Protect your assets and your family.
As the parent of a minor child, you spend your life ensuring your child is safe and well cared for. However, many parents neglect to consider what will happen to their minor children in the event of their incapacitation or death. At Emswiller, Williams, Noland & Clarke, LLC, our attorneys help parents create estate plans that name guardians to care for their children, develop trusts to safeguard assets and appoint trustees to manage funds until children are mature enough to do so.
Those without children, or with adult children, can also benefit from a well-crafted estate plan. Creating a will also helps ensure property and money is transferred to the appropriate person after your death and reduces the possibility of family disputes.
Indiana recently repealed the law that imposed inheritance tax on a decedent’s heirs. Unlike an estate tax, which is imposed on the decedent’s estate, the inheritance tax was imposed on the transfer of assets at death from the deceased to his or her heir or beneficiary. The repeal will be applied retroactively back to December 31, 2012.
Trusts are often used to transfer difficult property and financial assets in the most efficient manner possible. Putting assets in a trust can also regulate how assets are used, safeguard family legacies from irresponsible family members, and ensure families are secure for generations to come.
As we age, it is even more important to create estate plans that include powers of attorney and health care directives. These documents help aging individuals name trusted friends or family members to manage their finances and make health care decisions on their behalves when they are no longer able. Health care directives also provide an avenue for individuals to communicate their wishes regarding end-of-life health care.