Lawrenceburg Indiana Bankruptcy and Estate Planning Blog

A typical healthcare visit involves you telling your doctor the medical problems you are experiencing and discussing with him or her the pros and cons of various treatment options. You then decide which option you would like to pursue, and the treatment begins. While this pattern may work most of the time, it will not work if a medical condition renders you unable to understand your healthcare options or communicate your wishes.

Advance directives are legal documents that address your wishes for medical treatment  when you cannot express your wishes for yourself. Indiana recognizes several different types of advance directives, but two of the most commonly used documents are powers of attorney and living wills.

Filing for bankruptcy in Indiana can be a momentous decision. No one expects to sink into crushing debt, and the decision to file can be traumatic for some. Due to the stigma associated with bankruptcy, you may feel tempted to go to extreme lengths to avoid filing. Perhaps you have even thought about dipping into your retirement savings in order to pay off your debts.

However, according to CNBC, financial experts advise against this course of action as it may only be a short-term solution with the potential to do further financial damage. If you withdraw funds from such an account before you reach the minimum required retirement age, you will not only have to pay taxes on the funds you have withdrawn but, except in a few special situations, you will also incur a 10 percent early-withdrawal penalty. Furthermore, there are protections in place that allow you to you to retain most, if not all, of your retirement savings even after filing for bankruptcy. Therefore, discharging your debt through bankruptcy with your retirement savings intact puts you on a more stable financial footing. 

People in Indiana who struggle with debt rarely end up in such a position from just one holiday season. Nonetheless, this time of year can definitely put a damper on a consumer's attempt to pay down debt or to avoid racking up more debt. Despite the best of intentions, buying during the holidays seems to be one of those things that is hard to resist. 

As reported by Supply Chain Brain, the 2018 holiday shopping season has been a strong one, at least from the point of view of major retailers and creditors. Mastercard is noted as experiencing an increase in sales by more than five percent. In total, their sales topped $850 billion, a figure that is higher than the company has seen in six years. Comparing 2018 holiday spending to 2017 holiday spending, Mastercard SpendingPulse notes a 19 percent increase this year.

Estate planning can be stressful. It is made even more so if you are dealing with difficult family members who you fear will cause trouble when you die. Nothing will stall probate in the Indiana courts as bad as arguing among family members over who gets what. To avoid this issue, Boston University suggests holding a family meeting.

A family meeting calls together everyone to discuss your estate plan. It enables you to explain what will happen when you die. Your family can ask questions. You can explain your decisions. It makes it very clear what your wishes are and why you made those decisions so that nobody can object when you pass away.