If you are newly-engaged or married, updating or creating your estate plan is an important part of establishing your new life together with your spouse. Below are a few estate planning considerations for newlyweds:

1. Beneficiaries: After getting married, you may wish to update your beneficiary designations on retirement accounts, brokerage accounts, and life insurance polices to include your new spouse.

2. Property Titles: If you owned real property or a vehicle prior to your marriage, you may choose to update your title to add your spouse as a joint titleholder. That way, ownership will transfer to the surviving spouse in the event one spouse passes away.

3. Wills: You will likely wish to account for your new spouse as a beneficiary in your will. Additionally, if you plan to have children, you can utilize your will to select a guardian and make a plan for passing assets to your children.

4. Powers of Attorney: Spouses typically designate each other as primary agents for purposes of making financial and medical decisions in the event of incapacity.

Show your new spouse some love this Valentine’s Day by planning for the future.

While married U.S. citizens may still gift unlimited sums of money to each other during life and after death, gifts outside of the marriage, such as those to children or other family members, may result in tax consequences if such gifts exceed specified amounts. Though subject to change if new legislation is enacted in the future, the below items highlight the landscape of federal estate and gift tax law as of January 1, 2026:

• The lifetime exclusion amount for federal gift and estate taxes for the year 2026 increases to $15 million per person (up from $13.99 million in 2025), or $30 million for a U.S. married couple. With the passage of the One Big Beautiful Bill Act, this exclusion amount is now permanent and will be indexed annually for inflation.

• The federal lifetime exclusion amount remains “portable,” meaning an individual’s unused exclusion amount transfers to his or her surviving spouse if the proper election is made on the decedent’s estate tax return. This election must be made within a limited time window after the deceased spouse’s death.

• The annual federal gift exclusion amount remains at $19,000 per person, or $38,000 for a married couple.

• The highest federal estate tax, gift tax, and GST tax rate remains stable at 40%.

See this piece from Forbes for more extensive discussion of current federal estate and gift tax law. Happy New Year!

If you went through a major life event in 2025, the coming year may be a good time to review and update your existing estate plan. A major life event could include a move out of state, marriage, divorce, birth of a child, or loss of a loved one resulting in an inheritance. Taking the time to review the below considerations after a significant life change can minimize confusion and complications that could result from an outdated estate plan:

• Is your executor still the best-suited individual in your life for managing your estate after you pass?

• Are the primary and contingent beneficiaries named on your accounts and life insurance policies up to date?

• Has the loss of a loved one impacted your power of attorney, beneficiary, or guardianship appointments?

• If you moved out of state, do your documents need to be updated to your current state’s laws?

• Is the guardian you selected for your children still your top choice to fill this role?

• Should you utilize a trust to provide an income stream to loved ones without turning over control of assets?

This comprehensive piece from JD Supra highlights these and several other helpful tips to keep your estate plan up to date.

Wishing everyone a safe and happy holiday season, and all the best in the new year to come!

Looking for a last minute gift idea for your family and loved ones this holiday season? How about putting together an effective estate plan to protect them in the future? The gift of a solid estate plan can save your family and loved ones time, money, and headaches down the road. It is important to put in the time now to make sure your affairs are in order as mistakes in your estate plan can have devastating consequences after your death. A recent piece from Kiplinger highlights the twelve most common estate planning mistakes to avoid:

• Putting off estate planning until it is too late

• Creating "do it yourself" estate planning documents

• Failing to inform loved ones

• Making documents inaccessible to loved ones

• Completing only some of the necessary documents

• Leaving out digital assets

• Failing to make final arrangements

• Overlooking tax consequences

• Appointing an untrustworthy executor or trustee

• Being unaware of recent legislation

• Failing to establish an estate plan at all

Wishing you a happy and safe holiday season!

Thank you to my family, friends, professional network, and existing clients for sharing my name with others as I moved to a referral-only business this year! Word of mouth has become my greatest source of new clients, and I want to express my deep appreciation to everyone that has promoted my business over the past twelve years. It has been another year of nearly 300 clients finalized, with many more in process.

I am very fortunate to have so many gracious clients when it comes to scheduling flexibility as I plan around our family’s needs and activities. The heartwarming acceptance and encouragement of my family-centered career path continues to amaze me. I look forward to another year of providing pain-free (or at least minimally painful!) estate planning assistance!

Here’s to lucky number 13 - thank you for your support!

If you are like most Americans, the largest non-financial asset you will own at the time of your death will be your home. When it comes to your estate plan, one way to transfer real estate is through a bequest by will. Real estate can also be transferred through use of a trust. An alternative option offered in both Indiana and Ohio for gifting real estate to specific individuals is the transfer on death designation. A transfer on death (TOD) deed allows owners of real estate to transfer real property outside of the probate process.

The real estate transfer on death option works much like the transfer on death or payable on death designations that banks and financial institutions utilize for the transfer of financial assets after death. By executing and recording a transfer on death deed, the owner of real estate can seamlessly transfer his or her property to a named beneficiary or multiple beneficiaries at the time of the owner's death. During his or her lifetime, the owner retains ownership of the real estate. Upon the death of the owner, ownership of the property can be transferred quickly to the beneficiary without probate court involvement.

Here are a few helpful facts about the transfer on death option for real estate transfers:

1. After executing and recording a transfer on death deed, the owner retains full ownership of the property. This means that the owner is not subject to eviction by the beneficiary and retains his or her homestead exemption.

2. The owner can still mortgage or sell the real estate during his or her lifetime even after making the transfer on death designation. The sale of real estate cancels a transfer on death designation, but the owner can certainly make the designation on any new real estate purchased.

3. The transfer on death designation can be changed or removed from the owner's real estate at any time.

4. Real estate that transfers on death is transferred outside of the probate process upon the death of the owner, which can save time and money.

If you are looking for ways to avoid the probate process, a transfer on death designation is a wonderful option to consider.

Summer is winding down, kids are heading back to school, and sports, clubs, and other activities are starting up again. As the new school year begins, now is the perfect time to think about your estate plan. At its most basic level, an estate plan can be viewed as a tool to put your wishes in writing in order to save your loved ones time, money, and frustration down the road. Below is a simplified inventory of decisions to consider to jumpstart the estate planning process.

Establish beneficiaries. Your will or trust should lay out your wishes for the distribution of your assets upon your death. You can also use beneficiary or transfer on death (TOD) designations on retirement accounts, investment accounts, and other financial assets as well as vehicles and real estate to streamline distribution upon your death. Double check beneficiary designations that may have been set up in the past.

Put someone in charge. Select one or more individuals (or even a bank) who you trust to fulfill the roles of power of attorney, executor, and trustee (if you are setting up a trust). Your POA can be utilized to manage your personal business in the event of your incapacity, while your executor will manage the distribution of your assets upon your death according to your will. If you have a trust, a successor trustee will manage trust assets and distribution upon your incapacity or death.

Name a health care representative. Choose someone you trust to manage your medical decisions in the event that you become incapable of doing so. Consider setting up a living will to express your wishes for end of life medical care.

With estate planning, the hardest part is getting started. Working through the decisions above will get the wheels turning.

The probate process is the court-supervised administration of a decedent's estate. This process can take months or even a year to complete. Only property included in the "probate estate" will be handled through the probate process. The probate estate is comprised of any property owned by the decedent alone and not distributed before death or through automatic transfer at death. Good planning can simplify the distribution of your assets at death by minimizing or even eliminating the probate estate.

Certain property will transfer automatically at death, including property held in joint tenancy with right of survivorship, or property held by a married couple as tenants by the entirety. Additionally, bank accounts and other assets registered as payable-on-death or transfer-on-death will pass to beneficiaries automatically at death outside of probate. Life insurance proceeds and retirement accounts will also pass without court intervention as long as a beneficiary has been named. Finally, property held by the trustee of a living trust will not become part of the probate estate.

The probate process begins with the appointment of an executor to manage the distribution of a decedent’s assets. A will can be utilized to appoint an executor. Without a will, a probate court will select an executor to administer a decedent’s estate. An executor typically submits the will to the probate court. The probate court then supervises the executor’s distribution of the decedent’s assets to beneficiaries named in the will (or according to state law if no will was established). The executor must also pay off the decedent’s outstanding debts and taxes from estate assets. Investopedia provides an extensive overview of the probate process.

While the probate process is an effective way to administer a decedent’s estate, planning in advance can minimize or even eliminate the need for probate court involvement.

The phrase “better together” takes on new meaning when it comes to estate planning for married couples. Spousal coordination and a shared understanding of financial and legal matters are essential to the successful execution of an estate plan.

This piece in Forbes provides helpful considerations for spouses working through an estate plan, as well as tips to ease the financial and legal burdens on a surviving spouse once the first spouse passes away. Four key takeaways from this article highlight the biggest mistakes married couples make from an estate planning perspective:

1. Lack of shared knowledge of financial assets and legal documents. Oftentimes, one spouse manages financial and legal matters, which can leave the other spouse feeling overwhelmed and lost when the managing spouse passes away. Both spouses should know where financial and legal documents are located so they can be easily accessed upon the death of one spouse. It is also important to keep a joint account with funds for emergency expenses and funeral costs that both spouses know how to access.

2. Individually-held accounts that do not name the spouse as beneficiary. Assets that do not transfer automatically through a beneficiary designation will pass through the probate court. This often means the surviving spouse will incur expenses that could have been avoided by utilizing beneficiary appointments or payable on death designations.

3. Failure to fund a trust that has been created. While a trust can be a very useful tool, trust language only applies to assets that have been titled in the name of the trust. Unfortunately, many fail to actually place their assets into the trust, rendering the distributions spelled out in the trust ineffective.

4. Improper coordination of assets outside of a trust. Beneficiary designations made on retirement accounts, life insurance policies, and the like often conflict with distributions laid out estate plans created after such designations have been made. As such, assets that one might intend to pass through a trust or other estate planning tool will instead pass according to the previously-made beneficiary appointments. Whether or not a trust is utilized, it is always important to double check beneficiary designations to ensure proper coordination with an estate plan.

As with most marital matters, communication is the foundation of a solid estate plan.

Let's be honest, death is not a popular topic of conversation for the average American. Unfortunately, our discomfort with our mortality often leads us to put off estate planning as long as possible. Did you know that estate planning is also important for life? The beauty of life is having the power to write your own unique story. Make sure you are in charge of the important details!

Illness, aging, accidents, and other every day, non-life-ending events can bring about the need for common estate planning tools. If you become incapacitated, even temporarily, who will manage your medical decisions and financial affairs? It is important to appoint agents (or proxies) to handle these issues before they ever arise. A health care power of attorney or representative document clearly indicates who should call the shots when it comes to your medical care in the event that you cannot. Similarly, a durable power of attorney for financial decisions appoints an agent to manage your personal business such as banking, filing tax returns, and paying bills in the event that you become incapable of doing so. It is important to establish these appointments before an accident or unexpected event occurs so that your agent can quickly step in when the time comes.

Finally, you can use a living will to dictate how you wish to live out your final days. You may choose to receive life prolonging medical care even if a physician has determined that you are in a terminal state. Alternatively, you may choose to decline life-prolonging medical care once your condition has been deemed terminal, opting only for sufficient medical care to keep you comfortable for the remainder of your life. By putting your wishes on paper, you provide clear instructions for your family and loved ones who may otherwise face difficult, often controversial decisions as to your end-of-life care.

Estate planning is planning for living, not just dying.

This is one of the first questions clients ask at the beginning of the estate planning process. There is not always a simple yes or no answer to this question, as the decision to use or not use a trust always depends on the goals of the individual for his or her estate plan. While trusts can offer many benefits, a trust may not always be necessary to accomplish one’s estate planning goals.

The most common reasons individuals choose to utilize trusts include avoiding probate, protecting children or loved ones, and reducing estate taxes. Two different types of living trusts, revocable and irrevocable, can be utilized to accomplish different goals.

There may be other ways to achieve these estate planning goals without a living trust, however. For example, there are measures you can take to avoid probate without a trust such as setting up assets to transfer automatically upon your death. Assets that are held jointly with another person or assets that name beneficiaries or transfer/pay on death designees can be passed to loved ones outside of the probate process. Further, a testamentary trust can be written into a will to protect assets upon your death for the benefit of children or loved ones. This type of trust would only come into existence upon your death. Additionally, Indiana and Ohio do not collect estate taxes, and the federal estate tax exemption is set at $13.99 million per person for 2025. As such, generally only very wealthy individuals in Indiana and Ohio would benefit from an irrevocable trust for the purpose of addressing estate tax concerns.

Understanding the key characteristics of a will versus a trust can help you decide how best to achieve your estate planning goals.

Wills

• Clear expression of wishes for transfer of real estate

• Clear expression of wishes for transfer of personal belongings

• Clear expression of wishes for distribution of financial assets

• Selection of a guardian for minor children

• Selection of executor or personal representative to manage distributions according to the will

• Becomes public once submitted to probate

• Assets that pass through a will are subject to the probate process and fees

• Generally less expensive to set up than a trust

• Typically utilized even when a trust is established to “pour over” assets into the trust that were not re-titled into the trust during the testator’s life

Trusts

• Clear expression of wishes for transfer of real estate

• Clear expression of wishes for transfer of personal belongings

• Clear expression of wishes for transfer of financial assets

• Selection of a trustee to manage trust assets

• May be used to set up distributions to beneficiaries over a period of time

• Funded during the grantor’s life by re-titling of assets

• Remains private outside of the probate process

• Generally more expensive to set up than a will

For more information on the topic of wills versus trusts, this recent article from NerdWallet provides a simple breakdown.

If you have created your will, congratulations - you are more prepared than over half of America! A will is an essential element of any estate plan. Keep in mind that a will takes care of transferring only probate assets. This means that a will directs how assets that do not transfer automatically upon the owner's death should pass. Non-probate assets, however, transfer according to how they are titled or designated. For instance, upon your death, life insurance policies and retirement accounts pass automatically to the beneficiaries you designated with your insurance provider or financial institution.

Additionally, if you hold assets jointly with your spouse or child, those assets will likely pass automatically to the surviving joint owner upon your death. Some accounts and real estate can be designated to automatically "transfer on death" to a beneficiary. You can also add beneficiaries to vehicles with a title including cars, boats, and RVs. Generally speaking, your will then catches and distributes all other assets through the probate process. Here are a few items to address even if you have already established a will:

1. Review beneficiary designations on life insurance policies, financial accounts, real estate, and vehicles.

2. Plan and even pay for your funeral ahead of time.

3. Account for “digital assets” by establishing a written inventory of accounts and instructions for accessing these accounts.

4. Make sure no accounts are forgotten. Establish a comprehensive list of your assets to serve as a guide for loved ones after you pass.

While a will is an essential piece of any estate plan, Kiplinger’s recently highlighted some key components to consider when it comes to estate planning. Although getting your affairs in order may seem overwhelming now, addressing these items will save headaches for your loved ones in the future.

Effective estate planning does not end when you sign your will. Communicating and clarifying your wishes to loved ones is crucial to ensuring the smooth execution of your estate plan. Failure to communicate your plan to loved ones can lead to doubt, hurt feelings, and conflict during already tumultuous times.

We tend to hold preconceived notions that our inheritance is a representation of our standing in a deceased loved one’s life. When we do not receive an anticipated gift, we not only feel slighted, but also uncertain about our entire relationship with the deceased individual. Learning we did not mean as much to someone as we previously thought is a profoundly painful realization. The finality of death can often exacerbate these negative feelings, manifesting in claims of unfairness and leading to lengthy and expensive legal battles. 

In reality, a non-existent or seemingly small bequest is not always representative of the strength and importance of a relationship. In determining how assets should be distributed after death, many testators prioritize gifts to charities, account for gifts made during life or specific medical, financial, or other needs of loved ones, or simply observe that a loved one is in a comfortable position and is not in need of additional assets. 

To preclude feelings of resentment and confusion, communicating your wishes to your loved ones is essential to your estate plan. By setting expectations and explaining your decisions to loved ones ahead of time, you will minimize the possibility of unwelcome surprises that only serve to worsen times of loss.

It is also important to communicate your wishes as to how your financial matters and medical care should be handled while you are alive to prevent doubt and controversy among loved ones. Although you may create and sign powers of attorney and a living will, it is helpful to make your loved ones aware of what these documents say and how these matters should be carried out in advance.

When it comes to managing relationships with those with an interest in your estate plan, communication is the key to success.

While married U.S. citizens can gift unlimited amounts of money to each other during life and after death, gifts outside of the marriage, such as those to children or other family members, may result in tax consequences if such gifts exceed statutorily specified amounts. Though subject to change if new legislation is enacted, the below items highlight the landscape of federal gift and estate tax law as of January 1, 2025:

• The lifetime exclusion amount for federal gift and estate taxes for the year 2025 increases to $13,990,000 per person, or $27,980,000 for a U.S. married couple. Unless new legislation is enacted before January 1, 2026, these amounts are expected to decrease to around $7,000,000 per person, or around $14,000,000 for a U.S. married couple, on that date when the sunset provision of the 2017 Tax Cuts and Jobs Act takes effect. However, it is possible that current exemption amounts will be extended before that date.

• The federal lifetime exclusion amount remains “portable,” meaning an individual’s unused exclusion amount transfers to his or her surviving spouse if the proper election is made on the decedent’s estate tax return. This election must be made within five years of the deceased spouse’s death.

• The annual federal gift exclusion amount increases by $1,000 per person for the year 2025 up to $19,000 per person, or $38,000 for a married couple.

• The highest federal estate tax, gift tax, and GST tax rate remains stable at 40%.

See this piece from Morgan Stanley for more extensive discussion on the current state of federal gift and estate tax law. Happy New Year!

If you are contemplating getting started on your estate plan, the holidays are a wonderful opportunity to take some time to talk to family and friends about the future. Unsure where to begin with talking points? Below is a short and sweet checklist of items to consider to set a foundation for your estate plan:

• Beneficiaries: Who will get your assets when you pass away? Friends, family, charities?

• Specific Gifts: Do you have any special items such as family heirlooms or jewelry that you would like certain individuals to receive after you pass away? Are their any items your family and friends would like to have?

• Trustee: If you have young children or if you wish to distribute assets over time after your death, who will manage assets on behalf of your beneficiaries?

• Executor: Who do you trust to distribute your assets as you have spelled out in your will?

• Financial Representative (POA): Who should make decisions regarding your finances and other personal business if you become incapacitated? This includes your day-to-day tasks such as paying bills, cashing checks, and filing tax returns.

• Health Care Representative (POA): Who should make medical decisions on your behalf if you become incapacitated? Do you have a backup in mind?

• Living Will: If you are in a terminal state as determined by a physician and unable to make decisions on your own, would you like to receive life-prolonging care, or would you prefer to receive comfort care only?

Best wishes for a safe and happy holiday season!

Estate planning can certainly seem like a daunting and depressing subject as we face our own mortality. However, creating an estate plan does not mean you are going to die now - it just means that you have prepared for the future. A recent article in Forbes debunks four persistent myths of estate planning we often use as excuses to avoid the planning process altogether. These myths include:

1. Estate planning is only for the wealthy. False. Anyone who has assets, owns property, or supports loved ones needs an estate plan.

2. Estate planning only involves asset distribution after death. False. An estate plan can also be used to protect your assets while you are alive, protect assets for your loved ones after your death, designate a guardian for minor children, express your wishes for financial management and medical care in the event of your incapacity, manage tax exposure, and avoid the probate process.

3. All assets will be distributed through a will. False. Some assets may transfer through other means such as beneficiary, payable-on-death (POD), and transfer-on-death (TOD) designations.

4. An estate plan does not need to be updated once in place. False. Estate plans should be revisited over time to account for changes in the law and any major life events such as divorce, death of a family member, or acquisition of property.

The truth of the matter is that estate planning really is for everyone. While individual needs may vary depending on life situation and assets owned, an estate plan is an invaluable tool for protecting yourself, your assets, and your loved ones.

The years keep flying by, as this week marks my 11th anniversary in business! I owe endless thank yous to my incredible friends, clients, and network of financial and legal professionals for trusting me and continuing to support my work. Over the past year, I had the opportunity to finalize plans with 300 clients, and to begin the estate planning journey with many more.

My practice at this time is comprised entirely of past clients and referrals from personal and professional connections. While I would love to serve everyone, I appreciate the understanding of those I cannot take on as I strive to balance life as both a business owner and a mom and taxi driver to three busy kiddos. I feel very lucky and grateful to have so many supportive connections to keep my business hopping!

As I head into year 12, I look forward to continuing to serve our community in providing straightforward, affordable estate planning assistance while making the process as pain free (and maybe even enjoyable!) as possible.

For new parents, developing an estate plan can seem like a daunting task. How do you even begin to make sure that your little ones are taken care of if the unthinkable happens? The four special considerations below provide a great starting point for parents of young children who are ready to get planning:

1. Appoint a guardian in your will to take over caretaking responsibilities in the event that your child is left without a surviving parent. Although this is typically the hardest decision for parents to make, a court will choose an individual to take over if you do not select a guardian on your own.

2. Select a trusted individual or financial institution (a trustee) to handle your assets on behalf of your children if you pass away while they are still young. This could be the guardian you have appointed, or you may choose another individual to act as trustee if you prefer to keep caretaking and financial responsibilities separate. This person would management investments and the like and would distribute assets as needed to your children until they reach an age designated by you.

3. Choose an age or life event or achievement at which time you would like your children to receive your assets outright without the involvement of a trustee. Many parents prefer to withhold outright distribution of assets until children surpass college age, but distribution could also be contingent upon milestones such as graduation, marriage, or purchase of a home.

4. Check your listed beneficiaries on life insurance, retirement, and other types of accounts to make sure your primary and alternate beneficiaries are up to date. Any such beneficiaries will receive such assets directly upon your death, and these beneficiary designations will supersede gifts made in your will.

If you take some time to think through these four considerations, you are well on your way to making sure your children are taken care of by your estate plan.

The estate planning process can seem overwhelming at first. If you are getting ready for your first estate planning appointment, it can be less daunting to break the decision-making process down into a handful of categories. Below is an outline of the most important topics for consideration to help you set a solid foundation for your estate plan.

1.     Beneficiaries 

• If you are married, you will likely pass your assets to your spouse. If you are unmarried or if your spouse predeceases you, would you like to leave your assets to children, family members, or charities? It is a good idea to think about where you would like your assets to go in the event that you and your children, if any, all pass away. 

• If you have minor children, who should manage your assets on their behalf until they reach adulthood?

• Are there any specific items that you would like certain individuals to receive upon your death?

2.     Guardian

• If you have children under the age of 18, who would you like to appoint as guardian in the event that you pass away before your children reach age 18?

3.     Executor/Personal Representative/Trustee

• Who would you trust to distribute your assets according to your will and/or trust? Spouses typically take on this role for each other, but you may wish to choose a backup or multiple backups in the event that your spouse is deceased or otherwise cannot serve.

4.     Financial Representative (Power of Attorney)

• Who do you trust to handle your personal business on your behalf such as paying bills, cashing checks, filing tax returns, and so on in the event that you become incapacitated?

5.     Health Care Representative (Power of Attorney)

• Who do you wish to appoint to make medical decisions on your behalf in the event that you become incapacitated?

6.     Living Will

• If a physician determines that you are in a terminal state and you are incapable of making your own decisions, you may use a living will to express your wish to receive life-prolonging care, or to receive comfort care only.

“Do I need a will or a trust?” is one of the first questions asked at the beginning of the estate planning process. The answer always depends on the goals of the individual for his or her estate plan. Understanding the key characteristics of a will versus a trust can help you decide how best to achieve your estate planning goals.

Wills

• Clear expression of wishes for transfer of real estate

• Clear expression of wishes for transfer of personal belongings

• Clear expression of wishes for distribution of financial assets

• Selection of a guardian for minor children

• Selection of executor or personal representative to manage distributions according to the will

• Becomes public once submitted to probate

• Assets that pass through a will are subject to the probate process and fees

• Generally less expensive to set up than a trust

• Typically utilized even when a trust is established to “pour over” assets into the trust that were not re-titled into the trust during the testator’s life

Trusts

• Clear expression of wishes for transfer of real estate

• Clear expression of wishes for transfer of personal belongings

• Clear expression of wishes for transfer of financial assets

• Selection of a trustee to manage trust assets

• May be used to set up distributions to beneficiaries over a period of time

• Funded during the grantor’s life by re-titling of assets

• Remains private outside of the probate process

• Generally more expensive to set up than a will

For more information on the topic of wills versus trusts, take a look at this recent piece from Investopedia.