Keeping Up to Date on Estate Planning Options

Michael V. Riley, Attorney

1024 N. Karwick Road (Harbour Trust Building)

Michigan City, IN 46360

Phone

219 879-4925 

E-mail

michaelvrileylaw@gmail.com

Michael V. Riley's law office hours are by appointment only. We are closed on Tuesday and Thursday.  Please call 219 879 4925 to schedule an appointment

The Indiana Inheritance Tax Law was repealed, effective January 1, 2013. Simply put, the state of Indiana cannot charge any death tax on an inheritance for a person who died after 12/31/12.  Remember, however, that the Federal Estate Tax still applies for persons whose taxable estate is greater than the Federal equivalent exemption amount of $12,920,000.00.  This exemption amount is scheduled to be increased each year.  The law which creates the Federal Estate Tax equivalent exemption will "sunset" in 2026.  Unless Congress creates new legislation prior to that "sunset", the equivalent exemption will be $5,490,000.00 beginning in 2026.