Batesville Herald Tribune, Batesville, Indiana

Local News

October 25, 2013

Estate planning takes careful consideration

(Continued)

• Using beneficiary transfers. One or more beneficiaries can be designated on life insurance policies, IRAs and several other assets. The speaker noted, “If a beneficiary is incapacitated, now a guardian is in charge of those funds. If your beneficiary dies before you do, and you have not named a contingent beneficiary,” the asset will go back into the estate. Persons should consider updating policies with beneficiaries named years earlier; they can be changed.

• Having a revocable living trust. The attorney said, “Trusts are being used more and more by people of all ages, whether they’re married or single and whether they have a lot of money or they don’t. Living trusts tend to give you more control over your assets than these other plans .... Unlike a will, however, a living trust does not have to go through probate,” which involves time, money and going to court. He explained, “When you set up a living trust, what you do is you transfer your assets that you own in your own name into a trust.” A trust “let’s you determine when beneficiaries receive assets after your death” to take care of especially special needs children or those who may not do well with a sudden windfall. He estimated it would cost around $1,000 to prepare a trust and all necessary paperwork for a couple.

Wilson concluded that when a couple thinks about estate planning, “you and your spouse both need to be on the same page. You need to agree what your goals and objectives are so you can work together to accomplish them.”

When it’s time to take action, “you should inventory your assets and debts. You need to select a competent estate planning attorney” who can discuss the six areas and decide on the right one or if several would be better. Unsure of which attorney to use? Persons may ask friends and the prospective attorney for references.

The final steps are to have legal documents prepared and “make sure you change the titles if you need to, to carry out the plan you want to put into effect.”

Debbie Blank can be contacted at debbie.blank@batesvilleheraldtribune.com or 812-934-4343, Ext. 113.

First in a two-part series • Part 2: End-of-life health decisions, Nov. 1

Text Only
Local News
  • Brother charged in shooting

    July 23, 2014

  • Apartments tax abatement approved After gaining a recommendation from the Batesville Economic Development Commission, developer Bruce Rippe was at the Batesville City Council meeting July 14 to request a 10-year real property tax abatement for Depot Square, which will be 45 one- and

    July 22, 2014

  • Readers' input will guide newspaper staff “What newspapers do you read? What Web sites do you visit? Where do you shop? How do you use our newspaper and our Web site?” wonders Laura Welborn, publisher of The Herald-Tribune, Batesville; Daily News, Greensburg; and Rushville Republican.Answers

    July 22, 2014

  • nws - bv072214 - BPRB Batesville Parks and Recreation Board brainstorms new funding Batesville Parks and Recreation Board members brainstormed different ways to offset budget cuts and increasing demands across several projects at the July 16 meeting.Funding first came up in the meeting as Eric Frey, Administrative Resources associat

    July 22, 2014 1 Photo

  • nws - bv072214 - RCCF impact grant $25,000 community impact grant awarded From a pool off 11 applicants, the Ripley County Safe Schools Commission Safe School Readiness project was chosen to receive the $25,000 Ripley County Community Foundation Community Impact Grant. It will provide each public school district in Ripley

    July 22, 2014 1 Photo

  • lowery, snyder gesture.jpg Local 'servant-leader' is new Ivy Tech chancellor

    COLUMBUS – Batesville resident Chris Lowery has been selected to serve as Ivy Tech Community College Columbus/Southeast chancellor.

     

    July 18, 2014 2 Photos

  • nws - bv071814 - Williams, John Williams will serve as interim superintendent ST. LEON – Sunman-Dearborn Community School Corp. trustees will soon begin the process of looking for a new superintendent since Dr. Jeff Hendrix resigned at the end of June to take another position.On July 10, President Jeff Lyness reported, “We’ll

    July 18, 2014 1 Photo

  • nws - bv071814 - BCC boofest Boo Fest will creep here

    As volunteer directors Mary Ellen Rippe and Bill Flannery prepare for Fear Factory’s fourth season, they have “identified some tremendous assets in our community and formed an idea that, if we all work together, we can exploit the opportunity for all

    July 18, 2014 1 Photo

  • nws - bv071814 - Fields, Tricia Author offers advice about writing BROOKVILLE – About a dozen persons participated in a writing workshop at the Brookville Library July 1. The three-hour seminar was led by Tricia Fields, author of “The Territory,” “Scratchgravel Road” and “Wrecked.” She began by saying, “Each one of

    July 18, 2014 1 Photo

  • nws - bv071814 - 4-H logo A lot of bull(s) A daring grandstand event will debut at the Ripley County 4-H Fair, which takes place July 20-26 at the Osgood fairgrounds. “We’re doing a rodeo” Wednesday at 7 p.m., presented by Fox Hollow Rodeo, Waynesville, Ohio, announces Katie Johnson, Purdue U

    July 18, 2014 1 Photo

Featured Ads
AP Video
Death Penalty Expert: 'This is a Turning Point' House Committee at Odds Over Obama Lawsuit Raw: MH17 Victim's Bodies Arrive in Netherlands Raw: UN School Used As Shelter Hit by Tank Shell Raw: Gunmen Attack Iraqi Prison Convoy Plane Leaves Ukraine With More Crash Victims The Rock Brings Star Power to Premiere Raw: Families Travel to Taiwan Plane Crash Site Arizona Execution Takes Almost Two Hours Gen. Odierno Discusses Ukraine, NATO at Forum Gaza Fighting Rages Amid Cease-Fire Efforts Mint Gives JFK Coin a Face-lift Creative Makeovers for Ugly Cellphone Towers Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return
Photo Gallery


Seasonal Content
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Facebook