Creating a comprehensive estate plan is typically a complex process. When done correctly, it is also a process that never really ends. Instead, your estate plan should evolve over time and grow along with your family and your estate. As your plan evolves, you will likely find the need to include additional estate planning tools and strategies that help you accomplish additional goals and fulfill the needs of your growing family. Despite the abundant tools available to help you with your estate … [Read more...] about Using a Letter of Instruction to Supplement Your Estate Plan
You have probably been counseled by well-meaning friends and family members about the importance of executing at least a basic Last Will and Testament. Unless you understand why that is so important, however, you may lack the motivation to get started on your Will. 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. What Is a Last Will and Testament? A Last Will and Testament is a … [Read more...] about What Happens to My Assets If I Die Intestate in Indiana?
Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own money for one reason or another. If you find yourself in that position, a spendthrift trust may be the solution. For those who are unfamiliar with the concept, an Indianapolis estate … [Read more...] about Can I Prevent a Spendthrift Beneficiary from Squandering an Inheritance?
The loss of a spouse is generally followed by a period of grief during which it can be difficult to focus on practical and legal tasks. If you find yourself dealing with the loss of a spouse, however, there are some important estate plan changes that you probably need to make as soon as possible. To help you get started, the Indianapolis estate planning lawyers at Frank & Kraft discuss estate plan updates for a surviving spouse. Your Last Will and Testament Along with removing your … [Read more...] about Estate Plan Updates for a Surviving Spouse
Building your asset portfolio will likely be an important goal during your lifetime. Along with ensuring that you are financially secure when you retire, you probably do this in the hope that you will also be able to pass down assets to children and/or grandchildren. If you are planning to pass down assets, deciding when to pass them down is something you need to consider. Whether assets are passed down during your lifetime or after your death can directly impact your personal taxes while you … [Read more...] about Is It Better to Gift Assets Now or After You Are Gone?
Creating a comprehensive estate plan that functions as intended can be quite the undertaking; however, it is all the best gift you can give to yourself and your loved ones. If you own property outside the State of Indiana, it is imperative that you include that property in your estate plan. To explain why it is important and how it can be accomplished, the Indianapolis estate planning lawyers at Frank & Kraft discuss how to include out of state property in your estate plan. Do You Own … [Read more...] about How to Include Out of State Property in Your Estate Plan
By now, almost everyone has at least heard the term “cryptocurrency” and some people actively buy, sell, and use cryptocurrency on a regular basis. If you own cryptocurrency, how does it fit into your estate plan? To help shed some light on the subject, the Indianapolis estate planning attorneys at Frank & Kraft explain some cryptocurrency basics and discuss how to include it in your estate plan. What Is Cryptocurrency? If you were born before the Millennial generation, cryptocurrency … [Read more...] about How to Include Cryptocurrency in Your Estate Plan
Estate planning involves more than just deciding how your assets will be distributed after your death. If you have a moderate to large estate, one of your estate planning goals should be to avoid losing part of that estate to federal gift and estate taxes. To do that, you need to understand how the tax works and what tools and strategies are available to help reduce your estate’s tax obligation. Toward that end, an Indianapolis estate planning attorney at Frank & Kraft explains the concept … [Read more...] about What Is Portability?
The aftermath of a divorce – or even the prospect of a divorce – can have a dramatic impact on everyone involved. The financial ramifications alone can last for years to come. If there are significant assets involved, the financial fallout from a divorce will almost certainly impact your estate plan as well. Whether you are simply being prudent and planning for the possibility of a future divorce or you have recently gone through a divorce, you need to consider the estate planning ramifications. … [Read more...] about How Does Divorce Impact Your Estate Plan?
The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss those decisions with others; however, you will need to share things with your estate planning attorney to create a successful estate plan that works as intended. In fact, failing to be completely open and honest with your attorney could jeopardize the success of your overall estate plan. With that in mind, the Indianapolis estate planning attorneys at Frank & … [Read more...] about 5 Things Your Estate Planning Attorney Needs to Know