Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own money for one reason or another. If you find yourself in that position, a spendthrift trust may be the solution. For those who are unfamiliar with the concept, an Indianapolis estate … [Read more...] about What Is a Spendthrift Trust?
Trust in Indianapolis
When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of a trust, and you have never before administered a trust, you may be a bit intimidated at the prospect of doing so. The Indianapolis trust administration attorneys at Frank & Kraft offer a trust administration checklist for the new Trustee. What Does It Mean to Administer a Trust? The Trustee’s overall job is to administer the … [Read more...] about Trustee Checklist for Administering a Trust
Deciding who you wish to pass down your assets to is only the first step in estate planning for most people. You may also need to decide how you wish to pass down those assets. This is particularly true if you have a beneficiary to whom you are hesitant to gift a large lump sum inheritance. The Indianapolis trust attorneys at Frank & Kraft explain how to use a living trust to avoid leaving a lump sum inheritance. Traditional Gifting For most people, a Last Will and Testament serves as … [Read more...] about How to Use a Trust to Avoid Leaving a Lump Sum Inheritance
Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that a trust can help an estate avoid probate. If you are the beneficiary of a trust, however, you may wonder if you can contest a trust. The Indianapolis trust attorneys at Frank & Kraft discuss when and how a trust can be contested. Trust Fundamentals A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. A trust … [Read more...] about Can I Contest a Trust?
Ideally, when a trust is created, the trust creator should discuss the position with a potential Trustee before naming that person in the trust agreement. Unfortunately, however, that does not always happen. Now that you find yourself as a Trustee, do you need an attorney to help you? The Indianapolis trust administration attorneys at Frank & Kraft explain why retaining an attorney to help you administer a trust is usually a wise decision. Trust Fundamentals A trust is a relationship … [Read more...] about If I Am the Trustee, Do I Need an Attorney to Administer the Trust?
If you plan to gift assets to a minor child, extra care must be taken to ensure that those assets are protected and responsibly managed until the child reaches the age of majority. One way to do that is by establishing a Uniform Transfers to Minors Act (UTMA) account. Another is by establishing a trust. The Indianapolis trust attorneys at Frank & Kraft discuss whether a UTMA account or a trust is the better option to protect your child’s inheritance. Why Was the UTMA Created? The … [Read more...] about What Is the Uniform Transfers to Minors Act?
A comprehensive estate plan can help you accomplish various goals; however, to do so you will likely need to make use of several different estate planning tools. Trusts, for example, are commonly found throughout the average estate plan. Trusts have evolved to the point where there are a variety of highly specialized trusts that serve very specific purposes. One such trust is an irrevocable life insurance trust, or ILIT. The Indianapolis trust attorneys at Frank & Kraft explain why you might … [Read more...] about Can a Beneficiary Also Be the Trustee of an ILIT?
If you were recently informed that you are the Trustee of a trust, and this is the first time you have served as a Trustee, you may not know where to begin or exactly what your duties and responsibilities as a Trustee will be. Unfortunately, people often appoint a spouse, friend, or family member as the Trustee of their trust without discussing the appointment with the prospective Trustee ahead of time. Consequently, it is not unusual for a new Trustee to feel a bit overwhelmed. Specific … [Read more...] about Trust Administration Tips for the New Trustee
As your estate plan grows and expands, you will incorporate a variety of estate planning tools and strategies into that plan. One of the most common of those is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee for that trust. Can you appoint yourself to be the Trustee of your own trust? The Indianapolis trust attorneys at Frank & Kraft explain when you can be the Trustee of your own trust. What You Need to Know About Trusts A trust … [Read more...] about Can I Be the Trustee of My Own Trust?
As your estate plan grow, there is a high probability that you will eventually incorporate a trust into that plan. If so, you will need to appoint a Trustee to administer the trust. One question you may have at that point is “How is a Trustee compensated?” The Carmel area trust attorneys at Frank & Kraft explain the basics of trust administration, including Trustee compensation. Trust Basics A trust is a legal relationship where property is held by one party for the benefit of another … [Read more...] about How Is a Trustee Compensated?