There are many tasks to do after someone passes, and it can be overwhelming to deal with them all. These tasks vary greatly for every Indiana estate. Here are some of the most common initial important legal, financial, and taxation steps after the organ or body donation, if designated, and the obituary and memorial if you are the named Personal Representative in the Last Will and Testament, or the responsible person: · Obtain certified copies
The stepped-up basis is a provision in federal tax law that adjusts the value of an inherited asset for tax purposes. It means that the cost basis (the original purchase price) of the asset is increased to its fair market value on the date of the decedent’s death. This can lower or eliminate the capital gains tax liability for the heir who sells the asset later. For example, suppose Jane bought a house for $100,000 in
When my Indiana clients come to us for crisis planning and a loved one needs to be transferred to a facility because they can not be kept at home any longer, the first question before facilities are researched, is whether assisted living or a nursing home facility is the right fit for the loved one. Assisted living and nursing homes are two types of care facilities for seniors who need help with daily tasks. The main
The Public Health Emergency caused by the COVID-19 pandemic has upended our lives in ways we could never have imagined. It has also had significant implications for Medicaid benefits in Indiana for those Indiana residents receiving Medicaid coverage at home, assisted living, and nursing homes. It is essential to consider how the end of the Public Health Emergency will affect Indiana Medicaid and its beneficiaries. One of the most significant ramifications of the end of
Many times, couples come to see me, and while one spouse is in relatively good health; the other is what I would describe as the “sick spouse”. Their situations vary tremendously depending on their age, years married, children from each side, assets, and income. However, many times the trigger that causes someone to contact the office is the declining health of one of the spouses. The cause could be natural aging or could be a