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Category: Estate Planning

Do All Assets Have to Pass through Probate?

Some assets pass through probate when an asset holder dies. However, not all assets must be forced into probate. Sometimes a will is not the ideal mechanism for ensuring that your assets are efficiently passed to your loved ones. We outline everything you need to know about the probate process and its effects on your assets. What Is Probate? Probate is the name of a legal process that is set in motion after someone with assets dies. The court analyzes the deceased's estate and oversees the transfer of estate assets to the new owner. Probate can occur with or without a will. However, if a will is involved, its validity is also determined. During probate, the court names an executor o ...

What Happens to a Trust After Divorce?

A divorce will impact more than just your children and spouse. It may also impact your estate plan. Before or during your marriage, you may have to revise your will or even divide your trusts and assets, preferably with an estate planning attorney. But what happens to a trust when you divorce? Remember, having a trust is beneficial for many reasons. It can protect assets from taxes and other issues; however, some issues may arise if you plan to get a divorce. Knowing your rights and the laws regarding property division for trusts is helpful. Using the services of an attorney will ensure that you make the right decisions regarding the trust and asset division. How Does the Court Cla ...

Is probate needed if there is a will?

There are several things to keep in mind when you’re asking yourself, “Is probate needed if there is a will?” In some cases, you may not be able to avoid probate altogether, but you can certainly shield some assets from having to go through probate and simplify the process of probating your will. Only assets that the deceased person owned solely in their own name need to go through probate. All other assets pass to beneficiaries without oversight from the probate court. For example, placing assets in a trust – such as real estate, belongings, and other valuable items – is a way to prevent these items from being part of probate. In another example, making bank accounts “pa ...

Avoiding probate in Indiana

One of the greatest gifts you can give your loved ones is an estate plan designed specifically for your family. When you take the time to talk to our estate planning attorneys, you can proactively explore a will, power of attorney, trust and other documents that will serve your loved ones for decades. An estate plan also can be key to avoiding probate in Indiana. The time to think about estate planning is now, while you’re healthy and have time to talk to your heirs about your inheritance decisions. There are many reasons why people want to avoid probate – it can be lengthy, expensive, and stressful for surviving family members. With a few simple steps, you can minimize the impact of ...

How do I spend down assets for Medicaid?

Many older adults find in their later years that they need long-term care, whether in-home, in the community or in a nursing home. To be eligible for Medicaid long-term care benefits, a person must meet certain state income and asset guidelines. Much like the tax laws, the Medicaid laws are filled with exceptions to the rules. On average in Kentucky and Indiana, with the help of a Medicaid planning attorney, married couples will save 95% to 100% of their assets and obtain long term care benefits for the incapacitated spouse. For a single person, families can often save at least 50% of their aging parent’s assets and obtain long term care benefits. With advanced planning, a single person ...

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Indiana Divorce Property Division

Learn about Indiana Property Division and Debt Allocation Laws Indiana divorce law uses equitable property division. However, equitable doesn’t necessarily mean equal. Various considerations go into deciding who gets what and what’s fair for each party during property divi ...