Estate Plan

Divorce is a significant life event that has emotional, financial and practical repercussions for everyone involved. Like many people, you may easily overlook the need to update your estate plan following a divorce which can lead to unintended consequences. To ensure that your estate plan accurately reflects your new circumstances and wishes, it is essential to make specific updates after a divorce. With that in mind, the Indianapolis attorneys at Frank & Kraft explain how to update your … [Read more...] about How to Update Your Estate Plan When You Get Divorced

Estate planning is often seen as something only older adults or those with significant assets need to worry about, which is unfortunate because estate planning is equally important for young adults, especially those graduating from college. As you embark on a new chapter of independence and responsibility, creating an estate plan ensures that your wishes are honored, and your loved ones are safeguarded. To get you started, the Indianapolis attorneys at Frank & Kraft explain why a recent … [Read more...] about Why A Recent College Graduate Needs an Estate Plan

When creating your estate plan, understanding the roles of fiduciaries is crucial to ensuring that your wishes are carried out effectively and that your beneficiaries are well-protected. A fiduciary is an individual or entity entrusted with the responsibility to act in the best interest of you and/or your beneficiaries. The Indianapolis attorneys at Frank & Kraft help you understand who your fiduciaries are and the roles they fulfill within your estate plan. What Is a Fiduciary? A … [Read more...] about Who Are the Fiduciaries in My Estate Plan?

If you are wrestling with how best to distribute your estate assets among your children within your estate plan, you are definitely not alone. When it comes to estate planning, the question of whether parents should gift equally to their children often surfaces, stirring discussions on fairness, familial harmony, and practicality. Should you focus on fairness or individual circumstances? Unfortunately, there is not a “one size fits all” answer when it comes to the issue of equitable inheritance; … [Read more...] about Equitable Inheritance: Should Parents Gift Equally in Their Estate Plans?

Although your focus may be on deciding how to distribute your assets when you are creating your estate plan, you should also be aware of the impact taxes may have on your estate and on the gifts you leave behind for loved ones. Specifically, you need to understand how capital gains taxes could significantly diminish the value of assets you pass down to beneficiaries. Fortunately, there are estate planning tools and strategies that may help prevent taxes from impacting an inheritance. To help you … [Read more...] about How Does a Step-Up in Basis Benefit My Estate Plan?

While the focus of your estate plan may be to ensure that your assets are distributed according to your wishes after you pass away, you will likely try to weave several other related goals into the estate planning process. Like many people, the desire to maintain your privacy may be one of those goals. With that in mind, the Indianapolis attorneys at Frank & Kraft discuss various estate planning tools and strategies that can help you keep the details of your estate plan private. Why Does … [Read more...] about Keeping the Details of Your Estate Plan Private

Estate planning serves several crucial purposes, such as ensuring the organized distribution of assets after one's passing, protecting assets during one's lifetime, and providing financial security for loved ones in the event of death or incapacity. A comprehensive estate plan often utilizes various tools to achieve these objectives. For some people, a postnuptial agreement is one of those tools. With that in mind, the Indianapolis attorneys at Frank & Kraft discuss how a postnuptial … [Read more...] about How Does a Postnuptial Agreement Fit into My Estate Plan?

If you already have an estate plan in place, you are ahead of the majority of Americans. You also likely understand the importance of estate planning and realize the gift you are giving yourself and your family. Your estate plan, however, can only work as intended if it reflects your current needs, wishes, and goals. That means you need to review and update your plan from time to time. Toward that end, the Indianapolis attorneys at Frank & Kraft offer an estate plan review checklist to help … [Read more...] about Estate Plan Review Checklist

For an adult child with aging parents, it can be difficult to broach the subject of estate planning; however, it is also important to do so. A thorough estate plan will not just direct the distribution of assets after your parents pass away but can also protect those assets while they are still alive and ensure that their wishes are honored if they become incapacitated. While it is not necessary for you to know all the details of their estate plans, it is important for you to make sure that they … [Read more...] about Talking to Your Parents about Their Estate Plans: Questions to Ask

Not all that long ago, there was little need to define what was meant by “assets” when it came time to create an estate plan. In the 21st century, however, your “assets” can be a bit more difficult to define. In today’s digital world, some of your most expensive “assets” are not things you can see or feel. Cryptocurrency, for example, can be extremely valuable; however, it can also be difficult to understand, making it a challenge to include in your estate plan. With that in mind, the … [Read more...] about What Happens to Cryptocurrency after You Die?