As we embark on the twelfth year of our Geyer Law blog (and our twenty-sixth year providing legal services in central Indiana), we can’t help reflecting on the statement made by Jean-Baptiste Alphonse Karr so many years ago: “The more things change, the more they stay the same”…
To be sure, there have been many changes in both federal and Indiana law over the years. For example, back in 2013, Indiana totally repealed its inheritance tax, which had long been an important factor in Hoosiers’ planning. A year later, same sex marriage became legal in our state. In 2016, ABLE (529A) accounts were approved, allowing individuals with disabilities to save for their future without jeopardizing access to public benefits. This past year, the rule regarding how long trusts may last was changed from 90 years to 360 years.
Over the years, changes in technology have had powerful effects on our work. Virtual consultations are frequently requested by our clients, and since 2021, electronic execution of estate planning documents has been legal in Indiana. At the same time, the widespread adoption of internet technology has emphasized the importance of creating digital inventories and authorizing others to access and transfer those assets during incapacity or after death. With reproductive technology including in vitro fertilization, the process of embryo donation has become a legal matter to be included in estate planning. Meanwhile, with life expectancies having increased, long term care and insurance planning have become ever more important. The growth of the “gig economy” has made business succession planning a central driver of estate planning decisions. But even with all these and many other changes, the essential goals of estate planning have remained the same, requiring, as Melissa O’Rourke of Iowa State University stresses, careful consideration and planning, as:
- ensuring that your assets are distributed the way you want to the individuals and the charitable causes you care about most
- designating the power to make financial and healthcare decisions on your behalf if you become incapacitated
- specifying your preferred funeral and burial preferences
- preventing disputes and misunderstandings among your heirs
Even as we “turn the page” to usher in a new year, we know that when it comes to the practice of estate planning law in Indiana, at Geyer Law, our essential goals will stay the same.
– by Rebecca W Geyer
