For many people, life insurance plays an integral role in their comprehensive estate plan. If you purchased a life insurance policy several years ago, it may be time to re-evaluate that policy. If there have been changes to your family and/or your estate, you may need to make corresponding changes to your life insurance policy. To help you get started, the Indianapolis estate planning attorneys at Frank & Kraft help you figure out if you have the right type and right amount of life … [Read more...] about Do You Have the Right Type and Amount of Life Insurance?
For many people, life insurance plays an integral role in their estate plan. Exactly what role it plays, and how much life insurance is necessary, can be difficult to determine though. Moreover, both the type and amount of life insurance you need can change over the course of your lifetime.An Indianapolis estate planning attorney at Frank & Kraft helps you decide what type and how much life insurance is right for you. Not All Life Insurance Is Created Equal Deciding how much … [Read more...] about How Does Life Insurance Work in My Estate Plan?
Like many of today’s seniors, you may be struggling to pay your bills with just a meager fixed income despite having worked hard all your life. What you may not realize is that you may have a hidden asset that can help. That life insurance policy you have been paying premiums on for years, even decades, may be more valuable to you than you realize. The Indianapolis estate planning attorneys at Frank & Kraft explain the hidden value in your life insurance. Do You Own a Life Insurance … [Read more...] about The Hidden Value in Your Life Insurance
The matter of postmortem planning is something to take into consideration when you are planning ahead for the inevitable. Yes, you do have to execute all the appropriate estate planning documents. The basic estate plan would include a will and/or a trust, a living will, and durable powers of attorney at minimum. You may have life insurance as well, and if you do you must let someone know about your policy or policies. If you use a last will to direct asset transfers the person … [Read more...] about Postmortem Planning & Your Insurance Policies
Estate planning is a long-term process, and this is one of the reasons why you should think in terms of developing an ongoing working relationship with your estate planning attorney from the start. Things change in your life, and invariably these changes are going to call for estate plan updates. Some of the changes are quite positive, such as additions to the family or an improved financial standing. Unfortunately, others are necessary because someone that you love passes … [Read more...] about Speak With Attorney After Spouse Passes
Throughout our lives the goal is to accumulate financial resources. This is not just a self-serving endeavor; if you have a firm financial underpinning you will be in a position to provide opportunities to your family members and perhaps even engage in philanthropic activities that benefit the community as a whole. While it could seem as though financial success is nothing but positive, the fact is that you must be careful as you are planning your estate if you have been fortunate … [Read more...] about Life Insurance Proceeds Should Be Properly Positioned
Life insurance serves a number of purposes in the estate planning realm, and it is most commonly utilized as a vehicle of income replacement. Many younger adults fail to make preparations for the future because they feel as though this is something that only older people have to concern themselves with. But in fact, the children of senior citizens are probably going to be self-supporting. When you have dependent children estate planning is quite relevant, and making sure that you … [Read more...] about Balancing Inheritances
Estate planning attorneys will emphasize the importance of estate planning for people of all ages, even if you don't have a lot of financial resources to pass on to your loved ones. One of the primary reasons for this is because if you're like most people, your family relies on your income to maintain their quality of life. If you were to die suddenly in an accident or due to a catastrophic medical event, your family would be left in a very difficult situation financially as well as … [Read more...] about Life Insurance Can Serve Multiple Purposes
If you're like a lot of people your first exposure to life insurance takes place when you are offered it on the job as one of your benefits. If you are young and single at that time you may feel like it is nice to be able to leave your loved ones enough to handle your final expenses, but beyond that it may not seem especially important. However, as you enter different stages of your life and people come to rely on your income, life insurance takes on added significance. Clearly, … [Read more...] about Estate Planning: Life Insurance Is Key
When you are planning your estate after having worked for a company all of your life, you have particular challenges. However, small business owners who are involved in partnerships have many of the same circumstances to address and then some. When you are working for someone else or retired, your assets are your own to situate as you see fit. But when you are the co-owner of a business, your share may represent a large portion of your overall net worth. So when you are planning your estate … [Read more...] about Buy Sell Agreements For Small Business Succession