A special needs trust (which is also called a “supplemental needs trust”) is a particular kind of irrevocable trust that is designed to enhance the quality of life for people with disabilities who rely on government programs like Supplemental Security Income (SSI) and...
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Beneficiaries may fight over items with sentimental value
While making your estate plan, one of your main goals may be to avoid estate disputes. Perhaps you’ve seen these play out with other families. You know that a dispute between beneficiaries can be very serious. Some people even have a falling out that is so significant...
Digital assets in estate planning
The usage and relevance of digital assets have increased in recent years. However, while more and more people own digital assets, some forget to include them in their estate plans. Here is how to account for your digital assets during estate planning: List them You...
Should you discuss estate planning with your parents?
As we age, we start thinking about our mortality and the legacy we will leave behind. For many of us, this includes ensuring our financial affairs are in order and that our loved ones will be taken care of after we’re gone. However, we are often reluctant to discuss...
Estate planning considerations for small business owners
Owning a small business is a source of pride, but it’s also an opportunity that inspires great responsibilities. One thing that’s sometimes overlooked is the need to have an estate plan that accounts for one’s family members and their business alike. One of the first...
An alternative to disinheriting a family member
When someone expects to inherit, either because they are a direct relation or because they were in a previous iteration of an estate plan, they are being disinherited if they are removed from that plan. Often, the person who is doing this will use a disinheritance...
What happens to their debts when someone dies?
When a person passes away, their debts don’t vanish. Instead, resolving these obligations falls to the legal process that is part of the deceased’s broader estate administration. An estate executor or administrator is tasked with identifying and valuing the deceased's...
How can you minimize the risk that your estate plan will be challenged?
Making an estate plan takes time, money and a great deal of thought. Hence, if you could look down from on high after your death and see someone contesting your will or trust, you’d likely be upset. Not only might you be disappointed that someone is questioning your...
Contesting a trust in Indiana
Many Indiana residents include trusts in their estate plans to reduce their estate tax exposure, give them more control over how and when their assets will be distributed, and help to avoid probate. Trusts are flexible and useful estate planning tools, but they can be...
What happens if you die without a will?
Perhaps you have heard of estate planning, which is arranging and managing an individual’s assets, properties and financial affairs to prepare for the future. This is true, but it is not mandatory and not everyone does it. In fact, some people die without a will....