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Indiana lets qualifying heirs of a person who dies without a will avoid probate through a small estate affidavit. Beneficiaries of a small estate can usually claim bank accounts and other estate ...
The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased.
In most states, the elective share is between one-third and one-half of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the ...
The probate court will then oversee the process of distributing the deceased's assets to the proper beneficiaries. A probate court can be petitioned by interested parties in an estate, such as when a beneficiary feels that an estate is being mishandled. The court has the authority to compel an executor to give an account of their actions.
Indiana does not levy an estate tax. Residents of the state may still have to pay the federal estate tax, though, if their estates are worth enough. This guide is for Hoosiers who are starting to ...
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related to: probate estimate value of estate in indiana today