy laws.In the case of an LLC, the company’s Operating Agreement oftentimes alters this general rule, governing what interests, if any, the deceased member may transfer.  For instance, the Operating Agreement may allow a beneficiary the right to receive profits while limiting their involvement in management.  […]