You undoubtedly know that a Last Will and Testament serves as the foundation for most estate plans. What you may not know, however, is that not all Wills are created equal. In fact, there are several different types of Wills from which to choose when creating your estate plan. The Indianapolis estate planning lawyers at Frank & Kraft offer a brief explanation of the various types of Wills to help you decide which type of Will is right for you.Simple Will -- a Simple Will is what you … [Read more...]
Ways to Avoid Probate
Your estate plan will likely attempt to achieve several important goals and objectives. For many people, one of those important goals is avoiding probate. Whether you want to avoid probate because of the cost, the time it takes, or simply because you prefer the details of your plan to remain private, you will need to incorporate probate avoidance tools and strategies into your overall plan to ensure that your goal of keeping your estate out of probate. To get you started with your probate … [Read more...]
How to Pick Fiduciary Roles in Your Estate Plan
Like most people, when you contemplate your estate plan you likely focus on how your assets will be distributed after you are gone and how those assets will be used to care for loved ones. While the decisions you make related to your assets are certainly important, they may not be the most important decisions you make when creating your estate plan. Unfortunately, some of the most important estate planning decisions are frequently made without sufficient thought or consideration. Those decisions … [Read more...]
What Is the Maximum VA Aid and Attendance Benefit?
All of us who live in the United States owe the men and women of the Armed Services a debt of gratitude we can never truly repay. The government does try, however, to show veterans, their dependents, and survivors how much their sacrifices are appreciated by providing them with a number of benefits. One program that can help veterans and their spouses put off the need to move to a long-term care facility is the Veterans Aid & Attendance program. Although the VA&A program is not a … [Read more...]
Top 3 Uses for a Revocable Trust
Originally, trusts were used almost exclusively by wealthy families to protect that wealth and pass it down to future generations. As trusts evolved, however, they became more “user-friendly.” Today, there is a specialized trust to meet almost any estate planning goal which is why trusts are so frequently found in the average estate plan. If you are considering the addition of a trust to your estate plan, it helps to learn all you can about how a trust might fit into your overall plan. Toward … [Read more...]
Strange Provisions People Included in Their Wills
Most people consider their Last Will and Testament to be a serious document that reflects their wishes for the distribution of their estate assets after they are gone. Occasionally, however, a Testator uses his/her Will to make a statement or to make a point. Such was the case in the following Wills that will undoubtedly be remembered not just by the beneficiaries and heirs of the estates, but by anyone who reads the provisions included in them. A Dog Really Is Man’s Best Friend In 2004, … [Read more...]
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 understand … [Read more...]
What Is a Revocable Living Trust?
Estate planning is often a complex endeavor that involves a wide range of inter-related tools and strategies. While each estate plan is unique, there are some tools commonly found in an estate plan. A revocable living trust is one of those tools. You should always discuss the specifics of your estate planning needs and goals with your estate planning attorney before deciding what tools and strategies are right for you; however, it also helps to familiarize yourself with some of them ahead of … [Read more...]
Are Assets in a Trust Protected from Medicaid?
Like many people, you may make it to your retirement years without ever giving the need to qualify for Medicaid a second thought because you were fortunate enough to be covered by employer-sponsored or privately purchased health insurance. As a senior, however, the likelihood that you will need to qualify for Medicaid increases substantially as a result of the high cost of long-term care. The need to qualify for Medicaid, however, could also put your retirement nest egg, or other assets, at risk … [Read more...]
CBS Tycoon Settles Elder Abuse Lawsuit
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...]
