As a retiree, you are likely hoping to enjoy your “Golden Years” without having to worry about finances. If you are concerned that may not be the case, your life insurance policy may be one potential source of financial assistance that you may not have considered. The Indianapolis elder law attorneys at Frank & Kraft help you decide if a senior life settlement is right for you. What Is a Senior Life Settlement? You have likely been paying the premiums on your life insurance policy for … [Read more...] about Is a Senior Life Settlement Right for Me?
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Understanding the Annual Exclusion
For many people, a successful estate plan needs to limit exposure to federal and/or state gift and estate taxes. Failing to incorporate tax avoidance strategies into your estate plan could cost your estate (and your beneficiaries) a substantial amount of money. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft explain how to benefit from the annual exclusion. Understanding Federal Gift and Estate Taxes The federal gift and estate tax is essentially a tax on … [Read more...] about Understanding the Annual Exclusion
Updated Federal Gift and Estate Tax Figures for 2023
Avoiding federal gift and estate taxes is a common estate planning goal. To successfully decrease your estate’s exposure to taxes you need to understand current tax laws and incorporate those laws into your overall asset protection strategies within your estate plan. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft explain what happens to your estate assets if you die intestate in Indiana. Federal Gift and Estate Taxes For anyone who hopes to pass down … [Read more...] about Updated Federal Gift and Estate Tax Figures for 2023
Why Estate Planning Is Important for Multi-National Couples
Over the last several decades, national borders have all but disappeared, leading to a dramatic increase in cross-border marriages in the United States. In fact, the United States Census Bureau reports that one in five marriages in the U.S. today includes a spouse born outside the U.S. Of those marriages, about 60 percent of the foreign-born spouses have become naturalized citizens, leaving the remaining 40 percent as non-citizens. If you are married to a non-citizen, the Indianapolis estate … [Read more...] about Why Estate Planning Is Important for Multi-National Couples
When Do I Need to Update a Trust Agreement?
Trust agreements are commonly found in a comprehensive estate plan. If you have established a trust agreement, you may need to update that agreement from time to time to ensure that the trust functions as intended. To help you keep your trust up to date, the Indianapolis trust attorneys at Frank & Kraft explain when you need to update a trust agreement. Contact Indianapolis Trust Attorneys For more information, please join us for an upcoming FREE seminar. If you have additional … [Read more...] about When Do I Need to Update a Trust Agreement?
Understanding Beneficiaries and Heirs
Estate planning can be an intimidating process for the average person. One reason for this is that estate planning includes concepts and legal jargon with which the average person is unfamiliar. For example, the words “beneficiaries” and “heirs” are often used interchangeably when, in fact, they are not the same thing. The Indianapolis estate planning attorneys at Frank & Kraft help you understand the relationship between your beneficiaries and heirs. Beneficiaries and Heirs It may … [Read more...] about Understanding Beneficiaries and Heirs
Under a General Power of Attorney, Are There Limits to an Agent’s Power?
A power of attorney is one of the most used estate planning tools. At some point in your life, you will likely execute a Power of Attorney and/or be named as an Agent under someone else’s Power of Attorney. Despite how common these documents are, several misconceptions remain about the power granted when you execute a Power of Attorney. To help clear some of those up, the Indianapolis estate planning attorneys at Frank & Kraft explain the limits to an Agent’s authority under a General Power … [Read more...] about Under a General Power of Attorney, Are There Limits to an Agent’s Power?
Asset Protection Planning for Seniors
While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools and strategies in your estate plan that help to protect those assets while you are alive. Asset protection planning should be included in your estate plan throughout your lifetime; however, when you reach your retirement years, you may need to review and revise some of your asset protection planning tools and strategies. To help you better … [Read more...] about Asset Protection Planning for Seniors
How the SECURE Act Impacted Your Stretch IRA
Today, few employers fund pensions and Social Security retirement benefits have not kept up with the cost of living. Consequently, many of my clients contribute to an Individual Retirement Account (IRA) during their working years to ensure they have sufficient assets available when they retire. If your IRA is a “stretch IRA” it is crucial to understand how the recently enacted SECURE Act impacts that account. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft … [Read more...] about How the SECURE Act Impacted Your Stretch IRA
Top 10 Estate Planning Tips
If you are like the average person, you recognize the need to have a comprehensive estate plan in place, but beyond that estate planning remains somewhat of a mystery. Estate planning encompasses much more than just deciding how your estate will be distributed after you are gone. Likewise, an estate planning attorney can do much more for you than you probably realize. The Indianapolis estate planning attorneys at Frank & Kraft explain 10 things about estate planning that you might not … [Read more...] about Top 10 Estate Planning Tips
