Starting a small business is a dream come true for many people. If you are hoping to realize the American dream of becoming an entrepreneur, planning ahead is the key to the long-term success of your business. This is especially true if you plan to pass the business down to the next generation. In fact, the lack of planning is one of the leading reasons why so many family businesses fail to make a successful transition from one generation to the next. There are a number of strategies you can use … [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...]
When Should Inheritance Planning Begin?
You may be under the common misperception that you need to have an actual inheritance built up before the need for inheritance planning arises. In reality, however, inheritance planning should start much earlier than you likely thought it should. In fact, it is never too early to get started on your inheritance plan because a well thought out plan will do much more than just govern the distribution of the inheritance you will eventually leave behind. To help you better understand when to start … [Read more...]
Is An Inherited IRA Taxable to the Beneficiary?
In the latter half of the 20th century, employer-sponsored pensions fell out of favor leaving workers to fend for themselves when it came to retirement planning. Today, most workers start planning for their retirement early using tools such as a 401(k) or an Individual Retirement Account (IRA). When the owner of an IRA dies, the person(s) designated as the beneficiary inherits the funds remaining in the account. Both the account holder and the beneficiary need to know if an inherited IRA is … [Read more...]
Documents Needed for Estate Planning
Creating an estate plan can be an intimidating prospect if you know nothing about estate planning. In fact, one of the most common reasons people offer for not having an estate plan in place is that they simply don’t know where or how to start. Because every estate plan is uniquely geared toward the specific needs and goals of the creator, you should always consult with an experienced estate planning attorney when you are actually ready to get started on your plan. In the meantime, however, it … [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...]
What Can an Estate Plan Do for You?
You may have listened to well-meaning friends and family members tell you how important it is to have an estate plan in place; however, unless you truly understand what an estate plan can do for you, it’s hard to find the motivation to get started on your plan. The good news is that a well thought out estate plan can accomplish a wide range of inter-related goals. A better understanding of how an estate plan can protect you, your assets, and your loved ones during your lifetime and beyond may … [Read more...]
The “Queen of Soul” Left behind an $80 Million Intestate Estate
Aretha Franklin lost her lengthy battle with pancreatic cancer on August 16, 2018. According to news reports, the legendary Queen of Soul was surrounded by family and friends when she died on August 16th. For reasons that may forever remain a mystery, Aretha left behind an intestate estate estimated to be worth more than $80 million. Her four sons stand to inherit her estate pursuant to the applicable intestate succession laws. So far, her family has banded together quickly; however, as we … [Read more...]
Living Trust vs. Will
For most people, one of the primary goals of an estate plan is to ensure that the estate they leave behind is distributed according to their wishes. If that is one of your primary goals, you will need to decide which estate planning tool to use to accomplish that goal. Most people execute a Last Will and Testament initially; however, as their estate and their family grow they often decide a living trust is a better option for the foundation of their estate plan. Living trust vs. Will – a better … [Read more...]
Have Your Parents Talked to Indianapolis Estate Planning Attorneys?
It is important to make sure your parents have talked to Indianapolis estate planning attorneys if they are getting older. While it can be a sensitive subject to bring up this issue with your parents, both you and your parents could be put into a difficult and complicated situation if your parents do not have the right plans in place in case they get sick or for after their death. Frank & Kraft is here and ready to provide families with the assistance they need to make fully informed … [Read more...]
