Trust

If you recently discovered that you are the Trustee of a trust, you may have questions about what your responsibilities entail, especially if this is your first time serving in this capacity. One concern that often comes up for new Trustees is whether they might be held personally liable for any mistakes made during the administration of the trust. To help you better understand your new role, the Indianapolis attorneys at Frank & Kraft discuss whether you can be held personally responsible … [Read more...] about Am I Responsible for Mistakes I Make as a Trustee?

Life insurance serves as an essential tool in both financial planning and estate planning. Early in life, it can provide a much-needed financial safety net, offering the security that individuals may not yet have acquired through savings or investments. As people age, however, life insurance can still play a crucial role within an estate plan, often by providing a funding source or adding assets to a trust. This strategy is particularly common in situations where the policyholder wants to ensure … [Read more...] about Can Life Insurance Policy Proceeds Be Directed to a Trust?

If you are planning to leave behind a sizeable estate, you may (understandably) want to retain a certain amount of control over how that inheritance is used by your beneficiaries. You may also wish to encourage and reward positive behavior by those same beneficiaries. Fortunately, an incentive trust is an estate planning tool that can help achieve both goals. To help you better understand, the Indianapolis attorneys at Frank & Kraft explain how an incentive trust might fit into your Indiana … [Read more...] about How Might an Incentive Trust Fit into My Indiana Estate Plan?

Appointing a Trustee for the trust you create is one of the most important decisions you will make when creating or updating your estate plan. A Trustee is responsible for managing the trust assets, ensuring that your wishes are carried out, and distributing the trust property according to the terms of the trust agreement. This is a role that requires trustworthiness, financial acumen, and a deep understanding of legal and fiduciary responsibilities. To help you make the right choice, the … [Read more...] about How to Appoint the Right Trustee for Your Trust

A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is often used by parents or grandparents as a tool to transfer assets to a minor. These accounts allow a minor to legally own assets, with an appointed custodian managing the account until the child reaches the age of majority. UGMA and UTMA accounts serve as relatively straightforward options for passing wealth to a younger generation, but they may not always be the best choice in an estate plan when compared … [Read more...] about Should I Use a Trust or a UGMA/UTMA Account to Protect Assets Intended for My Minor Child?

As you develop your comprehensive estate plan, one of the key elements to consider is whether to include a trust. Trusts can offer numerous benefits, depending on your objectives, but they also require careful planning and decision-making. One of the most critical decisions you'll face is choosing the right Trustee to manage the trust. You might consider appointing yourself as Trustee, but whether this is a good idea largely depends on the purpose of the trust and your overall estate planning … [Read more...] about Appointing Yourself as Trustee: When It Makes Sense and When It Doesn’t

When contemplating the addition of a trust agreement into your estate plan, you might find yourself overwhelmed by the variety of trusts available. Choosing the right type of trust is crucial for ensuring that the trust works as intended and fits into your estate plan as anticipated. Always consult with an experienced estate planning attorney before deciding which type of trust is best for your plan. In the meantime, an Indianapolis estate planning attorney at Frank & Kraft discusses how to … [Read more...] about How Do I Know What Type of Trust Is Right for My Estate Plan?

Trust agreements play a crucial role in many comprehensive estate plans giving the versatile and flexible nature of a trust. If you have a trust agreement in place, it is important to update it periodically to ensure it continues to meet your needs. While it is always best to work closely with an experienced estate planning attorney, the Indianapolis attorneys at Frank & Kraft explain common reasons to review a trust agreement. Routine Updates Conducting regular reviews with your … [Read more...] about Is It Time to Review Your Trust Agreement?

When creating a thorough estate plan, it is essential to account for the unique objectives and goals specific to your situation. For business owners, safeguarding your business interest within your estate plan is paramount. Among the various options available, establishing a business trust stands out as a popular choice. Determining the best approach for integrating your business into your estate plan, however, should always be accomplished with the assistance of an experienced estate planning … [Read more...] about Should I Include a Business Trust in My Estate Plan?

As part of your comprehensive estate plan, you may wish to include strategies that act to minimize tax liabilities and efficiently transfer assets to your loved ones. Among the arsenal of tools available, the Qualified Personal Residence Trust (QPRT) stands out as a potentially powerful tool, especially in states like Indiana. With its unique features and potential advantages, understanding the intricacies of a QPRT can pave the way for prudent estate planning decisions tailored to your unique … [Read more...] about Should I Include a Qualified Personal Residence Trust in My Indiana Estate Plan?