Many people choose to include at least one trust in their comprehensive estate plan. If that includes you, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. In addition, you will need to decide how much discretion your Trustee will have. Toward that end, the Indianapolis trust attorneys at Frank & Kraft discuss how much discretion your Trustee should have. Trust Basics A trust is a relationship whereby property is held … [Read more...] about Trustee Discretion – How Much Is Too Much?
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How Do I Apply for Medicaid in Indiana?
Do you need to apply for Medicaid for seniors in Indiana for yourself or for a loved one? If so, and you are unfamiliar with the Medicaid program, it can be a little intimidating. To help get you started, the Plainfield area Medicaid lawyers at Frank & Kraft explain how to apply for Medicaid in Indiana. Why Would I Need Medicaid? Throughout your working years, you may have relied on employer sponsored or privately purchased medical insurance to cover your medical expenses. As you … [Read more...] about How Do I Apply for Medicaid in Indiana?
Should I Create a Secret Trust?
There is a very good chance you will decide to incorporate at least one trust into your estate plan given how popular trusts are. In fact, you might choose to create a secret or semi-secret trust. A Plainfield area trust attorney at Frank & Kraft explains what a secret trust is and why you might want one. The Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person executing the Will) to … [Read more...] about Should I Create a Secret Trust?
How Do I Become My Father’s Guardian?
As an adult child, watching your parent deteriorate physically and/or mentally can be heart-wrenching. If you are lucky, your parent will deteriorate slowly and never completely lose control of his/her faculties. Sometimes, however, a parent’s physical and mental condition reaches a point at which you may need to step in and take control to prevent serious injury or victimization. If you find yourself at that point with your father, it may be time to consider petitioning for guardianship over … [Read more...] about How Do I Become My Father’s Guardian?
Estate Planning for Parents with Young Children
Estate planning is something that every adult should think about and work on with an experienced estate planning attorney. For the parents of minor children, however, having an estate plan in place takes on heightened importance. Although no parent wants to dwell on the possibility that something could take them away from their children, the reality is that death or incapacity could do just that at any time and without warning. To help you get started with your estate plan, an Indianapolis … [Read more...] about Estate Planning for Parents with Young Children
Guidelines for an Executor of an Estate in Indiana
Last Will and Testament Almost one-half of American adults do not have so much as a basic Last Will and Testament in place. In the absence of a Will, the state intestate succession laws decide who will get all of your assets when you pass. For this reason alone, executing a Will should be a top priority. When you create your Will, you will be required to appoint an Executor. After you pass, your Executor will oversee the probate of your estate. Executors play a vital role in ensuring that … [Read more...] about Guidelines for an Executor of an Estate in Indiana
Estate Planning for the Blended Family
The divorce rate in the U.S. continues to hover around 50 percent for a first marriage. Many of those divorces result in a remarriage, making blended families common in the U.S. If you are part of a blended family, you know the hard work it takes to successfully blend two existing families into one harmonious new family. One thing you don’t want to overlook when creating a blended family is the importance of a having a comprehensive estate plan in place. Toward that end, a Plainfield area estate … [Read more...] about Estate Planning for the Blended Family
Does Indiana Have an Inheritance Tax?
When most people think about estate planning, they think about making decisions regarding the distribution of their estate assets when they are gone. While that is certainly an important part of an estate plan, it shouldn’t be the only consideration when you create your estate plan. For example, the impact taxes will have on your plan should also be taken into consideration. An Indianapolis estate planning attorney at Frank & Kraft discusses whether you need to worry about an Indiana … [Read more...] about Does Indiana Have an Inheritance Tax?
Wills and Trusts General Information
You will likely use a simple Last Will and Testament as the foundation for your initial estate plan. Over the course of your lifetime though, your estate and your family may grow, calling for additional estate planning strategies and tools to address that growth. For many people, adding a trust is the next step. You may even decide to rely on that trust as your primary vehicle for the distribution of your estate assets. To help you learn more about both, an Indianapolis estate planning attorney … [Read more...] about Wills and Trusts General Information
5 Ways to Avoid Probate
Probate avoidance is among the most common of all estate planning goals. If you hope to limit, or even eliminate, your estate’s exposure to the probate, you must plan accordingly. Toward that end, an Indianapolis estate planning attorney at Frank & Kraft explains five ways to avoid probate. What’s the Big Deal about Probate? When an individual dies, the assets owned by that individual at the time of death make up the decedent’s estate. Probate is the term given to the legal process … [Read more...] about 5 Ways to Avoid Probate
