In May of this year, Indiana Governor Mike Pence signed into law Indiana House Enrolled Act 1001, repealing the Indiana Inheritance Tax. This new law applies retroactively to January 1, 2013. This means that for individuals who pass away after December 31, 2012, there will be no Indiana tax imposed on asset transfers at death.
Although the Indiana Inheritance Tax is no longer a concern, planning for the future is still important for you and your family. By preparing a will, you ensure that your assets will pass according to your wishes upon your death without the interference of a probate court. Additionally, estate planning eliminates stress and confusion for your family and loved ones as to how your property should be distributed, and as to who should provide care for your minor or dependent children.