Lawrenceburg Indiana Bankruptcy and Estate Planning Blog

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.

The end of the fiscal year is probably a big time for your business: Many Indiana entrepreneurs have their schedules lined up for their fiscal, tax and calendar years. For sole proprietorships and one-person LLCs, this coordination is, in fact, an IRS mandate.

However, if you have a multi-person LLC or if your business is incorporated, you may want to think about strategizing your fiscal and tax year calendars. Doing so could provide you with some unexpected savings. It could also give you time to collect on your pending accounts before you have to pay out your taxes.

If you are an Indiana resident who has a loved one with special needs, you may hope to provide for his or her long-term maintenance after your death by bequeathing him or her with an inheritance in your will. While your heart is in the right place, this situation requires careful estate planning. According to FindLaw, people with disabilities may become ineligible for government benefits if they inherit assets in one large lump sum. A special needs trust avoids this problem by putting the inheritance in the hands of a trustee who manages your property for your loved one's benefit.

Individuals with mental and/or physical disabilities can benefit from special needs trusts tailored to fit the unique lifestyle, specific needs and future considerations of each beneficiary. Otherwise, a special needs trust is similar to other types in that the trust lasts as long as it is necessary, either until the funds run out or the beneficiary dies, and a trustee manages and distributes the property to your beneficiary according to your specifications. If your intended beneficiary lacks the mental capacity to manage his or her own finances, the role of the trustee is particularly important.