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?

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?