Lost And Found Plans
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
3w ago
So, you are all set - you have made the hard decisions, you have finalized your will, living will, powers of attorney, and other estate planning documents.....but do you remember where you put them? A lost estate plan is as effective as no estate plan at all. Unfortunately, lost estate plans are all too common and can lead to big headaches for your loved ones down the road.  A vital part of the estate planning process is storing your documents in a safe place and making sure your loved ones know where to find them. Where should you store your estate planning documents? While any safe ..read more
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Nothing Says "I Love You" Like Planning For The Future
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
1M ago
If you are a newlywed or recently engaged, updating your estate plan will be an important part of establishing your new life together with your spouse. Below are a few estate planning considerations for newlyweds: Beneficiaries: After getting married, you may wish to update your beneficiary designations on retirement accounts, brokerage accounts, and life insurance polices to include your new spouse. Even if you add your spouse as a beneficiary in your will, any previously-designated beneficiary designations made on these types of accounts will trump designations made in your will. Propert ..read more
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2024 Federal Estate And Gift Tax Update
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
2M ago
While married U.S. citizens can gift unlimited amounts of money to each other during life and after death, gifts outside of the marriage, such as those to children or other family members, may result in tax consequences if they exceed specific amounts. Though subject to change if new legislation is enacted, the below items highlight the landscape of federal gift and estate tax law as of January 1, 2024: The lifetime exclusion amount for federal gift and estate taxes for the year 2024 increases to $13,610,000 per person, or $27,220,000 for a U.S. married couple. Unless new legislation is enac ..read more
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Are You In The 33%?
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
3M ago
Are you one of the 33% of Americans who have an estate plan? That’s right, only 33% of all Americans have left direction as to where their assets should go after they pass away.  Estate planning really IS for everyone.  Although thinking about death and what will happen to our things once we are gone is not something we love to do, science has proven that 100% of us will die at some point. If you leave no plan for your family, you won’t be harmed, but your loved ones will be left with the burden of figuring out your affairs while trudging through a costly and hectic probate process ..read more
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Holiday Table Topics
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
4M ago
Looking for some reading material to pass the time as you travel this holiday season? Kiplinger’s comprehensive guide to estate planning provides a solid base of information for those thinking about creating or updating an estate plan. Consider discussing some key topics from Kiplinger’s guide with family and friends over the coming months: Does your existing estate plan still makes sense given your present situation in life and the current climate of estate tax law? Should you utilize a trust to handle asset distribution, protect your privacy, or avoid the probate process? What type of ..read more
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Cheers To TEN Years!
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
5M ago
I am very excited to celebrate one decade in business this week! It is hard to believe that it has been ten years since I nervously launched my website and wondered if this venture would ever go anywhere. Since then, my husband, Brian, and I have welcomed three beautiful children and my business has grown from serving 60 clients in its first year to serving nearly 300 clients annually. While I have many people to thank for helping to build my business, there is no one who deserves more credit than Brian for encouraging me every step of the way, helping me through struggles, and adjusting his f ..read more
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Planning Before Death Do Us Part
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
7M ago
The phrase “better together” takes on new meaning when it comes to estate planning for married couples. Spousal coordination and a shared understanding of financial and legal matters are essential to the successful execution of an estate plan. This piece from Forbes provides helpful considerations for spouses working through an estate plan, as well as tips to ease the financial and legal burdens on a surviving spouse once the first spouse passes away. Four key takeaways from this article highlight the biggest mistakes married couples make from an estate planning perspective: Lack of shared k ..read more
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Real Estate Planning
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
8M ago
A home is often the largest non-financial asset owned by Americans at the time of death. As such, the transfer of one’s home is often a major consideration during the estate planning process. If you do not know where the deed to your home is located, not to worry! Possession of a deed is not equivalent to proof of ownership of real estate. Your county recorder stores images of all deeds and other recorded documents in historical records. Only the recording of a real estate transaction with your local real estate records office is sufficient to change how title is held on real estate. Such docu ..read more
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Common Estate Planning Challenges
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
9M ago
This week, I had the wonderful opportunity to present to Indiana and Ohio members of the American Association of Daily Money Managers on the topic of estate planning. I shared some of the most common challenges and points of confusion that I encounter when helping clients establish estate plans. These items include the power of beneficiary designations, avoiding probate, Medicaid planning concerns, and unpleasant thoughts and difficult conversations associated with estate planning. The power of beneficiary designations. One thing that many clients are surprised to hear is that a beneficiary de ..read more
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Guide To Guardianship
Katy Wrona Estate Planning Attorney - Wills & Trusts
by Katelin Wrona
10M ago
For parents, selecting a guardian for minor children the most difficult part of the estate planning process. Choosing a person to raise your children can be overwhelming and unsettling. There can be pressure to appoint friends or family members, but the ultimate goal should be to make a decision in the best interest of the children. Below are a few items to consider regarding your potential guardian: Existing family responsibilities Maturity and money sense Physical capacity to raise children Employment situation Religious beliefs For more information on selecting a guardian for mi ..read more
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