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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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...
Guide to pour-over wills and living trusts in Indiana
There are many tools you can use for estate planning in Indiana, two of which are pour-over wills and living trusts. Both can help you transfer your assets to your loved ones after you pass away, but they work differently and have different advantages and...
An overview of a qualified disability trust?
A qualified disability trust is a type of trust, most often set up for someone with special needs, and it qualifies for tax exemptions in Indiana. The earnings from all trusts were subject to income taxes, a situation that changed in 2003 when Congress permitted some...
The many benefits of a charitable trust
If you're like most Indiana residents, you've worked hard to establish your estate. Some people use trusts to provide for their loved ones. However, you can also use a charitable trust to make the most out of donations to charities. Determining the right type of trust...
Setting up a trust in Indiana
If you have a business, real estate or any kind of investment assets in Indiana that you may want to leave for your loved ones, you may want to consider setting up a trust. A trust is a legally binding arrangement in which one party holds assets on behalf of another...
Facts about a QTIP trust
In Indiana, a qualified terminable interest property (QTIP) trust is an estate planning tool that allows individuals to provide life-long income for their surviving spouse while maintaining control over the final distribution of their assets. Understanding the aspects...
The concept of a firearms trust
When someone decides to engage in estate planning, the person is likely familiar with the general concept of a last will and testament. Exploring estate planning options may uncover the importance of a power of attorney and health care proxy document. Others may...
Is an ILIT right for my estate plan?
As you weigh the various components of estate planning in Indiana, you'll encounter unfamiliar and confusing terms involving ways to protect your assets. An irrevocable life insurance trust (ILIT) is one of those terms. Here is what you need to know about creating...
Estate planning changes when a new baby comes along
Most people in Indiana get married with a solid plan for their future, including when to buy a home, how to improve their finances, and when and how many kids to have. However, it is not uncommon to find that 15 years down the line, you have an unexpected, wonderful...