July 1 Before-and-after Estate Planning Law in Indiana

On Behalf of | Aug 31, 2022 | estate and tax planning, Estate Planning, estate planning in Indiana


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.

  1. 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).
  2. 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.)
  3. 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