Have You Planned for Your Demise?

Almost all lawyers know about estates, wills and such, but not all of them do wills and trusts,


or practice in that area of the law. Most lawyers don’t do probate that is, they don’t file anything with the Probate Court. The really sad thing is that some  of those same lawyers fail to tell clients about their estate planning needs, or at least refer them to another attorney to handle such matters.

Always ask the lawyer whether the attorney does estate planning , i.e., practicing before the probate court, or at the least, estate planning. It could seriously affect in the resolution of your final wishes as to who gets what from your estate.

In a large number of states, such as Indiana, there is a “death tax” (Inheritance tax) that must be paid on any property transferred after death. Indiana allows an exemption of $100,000.00 to direct heirs, such as a son or daughter, according to a Lake County Indiana Lawyer. But, states have different laws and different exemptions. You should know your state’s exemptions.

One thing you can do is to give away your property prior to death. In some states, that might mean establishing a trust. In several states, such as in the state of Indiana, that isn’t going to help. Sometimes, you simply have to give it away and not retain any interest in the property. It might be that you can retain a life estate in your real estate, and that is acceptable, but you must see an attorney in your state to know whether that will get your heirs and/or your estate out of having to pay a “death tax” on the transfer of your estate.

There’s lots of variables in planning your estate. Confer with a lawyer to make sure you’re doing right in your estate planning. Experienced counsel can draft a trust and will that will meet your needs.

If you wait until you’re dead, the state will write your will for you.

The law can sometimes be little more than Legal Spaghetti.