Indiana Estate Planning lawyers
Serving Valparaiso, Lafayette, Granger & All Surrounding Areas
The old adage that “You need a Will” represented one of the most basic parts of an Estate Plan. The fact is, you may or may not need a Will. However, you need some legal vehicle(s) to organize what happens to the things you own, owe, and the people you need/want to take care of, including yourself, in the event of incapacity and ultimately your death. That collection of legal vehicles is what compromises your Estate Plan.
Call Rice and Rice at (219) 240-0450 or contact us online to schedule your free consultation today.
What is the Purpose of an Estate Plan?
The purpose of an Estate Plan varies from person-to-person. The goal of an Estate Plan is to proactively arrange for the organization, protection, and distribution of your assets in such a way that they benefit your designated beneficiaries in a way that you define. It could be planning for or avoiding probate, keeping a family farm in the family, passing an heirloom, valuable asset, or a business to another person, or provide a stream of income and assets for your surviving spouse after you pass.
why everyone needs an estate plan
An Estate Plan is unique to an individual or couple based on the type and volume of assets owned coupled with desire to leave a personal or family legacy. Creating an Estate Plan is not exclusively for the “rich.” Instead, it is a plan that leverages various legal strategies to protect assets, to put them to work, or to transfer to your beneficiaries whether you have $50,000 or more than $5,000,000.
Types of Estate Plans
Commonly, an Estate Plan can be:
- revocable living trusts
- protective trusts
- IRA preservation trusts
- special needs trusts
- pet trusts
- Miller trusts
- last Wills
- property ownership
- Powers of Attorney
- and more
Indiana Estate Planning Attorneys with 40+ years of experience
The concept of Estate Planning may be new to you or maybe you have been researching it for a while. Either way, put the more than 40 years experience of an Indiana estate planning attorney from Rice & Rice in your corner to help develop not just an Estate Plan, but an estate solution.
Schedule your complimentary consultation by calling our firm at (219) 240-0450 or contact us online today.
The Importance of Estate Plans
You may think you don’t have enough assets to need any sort of Estate Plan. The reality is that most people who own property and/or have children, especially from a previous relationship, need to have a well-organized, well-planned Estate Plan to protect their assets, interests, and family.
living Trust Estate Planning
Rice & Rice uses a Living Trust Centered Estate Plan to protect assets, reduce fees (court, attorney, publication, etc.), limit taxes, and create the legacy that you want to share with future generations.
The absence of a plan can result in paying thousands of dollars in unnecessary fees, avoidable taxable incidents, loss of assets, and an extended amount of time spent working through a process in which you and your heirs have little control.
Creating a Living Trust in Indiana
We can help you draft a living trust that includes:
- Directions for distribution of assets in a way that protects your heirs
- Guidance for your estate in the case of disability and death
- Directions for In-Home Healthcare
- Extensive instructions to assist your Trustee to administer your estate
- Details about funding your Living Trust based on types of assets
- Remarriage Protection language
- Additional instructions and guidance to simplify the administration of your estate
In addition to the living trust, which is the core of your Estate Plan, your plan may include:
- Durable Powers of Attorney to help fund your Trust and Medicaid planning
- Healthcare Powers of Attorney to give your appointed representative authority to make medical decisions on your behalf if you are incapacitated
- Living Will to clearly state your end-of-life decisions so there is no confusion
- Affidavit of Transfer
- Affidavit of Trust
- Deeds in the name of the Trust
How Are Survivorship Life Insurance Policies Helpful in Estate Planning?
Survivorship life insurance, also known as “second-to-die” joint life insurance, pays out death benefits only after both policyholders have died. People opt for survivorship life insurance because it is usually less expensive than having two separate permanent policies.
Survivorship life insurance policies can be helpful in estate planning because it allows for the policy owners’ wealth to be preserved and the death benefit can be used to pay estate taxes, administrative costs tied to probate, or the administration of a trust.
This type of insurance policy is likely appropriate for wealthier couples because it is assumed that neither spouse would need a death benefit right away when one spouse passes away.
Survivorship life insurance policies are beneficial in estate planning circumstances that involve:
- Business succession
- Charitable giving
- Special needs planning
Do you have a survivorship life insurance policy? Get in touch with our estate planning attorneys in Indiana at Rice & Rice to see how how it could be useful in your plan. Contact us by completing our online form or dial (219) 240-0450 to make an appointment.
Choosing the Right Indiana Estate Planning Lawyer
We look forward to providing you with an experience you Will want to share with others. We serve clients throughout Indiana from our offices in Valparaiso, Lafayette, and Granger.
Call us at (219) 240-0450 or filling out our online form to schedule your free consultation today!
Why Choose Rice & Rice AttorneysWhat sets Us Apart
Focused On Elder Law
At Rice & Rice Attorneys, our primary focus is on caring for your family. Estate Planning, Probate, and Elder Law are all we do, and we offer reasonable rates.
Faith and Family Oriented
Our firm is based on the principles of our faith and the importance of family.
50 Years of Experience
Since 1972, Rice & Rice Attorneys have been serving this area and we are deeply rooted in our community.
Our firm has been awarded the Martindale-Hubbell AV Preeminent Rating, as well as an A+ Rating with the BBB.
Peace of Mind Starts Here
Trust your family's future to our Compassionate team of attorneys. Reach out today for A Free Consultation.