Most people are familiar with the concept of a trust; however, the thought of creating a trust can be a bit intimidating. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. The Indianapolis trust attorneys at Frank & Kraft explain the different types of trusts available. Testamentary Trusts A testamentary trust is a trust that doesn’t activate … [Read more...] about Understanding Trusts
Trust in Indianapolis
One of your primary estate planning considerations should be the impact federal gift and estate taxes will have on your estate after you are gone if you have significant assets that will be left behind. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trust (“IDGT”). The Indianapolis trust attorneys at Frank & Kraft explain why you might want to create an Intentionally Defective Grantor Trust. Intentionally Defective Grantor Trust Basics An IDGT is a … [Read more...] about Understanding the Benefits of an Intentionally Defective Grantor Trust
For many people, philanthropy is part of their everyday life. If you are someone who believes strongly in charitable gifting, you may wish to continue that charitable gifting in your estate plan. While you can make charitable gifts in your Will, that is often not the best way to do so. Instead, consider using a living trust. The Indianapolis trust attorneys at Frank & Kraft explain how to make a charity the beneficiary of your living trust. Gifting to Charity Using Your Last Will and … [Read more...] about Can a Charity Be the Beneficiary of a Living Trust?
A living trust is among the most common additions to an estate plan. A living trust can be used to help with a variety of estate planning goals, including probate avoidance, incapacity planning, and asset protection. If you are considering a living trust for your estate plan, you may be concerned about the cost of administering that trust once it is active. To help you better plan your estate, an Indianapolis trust administration attorney at Frank & Kraft discusses trust administration … [Read more...] about Is Trust Administration Expensive?
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?
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?