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
If you have a family pet, you probably consider that pet to be a member of the family. You undoubtedly schedule regular visits to the veterinarian to make sure your beloved pet is healthy and happy as well as make plans for your pet’s care when you leave town. One thing you may not have done yet though is include your family pet in your estate plan. As part of the family though, your pet should be included in your plan. An Indianapolis estate planning attorney at Frank & Kraft discuss how to … [Read more...] about How to Include Your Pet in Your Estate Plan
An inheritance can come in many forms. One of the assets that is frequently passed down to loved ones is an IRA or 401(k) account. If you recently inherited one of these accounts, you need to understand the rules and the tax consequences that go along with your inheritance. Toward that end, an Indianapolis estate planning attorney at Frank & Kraft explains the options for an inherited IRA or 401(k). Estate Tax Basics When an individual passes away, his/her estate typically has to go … [Read more...] about What Can I Do with the IRA I Inherited?
If you do not yet have an estate plan in place, you have probably had to listen to well-meaning friends and family members nagging you about getting started on one. They do mean well, and you do realize you need a plan, so why not just use a few “Do-It-Yourself” forms you find on the internet to get your plan started? Although that may sound like a perfect solution, the Indianapolis estate planning attorneys at Frank & Kraft explain the hidden dangers inherent in DIY estate planning. Why … [Read more...] about The Danger in Do-It-Yourself Estate Planning
When drafted properly, a well thought out estate plan can accomplish a number of inter-related goals. The estate planning process, however, is something that never really ends. Instead, your estate plan should evolve over time and grow along with you, your family, and your estate. As times goes by, you will likely find that you need to include additional estate planning tools and strategies in order to fulfill the needs of your growing family and address the ever-changing goals you have for your … [Read more...] about What Is a Letter of Instruction?
A well-drafted estate plan will accomplish a wide range of estate planning goals that go beyond just deciding how your estate assets are to be distributed after you are gone. Protecting those assets while you are alive and ensuring that they are immediately available to your loved ones when they need them after your death should also be priorities within your estate plan. To ensure that your loved ones will have access to sufficient assets to cover living expenses after you are gone, you … [Read more...] about How Do I Know If My Estate Has Enough Liquidity?