Having languished since first introduced in 2006, legislation to boost support for persons with disabilities is expected to become law yet this year. When enacted it will permit tax advantaged accounts – similar to Section 529 educational plans – to be established on behalf of disabled persons.Read More
After the divorce process is commenced, clients often run into difficulty meeting his or her financial obligations. It is important to create an individual budget and consider financial planning in order to protect your credit both during and after the divorce. Incorporating an economic perspective from the onset of your divorce can make a big difference in the financial position you are in at the end of your divorce.
I recently had a discussion with a client about whether it was better to resolve a problem by seeking appointment as guardian for someone, or asking that person to do a Durable Power of Attorney. As with so many things, the answer is "it depends".Read More
Here's another common question from clients or other advisors: Is it a good idea to have a transfer-on-death designation for assets? This will start to sound like a broken record, but it depends upon the situation.Read More
If you are contemplating a revocable or "living" trust as part of your estate plan, you should make sure that you aware of the tax consequences of the creation and funding of that trust.Read More
As we have noted before, with Indiana's unsupervised estate administration there are many instances when a trust does not offer a benefit to a client. Nevertheless, there remain several areas in which the trust does offer a comparative advantage.
Revocable trusts are popular substitutes for wills, intended to provide non-probate distribution of people's estates after their deaths, allowing them to retain control and use of their assets during their lifetimes.Read More