Oftentimes, people put off developing an estate plan – even a simple will – until they’re well into their senior years. One problem with this approach is that the older someone is when they put their estate plan in place, the more likely it is to be disputed. Loved ones may have doubts about whether the will creator was of “sound mind” and understood the provisions they included (or didn’t include) in the will. In legal parlance, these disputes may be concern the “testamentary capacity” of the person who wrote the will (the testator). What does testamentary capacity mean? When it is said that ..read more

As you make an estate plan, you can decide which heirs are going to inherit, you can leave people out of your will if you want – disinheriting them – and you do not have to divide things equally. You can choose who gets your money and other assets after you pass away. However, some people believe that control of naming one’s beneficiaries isn’t enough. They may be worried about the ways in which their heirs are going to spend that inheritance. They know how hard they have worked to save up this money that they are passing on to their family members. If you’re in this situation and you’re conce ..read more

Having a child with special needs in the family often means that people need to learn about different systems and rules than they would in other households. People have to learn to navigate the special education programs at the local public schools and often have to help support their children with complex healthcare matters. They also generally need to consider their child’s long-term care requirements, as (depending on the nature of their special needs) they may never live independently. Estate planning can look very different for those with a dependent family member who has special needs, a ..read more

As a working adult preparing for retirement in Indiana, you can rely on Medicare once you stop working. Medicare is an age-based benefits program available for retired adults. Although there are many limits to Medicare, supplemental insurance for prescriptions can help older adults more fully cover their medical expenses. For some adults, including those who need to live in a nursing home or require a nurse at their house a few times a week, Medicare benefits won’t pay for the treatment that they need. Only Medicaid will cover those more extensive treatment requirements, and not everyone in In ..read more

As an adult thinking about your retirement years in Indiana, there are numerous considerations to address. Thinking about the medical care that you may require later in life is very important. Although most adults in Indiana will qualify for Medicare when they retire, Medicare does not cover all of the treatment you may eventually require. Especially if you may move into a nursing home when you get older or hope to age in place and have nursing support in your own home, Medicaid benefits may eventually be necessary to pay for those costs. Your current and recent financial activity will come un ..read more

Farms are a unique form of family business. They often involve few full-time and permanent employees other than the family members. The land may pass from generation to generation, with multiple family groups all working the same acreage. A property bought as one massive farm a few generations ago may now house multiple outbuildings and several family homes. There could be several siblings and multiple family generations all living and working on the same farm. Every one of those people could put the farmland at risk. Protecting your farm takes advance planning. Issues ranging from a creditor ..read more

Estate planning is an important aspect of growing older. If you want to protect your property and real estate, then estate planning can help you do so. Transferring your property to your heirs and family may be easier than you think, especially if you opt to use a succession plan and estate plan to protect your assets and avoid unnecessary taxation. How a succession plan helps you pass on a farm A succession plan gives you a formal method of passing on your farm to your heirs while allowing them to continue running it. You can pass on a business in a few ways, either by allowing an heir to tak ..read more