The need and expense of federal and state death tax returns is gone!
For almost every Hoosier household, as much as 50% to 60% of estate inheritance fees and long waiting times for return approval should be a thing of the past. In Indiana, only creditors’ claims need to be negotiated before an estate is completely distributed.
This has several implications for estate administration:
- Partial estate distributions to heirs can be made nearly immediately in most estate circumstances;
- Uncertain tax effects on heirs can be ignored by all but the biggest inheritors;
- The stress of an estate remaining open for long periods of time can be gone;
- The common experience of lack of completion between death and final estate settlement can be substantially reduced as long as timely efforts are made to identify and satisfy creditors;
- Hoosiers can focus on what’s really important about estate planning- the best care for themselves until they are gone, and best practices for families and heirs to live better, more satisfying futures;
- Hoosiers in Florida and Arizona might rethink their strategies for moving out of state. Florida probate and trust administration costs are often higher than Indiana; and…
- Estate planners throughout the state will be thinking about what this means to their bottom lines.
The real sophistication required will be in either:
- Helping families and heirs to be prepared and quickly and successfully transition or…
- Hiring estate litigation experience to strong-arm questioning beneficiaries or make more money if there is a fight.
Good fighters can always reverse the progress government has made and waste the savings made possible by these changes.
For more information about quickly distributing an estate or other aspects of estate administration, contact us.