Protecting What You Hold Dear

What will happen to your property or dependent loved ones if you become incapacitated or die unexpectedly? Having an estate plan not only protects your assets for your beneficiaries but also provides concrete direction should you suffer a serious personal injury or other calamity. At Allen Wellman Harvey Keyes Cooley, LLP, we can help you construct an effective estate plan that will ensure that your estate planning choices will be followed and one that will protect your most important assets.

Creating Contingency Plans With Experienced Estate Planning Attorneys

Many people think of estate planning as merely creating a will or a trust. However, there are other necessary provisions involved in planning your estate, and not all of them are aimed at what happens to your property once you pass on. Our estate planning attorneys can help you:

• Design an appropriate durable power of attorney
• Appoint a health care representative
• Draft a living will to give direction as to your end-of-life preferences
• Create a special needs trust to provide for disabled children or adults in your care
• Establish guardianship for minors or disabled adults
• Assist with elder law issues such as choosing and financing a nursing home or in-home care
• Assist you with your goals to contribute to charities

We take time to identify your concerns about providing for minor children or making end-of-life decisions. We then seek to construct an individualized estate plan that succinctly and effectively accomplishes your unique goals.

Handling Unique And Complex Estate Planning Challenges

Our firm has particular experience assisting blended families, “meaning families with stepparents, stepchildren or other unique family situations,” in developing estate plans that will address the needs of all family members. We can help you identify unique issues you may face with regard to inheritance or estate tax laws, as well as the differing interests that are sometimes presented in blended family contexts. Our goal is to put together a plan that maximizes the interests of both spouses and their families.

We also represent many clients with significant property values and/or complex estate planning issues such as small businesses or farm owners. As experienced estate planning lawyers, we also understand the unique estate tax challenges faced by clients with significant assets. We provide in-depth estate tax planning to help you minimize your tax liabilities and preserve your assets for whom you choose.

Answering Your Estate Planning Questions

Navigating the complexities of long-term care, estate planning and debt management can be overwhelming. Here, we address some common concerns and misconceptions to help you make informed decisions for yourself and your loved ones.

Can the government take control of assets after you enter a nursing home?

Long-term care planning often goes hand-in-hand with estate planning. Our lawyers are skilled in both areas. There’s a widespread belief that long-term care costs, such as those from nursing homes, might lead to asset seizure by the government or the facilities themselves. However, these entities do not confiscate assets to cover care costs.

Expenses for nursing home care, which can reach up to $100,000 a year, are usually covered by Medicaid, personal funds or long-term care insurance. It is essential to plan ahead and consult with professionals to explore all the options available for long-term care planning.

Our firm guides clients through every phase of planning for long-term care and end-of-life scenarios, often resulting in substantial savings. Waiting to plan until nursing home care is necessary typically leads to missed opportunities.

What obligations do you have if a loved one dies with substantial debt?

It’s a common misconception that family members inherit the deceased’s debts. In most cases, heirs, including children and often spouses, are not obligated to pay these debts unless they are co-signed or involve specific spousal responsibilities.

The deceased person’s estate, managed by a personal representative, is responsible for settling valid debts with the estate’s assets. Creditors have a limited time frame to present their claims, and they must prove the validity of these claims. In Indiana, the dead man’s statute may prevent creditors from testifying about interactions with the deceased, complicating the validation of some claims.

Knowing these regulations can help estate executors protect beneficiaries from unnecessary losses. Legal counsel is recommended for both creditors and estate executors to navigate these issues properly.

What are the key elements of an estate plan?

The unfortunate incident of a family losing their lives due to a falling tree underscores the critical need for estate planning. A basic estate plan typically encompasses several crucial documents:

• Will: This document names the estate’s executors, outlines how assets should be distributed and nominates guardians for any minor children.
• Durable power of attorney: This grants someone authority to handle your affairs if you become incapacitated.
• Health care representative appointment: This names individuals who will make medical decisions on your behalf if you cannot.
• Living will: This specifies your preferences regarding life support if you are in a terminal condition.
• Standby guardian declaration: This appoints a temporary guardian for your minor children should you become incapacitated or pass away.

These documents should be tailored to fit individual circumstances. Our firm’s attorneys are available to help create personalized estate plans that safeguard your family’s future and ensure your wishes are respected. Crafting a comprehensive estate plan is a proactive step toward providing security and peace of mind for both you and your loved ones.

When should I update my estate plan?

People should generally update their wills, trusts and estate planning documents every three to five years, just to make sure that their estate plans continue to reflect their values and goals. However, you should revisit your estate plan sooner if you experience any of the following major life changes:

• Significant changes in your finances, such as the acquisition or loss of assets 
• Marriage, divorce or remarriage
• The birth or adoption of any children or grandchildren
• Major changes in your health 
• Relocation to a new state
• The acquisition of out-of-state property
• The death of a beneficiary or someone named as an executor
• Changes to your charitable intentions 

If you are unsure if now is the right time to update your estate plan, talk to an attorney and learn about your legal options. 

What is business succession planning?

Business succession planning is the process of developing a strategy or contingency plan that will help the business survive the passing of its current owner or other key personnel. Typically, this involves several steps, such as:

• Identifying who will take over key roles and preparing them for their roles
• Minimizing the disruptions that may occur to the company’s processes
• Maintaining continuity so that the company retains its value and market position

There are several objectives of succession planning, including preserving a company’s legacy, developing future leaders and avoiding potential legal issues. Succession planning is essential to transfer the ownership of a business to family members, loved ones or qualified successors, whether the current owners retire, become incapacitated or die.

When is probate not necessary in Indiana?

Indiana permits a simplified probate process via what is called a “small estate affidavit” when the value of an estate is less than $100,000. That circumvents much of the expense and time associated with the probate process. 

However, it may be possible to avoid probate entirely through careful estate planning. The use of transfer-on-death (TOD) deeds, beneficiary designations on savings, insurance policies and some investments, joint ownership of certain accounts and living trusts can all be beneficial. If you want to learn more about how your estate can avoid probate, reach out to our firm and learn about your legal options.

Contact Our Firm

No matter what stage of life you are in, having an effective estate plan in place can give you peace of mind about your affairs. Contact us to schedule a consultation with our estate planning attorneys today by calling 317-468-2355 today. We maintain an office in Greenfield and serve clients throughout Indiana.