On February 13, the Indiana Court of Appeals decided the case of First Merchants Bank, N.A. v. Tolley, 52D02-1012-EU-35.  In that case, the Court was faced with the question of whether actual notice given to an estate creditor satisfied the Indiana Code provision requiring the estate representative to provide notice to known creditors, thus triggering...Read More

Washington has avoided the fiscal cliff for the time being with the passing of the American Taxpayer Relief Act (“Act”).  The Act addresses several key estate planning issues.  With the passage of the Act, the unified federal estate and gift tax exemption will remain at $5,000,000 per person.  The Act also permanently increased the top...Read More

The threshold amount for federal estate and gift taxes is scheduled to change beginning January 1, 2013.  Unless Congress enacts further legislation the federal estate and gift tax exemption amount will be reduced to $1,000,000 per person ($2,000,000 for a married couple) from the current 2012 level of $5,120,000 per person ($10,240,000 for a married...Read More

Perhaps you’ve heard this phrase: “Sell the family farm.”  The Indiana legislature has just made that more likely. A common estate planning technique is for mom and dad to “leave the family farm” in separate, equal shares to their children, who can then sell their shares to another or pass them to their children.  Of...Read More

Three significant changes were recently made to Indiana Inheritance Tax laws:  (i) increases the exemption amount “Class A” recipients can receive from a decedent before inheritance tax is assessed; (ii) expands the definition of the “Class A” recipients; and (iii) begins a gradual phase-out of Indiana inheritance tax over a 9-year period.  These changes are...Read More

On June 7, 2012, KDDK partner Allison K. Comstock presented “Financial Check-up After a Loss” as part of the “Passages” program from Browning Funeral Home.? The seminar covered practical financial steps to take following the loss of a loved one, and estate planning, financial and long term care considerations for the surviving spouse.Read More

On February 13, 2012, Allison K. Comstock participated as a panelist speaker for the Evansville Estate and Financial Planning Council.  Allison provided an update on the current federal estate and gift tax environment and potential changes for 2013, the anticipated phase-out of the Indiana Inheritance Tax, and gifting and estate planning opportunities for 2012. For...Read More