If you are fortunate enough to be the beneficiary of a trust, it means that you are entitled to benefit from the assets held by the trust. It also means that you are dependant on the Trustee of the trust to protect and grow those assets. The vast majority of the time this relationship works exactly as intended; however, there are times when it does not. As the beneficiary of a trust, can you do anything if the Trustee is not performing as he/she should? Can the Trustee be removed? The … [Read more...]
Is Probate Necessary in Indiana?
When a family member or close friend passes away it is usually difficult for surviving loved ones to see past their grief. Someone, however, must focus on the practical and legal ramifications that accompany death. If you recently lost someone close to you and you find yourself contemplating those practical and legal ramifications, one of the first of them will undoubtedly involve the potential need to probate the estate. More specifically, you will need to know if probate is necessary in … [Read more...]
What Does It Mean to Administer a Trust?
A trust is among the most common additions to a comprehensive estate plan. Every trust must have a Trustee, appointed by the creator of the trust, who is responsible for administering the trust. Administering a trust is often a complex and time-consuming job – something that many first-time Trustee’s don’t find out until after accepting the appointment. In fact, given the financial and legal skills frequently required to successfully administer a trust, it is often wise to appoint a … [Read more...]
How Can I Avoid Medicaid Spend-Down?
Creating a successful estate plan requires you to contemplate a number of potential scenarios, including the possibility that you (or a spouse) will need long-term care in the future. Factoring this possibility into your estate plan is crucial because of the high cost of that care and the related likelihood that you will need to qualify for Medicaid to help pay for that care. If you fail to plan for the possibility that you will need to qualify for Medicaid, you could face the loss of assets as … [Read more...]
How Can I Protect My Assets from Nursing Home Care?
As much as you probably don’t want to think about it, the reality is that you may end needing nursing home care at some point later in your life. If the need for nursing home care does come to pass, you may find the cost of that care to be staggering. More importantly, the cost of that care could put your hard-earned assets at risk if you didn’t plan ahead. The Indianapolis Medicaid planning attorneys at Frank & Kraft explain how you can protect your assets from the high cost of nursing home … [Read more...]
Should I Leave My Children a Lump Sum Inheritance?
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. In fact, the Carmel living trust attorneys discuss why you might not want to leave your children a lump sum inheritance in your estate … [Read more...]
Should I Buy a Pre-Paid Funeral Plan?
If you have ever lost someone close to you, the grief and is something you understand. You would undoubtedly prefer to spare your loved ones from having to go through that same grief following your own death. Unfortunately, there is no way to shield your loved ones from the emotional impact of your passing; however, you can spare them most of the stress and anxiety associated with planning and funding your funeral and burial by planning everything yourself within your estate plan. If you do … [Read more...]
Indiana Ranks in the Middle for Elder Abuse Protection
As the Baby Boomer generation moves into their retirement years, the number of older Americans continues to increase at a historic rate. In fact, the U.S. Census Bureau expects the population aged 65 and older to nearly double from 43.1 million in 2012 to 83.7 million in 2050. For the first time in history, the number of older adults (age 65 and older) is expected to outnumber their younger counterparts (age 21 and younger) that same year. With the increase in seniors, we are also experiencing a … [Read more...]
How Much Discretion Should Your Trustee Have?
Once you outgrow your initial estate plan, you will likely find that you need to incorporate a wide range of estate planning tools and strategies to ensure that your plan will achieve the ever-expanding list of inter-related goals now included in your plan. One of the tools you may choose to utilize is a trust. Trusts have become increasingly popular, due in large part to the flexible nature of a trust. When creating your trust you must focus on how the trust will be administered, starting with … [Read more...]
What You Don’t Know about Medicaid Could Hurt You
You may have made it through your entire life without giving Medicaid a second thought; however, there is a very good chance that as a senior you will find yourself turning to Medicaid for help covering the high cost of long-term care. With that in mind, it makes sense to learn more about the Medicaid program now. In fact, as the Carmel Medicaid planning attorneys at Frank & Kraft explain, what you don’t know about Medicaid could hurt you.What Don’t You Know?Medicaid is a healthcare … [Read more...]
