The majority of laws passed each year by the Indiana General Assembly take effect July 1 of that year, Brandon Smith explains in wfyi.org. Some of the changes inevitably affect our work with Geyer Law estate planning clients
.For example, in 2021, Senate Enrolled Act #204:
- provided for signing of estate planning documents via remote audiovisual telecommunication.
- created a new Health Care Advance Directive document.
The 2022 Indiana legislative session was an especially busy one, with several changes in the law becoming effective as of July 1 of this year. While many of the debates provided subject matter widely reported in the media, some less-publicized law changes will directly affect estate planning in Indiana.
- If the value of an estate is under $100,000, that estate does not need to be filed with the court and can be settled rapidly through “summary procedures.” (Prior to July 1, only estates under $50,000 could avoid filing).
- Gov. Holcomb approved a comprehensive tax cut for Indiana taxpayers, gradually reducing the individual income tax rate from 3.23% to 2.9% by 2028. (Assuming our state continues to achieve an at least 2% annual revenue growth, by 2028, we will have one of the lowest flat tax rates in the nation, Katz Sapper Miller CPAs point out.)
- Not-for-profits can purchase items from vendors and also sell items and also sell items (within a $20,000 limit) s free from sales tax.
Of course, the underlying principles of estate planning law don’t change with the arrival of a new month, a new year, or even when you move to another state. The things most people want, nolo.com explains, include:
- to have their assets go to the people they want to have inherit them
- to avoid having family members being confused or angry
- to avoid unnecessary costs
- to avoid delay in settling their affairs
- to make sure your beneficiaries don’t squander what you leave them
After representing residents, business owners, and families in central Indiana through no fewer than twenty-three “July 1 before-and-after” periods, at Rebecca W. Geyer & Associates, we know: the underlying principles of estate planning have indeed remained the same – assisting clients to address their particular goals and concerns.
– by Cara Chittenden, Associate Attorney at Rebecca W. Geyer & Associates