Although you may be unfamiliar with the name “Sumner Redstone,” you are probably not unfamiliar with what he has accomplished over the course of his lifetime. He remains the majority owner of CBS Corp. and Viacom Corp. along with his daughter Shari Redstone and was executive chairman of both companies before stepping down in 2016 at age 92. Forbes magazine has estimated his worth at $4.5 billion. Just recently, Redstone’s attorneys conceded that he had become incapacitated, and he was placed … [Read more...]
About Paul A. Kraft, Estate Planning Attorney
What Happens If a Trustee Is Unable to Serve?
Although every estate plan is as unique as the person who creates the plan, there are some common tools and strategies found in the average plan. One of those is a trust agreement. If you elect to incorporate a trust into your estate plan, one of the most important decisions you will need to make is deciding who to appoint as your Trustee. What happens though, if that Trustee is unable, or unwilling, to serve? A Carmel trust administration attorney explains what happens if your designated … [Read more...]
When Should Inheritance Planning Begin?
You may be under the common misperception that you need to have an actual inheritance built up before the need for inheritance planning arises. In reality, however, inheritance planning should start much earlier than you likely thought it should. In fact, it is never too early to get started on your inheritance plan because a well thought out plan will do much more than just govern the distribution of the inheritance you will eventually leave behind. To help you better understand when to start … [Read more...]
What Assets Can You Have and Still Qualify for Medicaid in Indiana?
Seniors are often surprised when they realize they may need to rely on Medicaid to help them cover the high costs associated with long-term care. Even more worrisome are the eligibility guidelines that include both income and asset limits that can put your retirement nest egg at risk if you failed to plan ahead. The best way to prevent that from happening to you is to know what assets you can have and still qualify for Medicaid in Indiana. By including a Medicaid planning component in your … [Read more...]
Is a Trustee Held Personally Liable for Mistakes?
If you recently learned that you were appointed to be the Trustee of a trust, and this is the first time you have served as a Trustee, you probably have a number of questions. At the top of that list may be your concerns over the possibility of being held personally liable if you make a mistake. To help you better understand your role as Trustee, the Carmel trust administration attorneys at Frank & Kraft explain when a Trustee can be held personally liable for mistakes. What Does … [Read more...]
Is An Inherited IRA Taxable to the Beneficiary?
In the latter half of the 20th century, employer-sponsored pensions fell out of favor leaving workers to fend for themselves when it came to retirement planning. Today, most workers start planning for their retirement early using tools such as a 401(k) or an Individual Retirement Account (IRA). When the owner of an IRA dies, the person(s) designated as the beneficiary inherits the funds remaining in the account. Both the account holder and the beneficiary need to know if an inherited IRA is … [Read more...]
5 Steps in Creating a Trust
Although a Last Will and Testament will likely remain the foundation of your estate plan, as both your family and your estate grow, so will your estate plan. Additional estate planning tools and strategies will be incorporated into your plan to ensure that all your estate planning goals are met. One of the most common tools is a trust. If you decide to include a trust in your estate plan, you should work with an experienced trust attorney during the creation of the trust. It may help, however, … [Read more...]
What Is a Community Spouse?
Are you prepared for the very real possibility that you, or your spouse, will need long-term care when you are older? If not, now is the time to start preparing by incorporating Medicaid planning into your overall estate plan. Doing so may also help dispel some of the myths and misconceptions you have about Medicaid, such as the widely held belief that your spouse will end up with nothing if you need to qualify for Medicaid to help pay for nursing home care. The Indianapolis Medicaid lawyers at … [Read more...]
How Might Estate Taxes Threaten Your Assets?
When most people think about the need for an estate plan, they focus on the desire to control how their estate assets are handled after they are gone. While this certainly remains an important aspect of estate planning, a comprehensive estate plan should also protect those assets while you are alive so there are assets left to pass down when you are gone. Toward that end, it is imperative to recognize, and plan for, the various potential threats to your assets within your estate plan. For … [Read more...]
Documents Needed for Estate Planning
Creating an estate plan can be an intimidating prospect if you know nothing about estate planning. In fact, one of the most common reasons people offer for not having an estate plan in place is that they simply don’t know where or how to start. Because every estate plan is uniquely geared toward the specific needs and goals of the creator, you should always consult with an experienced estate planning attorney when you are actually ready to get started on your plan. In the meantime, however, it … [Read more...]
