A Power of Attorney is one of the most commonly used estate planning documents due in large part to how flexible it can be. Consequently, most people are familiar with what a Power of Attorney does and how to use one. When all goes as planned, a Power of attorney is extremely useful and easy to use; however, what happens when all doesn’t go as planned and your Power of Attorney appears to be powerless? The Carmel estate planning attorneys at Frank & Kraft explain what to do when a third … [Read more...] about Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority
Estate Planning
Will Millennials Ever See the Wealth of the Baby Boomer Generation?
The older population in the United States is already making history as the largest population of seniors ever recorded. A primary reason for the dramatic increase in the number of older Americans is the aging of the Baby Boomers. As they move into their retirement years, they are breaking records causing everyone to take notice. Not surprisingly, the largest senior population in history also has a historic amount of wealth. Traditionally, experts would expect that wealth to be passed down to … [Read more...] about Will Millennials Ever See the Wealth of the Baby Boomer Generation?
Is a Family Limited Partnership Right for My Business?
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...] about Is a Family Limited Partnership Right for My Business?
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...] about When Should Inheritance Planning Begin?
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...] about Is An Inherited IRA Taxable to the Beneficiary?
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...] about Documents Needed for Estate Planning
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 … [Read more...] about Should I Leave My Children a Lump Sum Inheritance?
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, … [Read more...] about The “Queen of Soul” Left behind an $80 Million Intestate Estate
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 … [Read more...] about Have Your Parents Talked to Indianapolis Estate Planning Attorneys?
How Does a Veteran Qualify for Aid and Attendance?
A veterans benefits attorney at Frank & Kraft can provide personalized assistance to veterans and their families in taking steps to qualify for aid & attendance benefits. Veterans may be entitled to receive many important benefits as they age as a result of their selfless service. Many of these benefits can be invaluable to aging veterans who may need costly care when they develop age-related disabilities or become hurt or sick. Navigating the VA system to obtain … [Read more...] about How Does a Veteran Qualify for Aid and Attendance?
