Executing legally binding documents with the assistance of a good estate planning lawyer is definitely a large part of what estate planning is all about. But in addition to the legal side of things you must also take practical matters into account if you want to leave behind a turnkey situation for your family. If you use a last will to direct your future asset transfers you're going to need an executor to actually handle the hands-on tasks. This individual is going to require … [Read more...] about Estate Planning on the Practical Level
Estate Planning
Should Unsellable Sculpture Be Subject to Estate Tax?
The estate tax is very controversial in some quarters, and those who decry the tax often mention the fact that it is an instance of double taxation. You pay taxes all of your life on your income, and whatever you have left over at the time of your passing is the after-tax remainder. The critics ask why this after-tax remainder should be taxed again. The above makes sense, but the death tax is a fact of life at the present time regardless of how you feel about it. To get an idea about just … [Read more...] about Should Unsellable Sculpture Be Subject to Estate Tax?
Larry Hagman Left Valuable Property Behind
Fans of the classic television series Dallas certainly remember Larry Hagman well. He played the memorable character J.R. Ewing, the man that viewers loved to hate. We lost Larry Hagman on November 23. He had been battling throat cancer and was being treated at the Medical City Dallas Hospital in Dallas, so ironically he passed away in the city that he is so intimately connected with via his work as an actor. According to reports the estate of Larry Hagman includes some … [Read more...] about Larry Hagman Left Valuable Property Behind
Gibb Family Must Remain Patient During Probate
When you use a last will to direct the transfer of your assets the heirs to the estate do not receive their inheritances until the estate has been probate and closed. In simple cases it can take months for the process to run its course. When more complicated circumstances exist it can actually take years. This time consumption is one of the major reasons why people avoid probate. With the above in mind the case of the recently deceased singer Robin Gibb is an interesting case in … [Read more...] about Gibb Family Must Remain Patient During Probate
Indianapolis Living Trust Report Available for Download
Here at Frank & Kraft we are sincerely committed to providing members of the community with good estate planning information. We go about this in a number of different ways, and one of them is by passing along a steady stream of useful knowledge on this blog. We also conduct outreach efforts throughout the area in the form of our free seminars. In fact, there are a number of seminars coming up in January and we will pass along the details shortly. In addition to the above … [Read more...] about Indianapolis Living Trust Report Available for Download
Our Report on Wills Now Available for Download
One of the foundational elements to consider when you are taking stock of your legacy would be the vehicle or vehicles of asset transfer that you intend to utilize. There are many choices, but the most common one is the last will. These documents are pretty well understood as a way to state your final wishes in a manner that may seem rather simple and straightforward. However, last wills are not as elementary as you might think. There are websites out there claiming that anyone … [Read more...] about Our Report on Wills Now Available for Download
Including Your Grandchildren in Your Estate Plan
Grandparents who want to provide for their grandchildren have a number of options when they are engaged in the process of estate planning. First off we would like to look at the matter of education. Few things are more valuable than a good education, and college tuition is extremely expensive these days. Providing a free education to your grandchildren would certainly be a fine way to extend a hand. The fact is that there can be tax advantages that go along with paying college … [Read more...] about Including Your Grandchildren in Your Estate Plan
Make Necessary Estate Plan Adjustments When Remarrying
Estate planning is an ongoing, dynamic process. As relevant life events take place your existing estate plan must be updated. If you go even a single day without a properly constructed estate plan you are taking a significant risk. And, you will not be around to suffer the consequences. It would be your family members who would pay the price. Getting remarried is one of these life-changing events that can trigger the need for some estate plan adjustments. One thing … [Read more...] about Make Necessary Estate Plan Adjustments When Remarrying
Making Provisions for a Family Member With Special Needs
When you discuss the details of your family dynamic with your estate planning attorney, he or she will be able to make the appropriate recommendations. There is no one set course of action, and it is important to make informed decisions when you are arranging for future asset transfers. If you were to take matters into your own hands and use some type of do-it-yourself legal document to state your final wishes, you may take steps that have unintentional consequences. With this in … [Read more...] about Making Provisions for a Family Member With Special Needs
Charitable Remainder Unitrusts: A Brief Overview
If you want to set up an ongoing income stream for yourself while you simultaneously take steps to provide for your favorite charity, you may want to consider creating a charitable remainder unitrust. With these trusts, you establish a term during which you will receive annual annuity payments that must equal at least 5% and not more than 50% of the fair market value of the trust. When you are establishing the trust you name a charitable beneficiary who would benefit from the trust after … [Read more...] about Charitable Remainder Unitrusts: A Brief Overview
