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Indianapolis, Indiana Legal Blog

5 types of business structure

The type of business structure defines many things about a company in Indiana. The IRS lists five main business forms: sole proprietorship, partnership, corporation, S corporation and limited liability company.

One of the major factors determined by these structures is how the entity will pay taxes, and how much it will pay, but there are other significant differences, too. The U.S. Small Business Administration explains that these include paperwork, capital and liability, among others.

Is a special needs trust right for your family?

When you are considering your estate planning options, you may have a pretty good idea how you want to leave your assets to the next generation. If you have a disabled loved one, however, you might be wondering how you can show your care and support of that person without jeopardizing the government benefits they depend on. Luckily, there is an estate planning tool for that: the special needs trust.

 

What is included in a real estate purchase agreement?

When you buy a home in Indiana, you will sign a real estate purchase agreement. This legally binding contract will have several provisions in it.

According to Realtor.com, it is crucial for you to read and understand the terms of the purchase agreement to prevent any unwelcome surprises down the road.

Is the new tax law chilling charitable donations?

The hard, cold figures won’t be available until tax deadline day in April, but changes made by Republicans to the federal tax law will likely result in fewer donations to charities.

Donations from individuals make up about 75 percent of all the donations received by U.S. charities. Until this year, about 30 percent of tax filers itemized their deductions to include charitable donations.

Intestate succession explained

Having worked hard throughout their lives, Indianapolis residents no doubt hope that their loved one's will be able to enjoy the fruits of their labors. When the time comes for a person's accumulated assets to be distributed to their heirs, they no doubt hope to have a say in who might get what. That only comes through estate planning, which should include the preparation of detailed will and testament. Most want to able to one's to control their estate's dispersal, yet few have actually taken the steps needed to ensure it. Indeed, according to poll information shared by Gallup, just over 40 percent of American adults actually have a will. 

How is an estate handled when one dies with a will? State's have established their own processes for intestate succession ("intestate" is the legal term applied to a case where one dies without a will). Indiana's intestate succession guidelines can be found in Section 29-1-2-1 of the state's Probate Code. Here, it states that the surviving spouse of one who dies without a will receive their entire estate if they have no surviving issue (direct descendants) or parents. If the decedent does leave behind issue (that it also the issue of the surviving spouse), then the surviving spouse's share of the estate is reduced to 50 percent, while the remaining amount is distributed equally amongst the surviving issue. If the surviving issue of the decedent is not the issue of the surviving spouse, then the surviving spouse is entitled to 25 percent of the value of the decedent's property (minus any liens or encumbrances against it). 

This Small Business Saturday saw record sales

Last Saturday was a big day for small businesses here in Indiana and throughout the United States. It was Small Business Saturday. And according to estimates, consumers came out strong for this retail holiday this year.

It is estimated that $17.8 billion was spent by shoppers at U.S. independently owned stores and restaurants this Small Business Saturday. This is a new record for this retail holiday, which started in 2010.

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