Funeral planning may not be the first thing you think about when you contemplate your estate plan; however, it is something that you should consider including. If you do decide to incorporate a funeral planning component in your estate plan you may choose to create a special type of trust known as an Irrevocable Life Insurance Trust, or ILIT. The Indianapolis estate planning attorneys at Frank & Kraft explain how an Irrevocable Life Insurance Trust, commonly referred to as an ILIT, might fit … [Read more...] about How Does an ILIT Fit Into My Estate Plan?
Trust in Indianapolis
A comprehensive estate plan typically requires you to incorporate a variety of estate planning tools and strategies into your plan. One of the most common of those tools is a trust. If you are contemplating the use of a trust in your estate plan, one of the most important decisions you will need to make when you create your trust is who to appoint as your Trustee. You will first need to decide if you wish to appoint a layman or a professional, such as a trust administration attorney, as your … [Read more...] about Should I Appoint an Attorney to Be My Trustee?
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 Trust Administration Steps
To ensure that your estate doesn’t lose assets to federal gift and estate taxes you may need to include tax avoidance strategies in your estate plan. One estate planning tool that can provide tax avoidance benefits is a Grantor Retained Income Trust, or GRIT. Always consult with your estate planning attorney before deciding what tools to incorporate into your estate plan. In the meantime, however, the Indianapolis trust attorneys at Frank & Kraft explain how a Grantor Retained Income Trust … [Read more...] about Should You Establish a Grantor Retained Income Trust?
When you make gifts in your estate plan, you often have some idea how you hope those gifts are used by the recipients. In fact, it may be very important to you that assets are used in a specific way or for a specific purpose. One way to help make that happen is to gift the assets using an incentive trust. The Indianapolis trust attorneys at Frank & Kraft explain how an incentive trust can help ensure that assets you gift are used as intended. Trust Basics A trust is a fiduciary … [Read more...] about How Can I Make Sure the Assets I Gift Are Used as Intended?
As the beneficiary of a trust, you are entitled to benefit from the assets held by the trust. You must depend on the Trustee of the trust to protect and grow those assets. What happens if the Trustee is not doing his/her job properly? Can you do anything about a problematic Trustee? The Indianapolis trust administration attorneys at Frank & Kraft explain what a beneficiary can do about a problematic Trustee. Problems with a Trustee Sufficient consideration is not always given when … [Read more...] about What Can a Beneficiary Do about a Problematic Trustee?
Although a Last Will and Testament is likely the cornerstone of your estate plan, you will also probably incorporate additional estate planning tools and strategies into that plan to ensure that all your goals are reached. For many people, that means incorporating at least one trust into their estate plan. The best way to ensure that you do not make any mistakes with a trust you create is to work closely with an experienced trust attorney. In addition, the Carmel trust attorneys at Frank … [Read more...] about Trust Mistakes to Avoid Making
One of the most common additions to a well thought out estate plan is a trust because a trust can accomplish such a wide range of estate planning goals. To know whether a trust could be a beneficial addition to your estate plan, you need to better understand your trust options and the role taxes play when trust assets are sold by different types of trusts. An Indianapolis trust attorney at Frank & Kraft explains how capital gains taxes are treated when you create an irrevocable … [Read more...] about Does an Irrevocable Trust Pay Capital Gains Taxes?
Although a Last Will and Testament will likely remain the foundation of your estate plan, as both your family and your estate grow, so will your estate plan. Additional estate planning tools and strategies will be incorporated into your plan to ensure that all your estate planning goals are met. One of the most common tools is a trust. If you decide to include a trust in your estate plan, you should work with an experienced trust attorney during the creation of the trust. In the meantime, … [Read more...] about Things to Consider Prior to Creating a Trust
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