A Totten’s Trust (also called a “poor man’s trust”) is essentially the same thing as a Pay on Death (“POD”) bank account.  (The name “Totten’s Trust” is taken from a 1904 New York case involving a person with this name.)  Using a POD account, a person was able to place proceeds into an account, and,
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Probate is the process by which your assets are distributed to your heirs after your death. Only assets in your own name, with no joint owners or named beneficiaries, pass through probate. Joint and pay on death bank and brokerage accounts pass directly to the joint owner or the named beneficiary by operation of law
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What do I do when mom or dad die and I am named the executor or executrix under the Will or the successor trustee? Or there is no Will and I seek to be appointed the personal representative? Your first step is to contact an attorney. At our firm, we have been assisting individuals for
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What do I do if I think my sibling is mishandling my parent’s estate or trust and will not tell me what is going on? Secrecy breeds distrust. Often times that distrust is warranted. If you find yourself in this situation, call us as soon as possible so that we may take appropriate action before
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How much is Inheritance Tax? Indiana inheritance tax was eliminated as of January 1, 2013.  As a result, Indiana residents will not owe any Indiana state tax after this date with respect to transfers of property and assets at death. If property is owned in other states, there is the possibility that such property may
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