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ESTATE PLANNING
Estate Planning -
Financial and Personal Planning for the Family
Estate planning is very important to all families, whether through simple wills, the use of trusts or revocable living trusts, or sophisticated planning to eliminate the need to pay
federal estate tax. Also very important is family planning, which is unique to each family, to help unify the family and avoid conflict.
Wills
Without a will, the state by statute determines who will
receive your assets on death. While that statute is somewhat reasonable, it is not quite what most people would want to have happen. It does nothing to shield you from the Indiana
Inheritance Tax or Federal Estate Tax. It may well result in some of the decedent’s assets in his or her individual name
going to the children, rather than the surviving spouse.
Estate planning is financial planning to ensure your estate is available for those you want to have it and to attempt to
minimize Indiana’s Inheritance Tax and, if applicable, the
Federal Estate Tax.
Estate planning is also personal planning. It is a way to protect your family, to make the best use of your estate to assist the
financial future of your beneficiaries, and to give items that were special to you during your life to specific individuals. It is also important to plan to have your estate handled in a manner that minimizes family conflict and maximizes unity in your family.
Next: Trusts
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