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Home » Why You Should Consider Advanced Estate Planning

Why You Should Consider Advanced Estate Planning

October 1, 2010Asset Protection, Estate Planning

Basic estate planning is fine if your estate is simple and doesn’t require a great deal of arrangements. If, however, your estate has any special circumstances, you may want to consider advanced planning. It can help ease the estate settlement process for your family in three ways.

Protect Your Belongings

Through features such as Irrevocable Trusts, Advanced Estate Planning offers protection for your belongings. Asset protection keeps your retirement funds and your property safe from being taken to settle a debt or to pay for a negligent lawsuit. By keeping your belongings safe, you can secure your retirement income and ensure that your loved ones’ will be financially protected after you are gone.

Leave a Special Inheritance

Advanced Estate Planning allows you to create special inheritances. You can construct a Pet Trust to pay for your furry loved one’s medical and daily care. You can also create a Special Needs Trust for a family member who is disabled. You can even leave a legacy to your family via a Lifetime Trust or a Generation Skipping Trust. To help a worthy cause close to your heart, make a Charitable Trust. Trusts provide the flexibility not found in basic Estate documents.

Lower Estate Taxes

If you expect your estate to be above the estate tax exemption level, you may wish to use Advanced Planning to reduce the tax burden for your family. If you are already using Irrevocable Trusts for special inheritances or to protect your assets, you will also have the advantage of estate tax relief.

Trusts can also be used to house a Life Insurance Policy. By moving the policy to Irrevocable Trusts, they will no longer be part of your taxable estate. The Trust will even provide relief on your spouse’s taxable estate.

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Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
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