Each state has its own estate planning and eldercare laws, and each state has its own system of taxation. Indiana, for example, repealed its inheritance tax effective January 1, 2013. However, if you inherit assets from someone who lived in a state that does have an inheritance tax, you could be facing a tax bill from that state.
Probate in Indiana
Marion County has its own probate court, while other Indiana counties handle probate matters at the local county district or superior court.
What kinds of assets avoid probate and go directly to the co-owner or designated beneficiary?
- Bank or credit union accounts set up as POD (Payable on Death)
- Assets owned as joint tenants with right of survivorship
- Life insurance policies with designated beneficiaries
- Retirement plan accounts with named beneficiaries
- Property in revocable trusts
What kinds of assets DO have to go through probate in Indiana?
- Bank, credit union, and investment accounts held in the single name of the person who died
- Tangible assets such as clothes, jewelry, furniture and vehicles registered in single name of the person who has died
When it comes to estate planning in Indiana, there’s no place like domicile!
- by Ronnie of Rebecca W. Geyer & Associates