Riley & Ahler P.C.Riley & Ahler P.C.2024-03-13T14:57:40Zhttps://www.rileyandahlerlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1200790/2021/01/cropped-RA_FAV-32x32.pngOn Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474882024-03-13T14:57:40Z2024-03-13T14:57:40Z1. Land and property
Your land is the foundation of your farm. When estate planning, make sure to clearly define the boundaries of your property and specify who will inherit it. Consider using a trust to maintain control over the eventual use of the land and to minimize potential tax implications.
2. Equipment and livestock
Your farm equipment and livestock are valuable assets that you should account for in your estate plan. Create an inventory of all your equipment and livestock, then specify who will inherit these assets. If you have multiple heirs, consider dividing the assets fairly to avoid conflicts
3. Business structure
If your farm is a family business, it is important to have a clear succession plan in place. Determine who will take over the business and how the ownership gets transferred. Consider creating a buy-sell agreement to ensure a smooth transition and to protect the business from potential disputes.
4. Financial assets
Do not forget to protect your farm's financial assets, such as bank accounts, investments and insurance policies. Make sure to update your beneficiary designations and specify the distribution of those assets among your heirs.
Estate planning for your farm is a complex process, but it is necessary to protect your legacy and investments. Start the process today and secure your farm's future.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474862024-02-08T03:37:17Z2024-02-10T03:37:10ZGuardianship
Guardianship is a legal arrangement where the courts appoint a person, known as the guardian, to make decisions on behalf of another individual, known as the ward. This usually happens when the ward is incapable of making decisions due to age, illness or disability.
The key characteristic of guardianship is the court's involvement. The court carefully assesses the situation, considers the ward's well-being and appoints a suitable guardian. The guardian is then responsible for making personal and financial decisions for the ward. This can include decisions about medical treatment, living arrangements and overall care.
Power of attorney
Power of attorney is a legal document that allows an individual, known as the agent or attorney-in-fact, to make decisions on behalf of another person, known as the principal. Unlike guardianship, the power of attorney does not require court involvement. Therefore, it is a more flexible and less formal option.
The principal grants specific powers to the agent through a power of attorney document. These powers can be broad or limited. They can cover financial matters, healthcare decisions or property transactions. The principal retains the ability to make decisions as long as they are competent.
Understanding these distinctions is important when considering legal arrangements for individuals who may need assistance in managing their affairs. Whether through guardianship or power of attorney, the goal is to ensure the well-being and protection of those who may require additional support in decision-making processes.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474852024-01-16T01:41:21Z2024-01-16T01:41:21ZGift tax exclusion
By gifting a certain amount to heirs each year, individuals can reduce the overall value of the estate subject to taxation. In 2023, the annual gift tax exclusion was $17,000 per recipient. This allows individuals to distribute assets and wealth to their heirs without incurring gift taxes, ultimately contributing to a more tax-efficient estate plan.
Trust creation
Establishing trusts can be a valuable tool in mitigating tax concerns. Irrevocable trusts, for example, remove assets from the taxable estate and reduce the overall tax burden.
Capital gains tax consideration
When heirs inherit property, the value of the property adjusts to its current market value. This could minimize capital gains taxes upon sale. This step-up in basis can be advantageous for heirs. It resets the baseline for calculating capital gains tax. This provides a tax-efficient approach to passing on assets.
Retirement minimization
When it comes to retirement accounts, it helps to maximize the use of tax-deferred accounts. The timing of distributions can also help manage the tax impact on both the estate and heirs.
Creating a comprehensive estate plan involves meticulous attention to tax concerns. Leveraging strategies can contribute to a well-rounded and tax-efficient estate plan. Taking the time to navigate these complexities ensures the preservation of wealth for future generations.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474842023-12-19T02:43:26Z2023-12-19T02:43:26ZFiling a petition
Probate begins with the filing of a petition in the probate court. This document formally asks the court to open the probate case. If the deceased left a will, the court will determine its validity.
Alerting the executor
Once the court validates the will, the next step is alerting the executor. This individual has to manage the deceased person's affairs, including gathering and inventorying assets, paying debts and giving away the remaining assets to heirs and beneficiaries.
Notifying creditors and settling debts
One important aspect of probate is addressing the debts of the deceased. During the process, the executor must notify creditors and settle any valid claims against the estate.
Distributing assets to heirs
After settling debts, executors distribute a dead person's assets to beneficiaries according to the terms outlined in the will or, in the absence of a will, based on state laws. The median net worth for American families in 2019 was $121,760, meaning there could be a significant amount of money or assets to distribute. A court supervises this process to guarantee everything is fair.
Closing the probate case
The final step involves closing the probate case. Once they settle the debts and distribute all assets, the executor submits a final report to the court. After reviewing the report, the court issues an order to close the probate case, officially concluding the process.
Probate may seem confusing at first, but in reality, it is rather straightforward. By understanding all the steps involved, individuals can navigate the probate process with clarity and peace.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474742023-11-16T18:15:36Z2023-11-16T18:15:36ZAbout the law
The Move Over law in Indiana, Indiana Code 9-21-8-35.7, mandates that drivers change lanes away from emergency vehicles parked on the side of the road when it is safe to do so. If changing lanes is not possible due to traffic or other conditions, drivers must significantly reduce their speed while passing the emergency vehicle. This law applies to a wide range of emergency vehicles, including police cars, ambulances and fire trucks, displaying flashing lights.
Purpose
The primary purpose of the Move Over law is to provide a safety buffer for emergency personnel working on the side of the road. When drivers move over or slow down, it creates a safer environment for these professionals to carry out their duties, reducing the risk of accidents and injuries. By obeying this law, drivers contribute to the overall well-being of their communities and support the efficient functioning of emergency services.
Penalties
Failure to comply with the Move Over law can result in serious consequences, including fines and potential license points. However, the significance of this law extends beyond the legal ramifications. It is about fostering a culture where drivers prioritize the safety of those who work tirelessly to protect and serve.
Indiana's Move Over law underscores the importance of proactive and responsible driving. It is not merely a legal requirement but a moral obligation.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474732023-11-17T09:44:59Z2023-10-19T21:38:37Z1. Start early
Initiating a farming succession plan is a lengthy process. Beginning the planning process early is the key to success. Engage in open discussions with your family members well in advance. Encourage their involvement in farm operations, and slowly transfer responsibilities over time. By doing so, you will equip your successors with the necessary skills and experience to move forward.
2. Identify your successors
Determine who in your family or among your trusted employees is genuinely interested in taking over the farm. It is important to choose individuals who share your passion and dedication for farming. Ensure that they have a clear understanding of the farm's day-to-day operations, financial aspects and long-term goals.
3. Establish a clear business structure
To facilitate a smooth transition, establish a simple and well-defined business structure. This entails creating a formal partnership, corporation or limited liability company when necessary. Keep comprehensive records of the farm's assets and liabilities, ensuring transparency regarding ownership and responsibilities. A well-organized framework will reduce ambiguity and prevent potential conflicts in the future.
4. Develop a transition plan
Develop a thorough transition plan that clearly lays out how assets, management and decision-making authority will change hands. Make sure this plan includes specific dates and key achievements. Also, talk about what to do in case unexpected things happen, like illness or financial difficulties. Keep reviewing and adjusting the plan to fit changing situations and goals.
Small family farms account for 88% of all farms in the U.S. By starting a succession plan now, you can secure the future of your farm and preserve a way of life that holds deep meaning for your family.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=474722023-09-25T19:55:43Z2023-09-25T18:30:19ZTrusts are only for the wealthy
Statistics show that only 22% of Americans have documented end-of-life wishes. One prevalent misconception is that trusts are exclusively for the wealthy. In reality, trusts can be beneficial for individuals with various financial situations. They provide a means to manage and distribute assets according to your wishes, regardless of the size of your estate.
Wills are sufficient for all situations
Some believe that having a will alone is enough to ensure the proper distribution of their assets. Wills may not cover all scenarios.Trusts can offer additional flexibility and control over managing your assets, especially in complex situations.
Trusts are only for older individuals
It is a common belief that trusts are primarily for older individuals. Establishing a trust can be a wise decision at any stage of life. They offer protection in unforeseen circumstances.
Wills avoid probate completely
While having a will can streamline the probate process, it does not necessarily mean your estate will completely avoid it. Probate is the legal process of validating a will, and it may still be necessary, even with a will in place.
Trusts are complex and costly
Setting up a trust does not have to be overly complex or expensive. There are various types of trusts, some of which are straightforward to establish. The benefits of avoiding probate and providing for specific circumstances often outweigh the initial setup costs.
Trusts are irrevocable once established
Another misconception is that after creating a trust, you cannot alter it. Certain types of trusts do allow for modifications under specific conditions. This provides flexibility in adjusting your plans to adapt to changing circumstances.
By dispelling these common misconceptions, you can approach trusts and wills with a clearer understanding. Seeking guidance from a professional with expertise in estate planning can provide invaluable assistance in making the right decisions.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=473102023-11-17T09:43:42Z2022-01-25T08:42:10Z
In public
In a state of intoxication due to alcohol or drug use AND does one of the following:
Endangers his or her own life
Endangers the life of another person
Breaches the peace or is in imminent danger of breaching the peace
Harasses, annoys, or alarms another person
As a Class B Misdemeanor, Public Intoxication is a relatively minor offense. However, the charge carries a potential period of up to 180 days in jail and would go on your criminal record.
If you find yourself charged with an alcohol-related offense such as Minor Consumption, Operating While Intoxicated, or Public Intoxication call the Law Office of Riley & Ahler P.C. [nap_phone id="LOCAL-REGULAR-NUMBER-6"] for a free consultation.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=471692023-11-17T09:42:45Z2021-06-18T10:22:48ZSingle at the Time of Death
If you’re unmarried when you die without a will, there is a legal process in place for the division of your assets. The first family members to inherit your estate are your children and/or grandchildren. If you don’t have any children, each parent will receive 25 percent of the estate and any siblings, nieces, or nephews will receive the rest. On the occasion your parents or siblings have already died, your nieces and/or nephews will receive equal shares of the entire estate.
If the state finds that you’ve passed without a will and have no surviving children, parents, siblings, nieces, or nephews, your grandparents will receive equal shares of the estate. Provided that there are no surviving grandparents, the estate will be divided equally among your aunts, uncles, and cousins. If there are no aunts, uncles, or cousins, all assets would go to the state of Indiana.
Married at the Time of Death
If you’re married when you pass without a will, your spouse will inherit half of the estate and any shared children and/or grandchildren will inherit the other half. However, if you’re survived by children from a prior relationship, your spouse will be entitled to half the estate and one-quarter of the value of any real estate property, while your children and/or grandchildren will receive equal shares of everything that remains.
If there are no children but you’re survived by parents, your spouse would receive 75 percent of the estate and your parents receive 25 percent. When there are no surviving children or parents, your spouse inherits everything.
Discuss your situation with one of our attorneys
Even if you happen to agree with how your property would be distributed according to the laws of intestate succession, it’s still wise to create a comprehensive will. After all, making final arrangements entails more than just bequeathing assets to beneficiaries.]]>On Behalf of Riley & Ahler P.C.https://www.rileyandahlerlaw.com/?p=471672023-09-25T19:59:06Z2021-06-18T10:19:53ZThe premise that is usually in a child’s best interest to have frequent, meaningful and continuing contact with each parent. It is assumed that both parents nurture their child in important ways, significant to the development and well-being of the child.
Parenting time replaces the former notion of “visitation,” which implied only spending time with children. In contrast, parenting time emphasizes the important role that each parent plays in the parent-child relationship, which the guidelines aim to protect.
The Parenting Time Guidelines
The Parenting Time Guidelines are to be used by Indiana courts in making determinations concerning parenting time and custody matters. These guidelines are designed to foster the best interests of the children, and there is a presumption that parents will at all times act in the best interest of their children. The guidelines are designed to promote the interests of the children through:
Open communications with both parents, including access to phones needed to make calls
Financial support by both parents
Time to enjoy the company of each parent
The right of each parent to provide, the right of children to receive, continuing care and guidance
The right to be physically safe and adequately supervised
The Indiana Parenting Time Guidelines do not require that children spend equal amounts of time residing in the home of the mother and the father; instead, they are designed to ensure that each parent will spend significant quality time with his or her children.
How We Help in Indiana Parenting Time Matters
Regardless of the circumstances leading to divorce, under the Indiana Parenting Time Guidelines there is a presumption that you are qualified and fit parent, and that you and your children deserve quality time together. Our role as an attorney is to ensure that your parenting time rights are respected.
You can view the full guidelines here:https://www.in.gov/courts/rules/parenting/]]>