Effective Estate Planning to Meet Your Unique Goals
Preparing an estate plan can be an overwhelming process even if you only have a few large assets. However, if you have a family business, a large estate or have dependents with special needs, it is all the more important to work with an attorney who can guide you with reliable counsel, coupled with personal attention.
I am attorney Colleen Skole, and I work closely with clients throughout Indianapolis, Indiana, and surrounding areas who have complex estate planning needs. I will take the time to understand your a unique situation and tailor the estate planning tools that will best meet your goals. Contact me online or call 317-569-9644 to schedule your free initial consultation.
Estate Planning for People Whose Estate Value Exceeds Federal and State Tax Limits
If you have a large estate, effective estate planning is crucial to asset preservation. The 2008 federal estate tax limit is $3.5 million per individual or $7 million for a couple. The threshold is significantly lower for Indiana state inheritance tax, though the tax rate is also lower. Your estate is also subject to state tax if a distribution that exceeds $100,000 per child.
With so many technical considerations involved, turn to a knowledgeable estate planning lawyer to explain the potential tax consequences you face and craft an estate plan that will minimize their impact. I will structure your plan so that if you or your spouse dies, the remaining spouse will have access to money for the remainder of his or her lifetime, while also taking advantage of full tax deductions possible.
Estate Planning for People With a Family Business
I help families with business succession planning, which specifies how a family business will be passed down. I create plans that execute this transfer in a smart, organized way. Without proper planning, family situations can quickly become contentious and ugly — even if there is not a lot of money involved. Proper planning also helps families avoid inheritance disputes and prevents the business's assets from being drained away in litigation.
Business succession planning typically involves a will but can include a host of other strategies and tools to transfer authority, assets and property, as well as place limits on authority. Rely on my knowledge and experience to help you understand and navigate this process.
Estate Planning for People With Special Needs Dependents
If you have a dependent who is unable to handle his or her own financial or medical matters due to age, mental incapacity or physical disability, a special needs trust can an effective tool for addressing their needs. A special needs trust can provide for medical equipment, caretaker arrangements, education and training, residential care and living expenses. Additionally, your estate plan can include a trust to address the distribution of inheritance until a minor is old or mature enough to take care of his or her own financial affairs.
Estate Planning for People With Unique Investment or Gifting Goals
If you want to fund a charity or leave money to an educational institution, it is important to establish the appropriate trusts to meet those goals. In addition to preparing the necessary paperwork, I will interface with the charitable organization to establish the terms of how and when the money will be distributed, as well as how it will be used. There are a variety of estate planning tools that we can employ to achieve your objectives and minimize tax liability, including wills, trusts, gifting and special account arrangements.
Tailored Estate Planning to Meet Your Needs
No matter what your estate planning needs, I will design an effective package that reflects your life situation, goals and wishes. I will give you the control and protection you need for your hard-earned assets. After assessing your situation and proposing a tailored package, I will quote your legal fee accordingly, so there will be no surprises.
Contact me online or call 317-569-9644 to schedule your free initial consultation.