CALL US AT 812-477-6221

Indiana State Budget Signed

PWP Estate Tax Blog Pic

Indiana State Budget Signed

On May 8, Indiana Governor Mike Pence signed the biennial state budget into law.  Two noteworthy items in this bill include (1) a full (immediate) repeal of the Indiana inheritance tax retroactive to January 1, 2013 and (2) an upcoming reduction in individual income taxes.  Indiana’s current individual income tax rate is 3.4% which will be reduced to 3.3% in 2015 and then further to 3.23% in 2017.  Although the governor had been proposing a 10% reduction in income taxes, ultimately a 5% reduction was included in the bill.

For estate planning purposes, the immediate repeal of the inheritance tax creates a different landscape for many high net worth families. This change combined with the highest federal estate tax exemption in history will eliminate the need for more and more families to pursue estate tax planning.  The focus for these families now shifts to true estate planning- ensuring family goals are accomplished over multiple generations. 

Payne Wealth Partners planning team is dedicated to helping families navigate these types of legislative changes in relation to their personal goals.

Author: Terry Prather, CFP®, ChFC® (bio)

Direct Phone: 812-602-6307

Email: twprather@paynewealthpartners.com

start-the-conversation

The information in this material is only as current as the date indicted, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements.

Contact Our Offices

Payne Wealth Partners, Inc.
Keystone Financial Consulting
601 N Cross Pointe Blvd
Evansville, IN 47715
Phone: 812-477-6221
Toll Free: 888-477-6221
  • YouTube
  • Follow us on twitter
  • Follow us on facebook
  • Follow us on linkedin
  • GooglePlus