Estate Planning

Wills

It has been said that if you do not have a will, the State of Indiana has drafted one for you.  There is a great deal of truth in that statement as there are certain laws in the state that will direct the distribution of your estate (all that you own) to your heirs after your death if you fail to create and execute your own will. Wills can be rather simplistic or, complicated and detailed, depending on a number of factors, including your stage in life, your potential heirs, your assets and their complexity, as well as your debts.  Jensen & Associates is ready to help you and your spouse prepare estate documents that will comply with your directions.  We work not only with you, but, if necessary, with your accountant or CPA in a combined effort to pass as much as possible to your designated heirs.

Trusts

Basically, a trust accomplishes the same thing as a will, but provides a different layer of protection.  Generally, for a will to be effective, you need to die first.  If, however, you use a trust, there is usually a provision to allow someone (a “Trustee”) to act in your behalf while you are still alive, but unable to act.  Trusts can also be used to pass the maximum amount allowable without tax, to your survivors. If the size of the estate warrants it, we work closely with your advisors and have access to others that will help you maximize your estate for the benefit of you and your heirs.

Estate Planning

Estate planning is a systematic means of looking at your assets and making every effort to maximize the distribution to your heirs.  It may involve business succession planning; asset planning; pre death distributions and any other number of mechanisms designed to lower your taxes and pass to your heirs the maximum amount allowed by law, while minimizing your tax obligations. On estates of significant size, it is our desire to work closely with your financial advisor and/or accountant to accomplish your goals.

Estate Probating

Probate is the process that one goes through to settle an estate.  It can be an expensive process, but we believe very strongly at Jensen & Associates that it should not be that expensive.  If, for whatever reason the heirs fight over the estate, it can become expensive.  However, if the documents are prepared correctly, it can greatly minimize any problems between the heirs with respect to the distribution of the estate. Probating an estate is the process of settling the estate through a court.  When filed with the court, an estate can be either supervised or unsupervised.  The difference is that in a supervised estate everything that is done must be approved by the court.  If an estate is contested the estate will generally be supervised and often times, if not settled by the mediation process, will have to be resolved by a trial.  Jensen & Associates works hard to avoid such conflicts in settling an estate, but when they happen, we are prepared to take the matter to trial if necessary to protect our client’s interests.

Small Estates

Indiana has a procedure that, generally speaking, allows one to settle, without having to go through the probate process, estates where the net amount of the estate is less than $50,000.  It does not always work, as sometimes assets are held in such a way that a court order is required to gain access to them.  However, if the net estate is valued at less than $50,000, it often provides a relatively quick and inexpensive means of settling the estate of a loved one.