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Probate Law News
More Than Half Of College Seniors Have Debt And 38 Percent Delay Buying A Home Due To Student Loan Debt
INDIANAPOLIS – Today Indiana House members passed Senate Bill 459, which contains an amendment offered by State Rep. Trent Van Haaften (D-Mount Vernon) that would give students graduating from Indiana’s five state universities a tax break on student loans. The vote was 89-1. Van Haaften’s amendment would create a tax deduction from adjusted gross income of $2,000 per year for student loan payments and would only be available for 10 years. The deduction is the same if Indiana couples file their taxes jointly. “
In Indiana in 2003 the average debt for undergraduate students was more than $17,000 and for graduate students it was $29,500,” said Van Haaften. “My amendment gives these students a financial boost as they pay off their college loans. My hope is that by offering this tax break, more of our students will be interested in staying in Indiana for their higher education studies and then living here upon the completion of their degrees.”
Van Haaften commented that more than half of college seniors have debt and 38 percent delay buying a home due to student loan debt. Twenty-one percent of graduates also put off having children because of their student loans. In order for Van Haaften’s amendment to become law, the Senate author of the bill will have to agree to the additional language. The bill, including the changes, will then be reviewed by a House-Senate conference committee. Senate Bill 459 would then go to the governor for final consideration.
Probate Transfers Legal Title Of Property
Probate is the means by which legal title of property transfers from the estate of the person who has died, to his or her proper beneficiaries. The term "probate" refers to proving the existence of a valid Will, or determining and proving who one's legal beneficiaries are if there is no Will. Since you can't take it with you, probate is the process used to determine who gets your property.
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Definition:
A living trust is an estate planning device that allows a person to transfer assets to one or more persons before and after they die.
Power of attorney
Definition:
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
Jointly held bank account
Definition:
A bank account that is held by two or more people each of whom has a right of survivorship.
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