To make administration go smoothly, it is still important to consider disposing of tangible personal property as part of the overall estate plan and not simply “gloss over” those provisions.
The first reaction when confronted with a client owning real estate outside Indiana is to transfer that property into a trust, LLC or other method. However, Florida’s property tax laws may yield a result that could be much worse than ancillary administration.
Beneficiaries need to understand that their inheritances may still be subject to claims in the estate. Creditors need to understand the process for proceeding against “nonprobate transferees” to preserve their rights.
On July 1, Indiana significantly broadened the options for an individual to make health care wishes known through an “Advance Directive for Health Care Decisions.”