Recent News and Events

TAKE ADVANTAGE OF THE OPPORTUNITY FOR INHERITANCE TAX SAVINGS
04/06/2012

In 1913, Indiana joined in with almost every state in our nation by adopting an Inheritance Tax that taxed individuals receiving an inheritance upon the death of a family member or loved one. 100 years later, Indiana is now only one of only eight states that still implements an inheritance tax, as most states have repealed their inheritance tax program. In fact, Indiana is the only state in the country that still taxes children and grandchildren merely due to them inheriting assets from their parents and grandparents. However, the Indiana General Assembly has now passed a law that could potentially save you and your heirs thousands of dollars in taxes.

Beginning this year, the amount of inheritance tax due upon each individuals death will be reduced by 10% each year, until in 2022 the inheritance tax will be completely phased out. For example, if the amount of inheritance tax that would have been owed in an estate in 2011 is $10,000, that same tax assessed in 2012 will be 10% less, or $9,000. Each year, the amount of tax due on the same amount of money will be reduced by 10% until finally repealed completely.

In addition, during the ten (10) year phase out, lineal descendants (children and grandchildren,...

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Year-End Tips for Charitable Giving
12/20/2011

As the end of the year approaches, and individuals begin making donations to certain 501(c)(3) charities, here are four (4) tips that need to be considered:

1. IRA Distributions to a Charity

IRA owners above the age of 70½ can directly transfer (tax-free) up to $100,000 in IRA distributions to an eligible charity. Any amount so transferred is not taxable, but no deduction is available on your income tax return.

This is a great tip if you are forced to a take a Required Minimum Distribution (“RMD”) from your IRA, which would then force you into a higher tax bracket.

2. Deductions on Household Items and Clothing

Household Items (e.g., furniture, electronics, appliances, and linens) and Clothing that an individual donates to a charity and deducts from their income tax return must be in “good used condition or better.”

If you are donating over $500 in such items, and plan on taking a deduction for such donation, then you must attached a qualified appraisal of the item(s) with your income tax return.

3. Money Donations

Any monetary deduction taken on your income tax return must be accompanied by a bank record or written communication from the charity illustrating the...

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You have a Last Will and Testament? Great! What about your Business?
11/16/2011

It can be a challenge sometimes to convince people that they need to think ahead and to implement a thoughtful estate or trust plan in the event of their death. Often the real challenge is merely setting priorities straight. Once a client sets his or her priority upon planning for the future, updating an estate or trust plan seems to be the smart thing to do for practically everyone.

We have said for many years that we represent businesses and the people that own, manage and supervise them. Consistently many business owners drag their feet or utterly fail to plan the future of their businesses. If you are a business owner and you have your Last Will and Testament in place—great! But what will happen to your business upon your death?

Businesses often have similar challenges in the event of the death of a key owner or manager. Will the spouse be able to step in and run the show? Do any of the children have a stake or interest in running the business? Does a key manager or other employee have the best chances of successfully running or owning the company? The Last Will and Testament for your business may in fact be a Buy-Sell Agreement amongst the owners that provide for ownership, management and...

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Continuing Legal Education Program
09/22/2011

Todd Glass has been selected again to speak to fellow attorneys in a continuing legal education program conducted by the Indiana Continuing Legal Education Forum.   Glass will join other Estate Administration specialists to educate other attorneys on probate administration issues at a seminar in Indianapolis on September 22, 2011.   Glass has been a regular speaker and contributor at ICLEF and EBA legal education seminars for several years, and is a Board Certified Indiana Trust and Estate Lawyer, certified by the Indiana Trust and Estate Specialty Board.

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Long Term Care and Elder Law Planning Workshop
09/19/2011

J. Beau Dial will be a featured speaker at a Long Term Care and Elder Law Planning Workshop on September 19, 2011. The event will be held at Atria Senior Living located at 5133 Rosebud Lane in Newburgh, Indiana, and will include representatives from Vineyard Financial, Omni Home Care and Senior Helpers. For more information, call 474-6200

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