Evansville Estate Tax Attorneys
Experienced Indiana Inheritance Tax Lawyers
Estate planning and generational asset preservation begins with understanding how inheritance taxes will impact the amount you intend to leave to your children, heirs and other beneficiaries.
If you are resident of southwestern Indiana and are beginning the estate planning process, make your first call to the law firm of Johnson, Carroll, Norton & Kent P.C., in Evansville, Indiana. We are recognized as one of the pre-eminent estate planning law firms serving communities throughout our region.
Click here to see a table of inheritance tax exemptions and tax rates.
It Is Important to Know What Laws and Taxes Apply
Federal and state tax laws regarding inheritance taxes are complex. The laws are different, depending upon the value of your estate. The general line is currently set at $5 million per individual. If your assets are valued at more than $5 million, you can shelter all of it when you leave it to your spouse. If you and your spouse have combined assets valued up to $10 million ($5 million each), you can shelter all $10 million you leave to your children.
Money above $5 million per individual will be taxed by the federal government at 35 percent. The state of Indiana allows a $100,000 exemption on all money left to immediate children, including stepchildren and adopted children. Siblings, extended family members and other beneficiaries will realize a state exemption of only $500.
Children receiving an inheritance will be taxed at 1 percent on the proceeds above $100,000. Extended family members will be taxed at 7 percent and nonrelative beneficiaries will be taxed up to 15 percent, depending upon circumstances. We will answer all of your questions regarding your specific circumstances.
How We Help
Our role as your estate planning attorneys is to help you understand how the tax burden will affect your beneficiaries and how you can minimize the impact on your surviving spouse, children and heirs. We will explain your options for reducing the tax burden, if possible.
We will also make sure you comply with the law regarding your final tax obligations and probate matters upon the death of yourself, or your loved one. We will help you avoid the penalties and interest that can accumulate for not meeting state and federal deadlines.
Our attorneys have extensive experience helping people with all of their elder care needs. Johnson, Carroll, Norton & Kent P.C. serves families in Vanderburgh, Posey and Warrick Counties. Call 812-205-2661 or contact us online to arrange a consultation. Our law office is located in Evansville, three blocks off the Lloyd Expressway, with ample parking and first-floor accessibility.