Learning that you are set to receive an inheritance can bring a mix of emotions. While it may represent financial security or sentimental value, it also follows the loss of a loved one. Once you have been informed of your inheritance, a common question often arises. You may wonder how long it will take before you receive your inheritance. To help answer this, the Indianapolis attorneys at Frank & Kraft explain the typical timeline for receiving an inheritance in Indiana. Does Your … [Read more...] about How Long Will It Take to Receive an Inheritance in Indiana?
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What Is a Crummey Notice?
Are you a trust beneficiary who recently received a “Crummy notice?” If so, and you have never before received one, you may be unsure what to do next. After all, there must be some reason why you received the notice, right? To help you better understand why you received the notice, an Indianapolis trust attorney at Frank & Kraft explains a Crummey notice and what to do if you received one. Trust Fundamentals To understand the significance of a Crummey Notice you must … [Read more...] about What Is a Crummey Notice?
Developmental Disabilities Awareness Month: Is Your Loved One with Special Needs Protected?
March is recognized as Developmental Disabilities Awareness Month, providing an opportunity to raise awareness and promote inclusion for individuals with disabilities. It also serves as a reminder of the importance of special needs planning, particularly for those who have a loved one with a disability. Proper estate planning can ensure financial security, long-term care, and continued eligibility for essential government benefits. If you live in Indiana and have a family member with special … [Read more...] about Developmental Disabilities Awareness Month: Is Your Loved One with Special Needs Protected?
Should I Share My Estate Plan with Loved Ones?
Creating an estate plan is a crucial step in safeguarding your assets and ensuring that your wishes are honored after your death and even during your lifetime. Once your plan is finalized, however, you may face the challenging question of how much, if any, of your estate plan you should share with your loved ones. This deeply personal decision will likely be affected by numerous factors, not the least of which will be significant family dynamics or conflicts. With this in mind, the Indianapolis … [Read more...] about Should I Share My Estate Plan with Loved Ones?
How Does Portability Fit into Your Indiana Estate Plan?
Portability is an important yet often overlooked aspect of federal gift and estate tax planning. It allows a surviving spouse to make use of their deceased spouse’s unused estate tax exclusion, potentially reducing or even eliminating federal estate taxes upon their own death; however, it can overfund the surviving spouse’s estate. Understanding how portability works and how it fits into your estate plan can help ensure that your assets are protected and passed down efficiently to your heirs. An … [Read more...] about How Does Portability Fit into Your Indiana Estate Plan?
5 Trustee Mistakes You Can Avoid Making
If you recently learned that you were appointed to serve as the Trustee of a trust, and have never served in the position before, you may be feeling a bit overwhelmed. While it is perfectly normal to be intimidated at the prospect of administering a trust, it is equally crucial to avoid common mistakes that can lead to disputes, financial loss, or even legal consequences. With that in mind, the Indianapolis attorneys at Frank & Kraft explain the top five mistakes Trustees make and how you … [Read more...] about 5 Trustee Mistakes You Can Avoid Making
Should I Include an Asset Protection Trust in My Indiana Estate Plan?
An essential component of estate planning involves not only acquiring wealth but also ensuring its protection. Even the most meticulously crafted estate plan can fail if the assets it encompasses are not adequately safeguarded. One effective way to protect assets from potential risks is through an asset protection trust (APT). To help you decide if an APT is right for you, the Indianapolis attorneys at Frank & Kraft explain the structure, advantages, and various types of asset protection … [Read more...] about Should I Include an Asset Protection Trust in My Indiana Estate Plan?
What Happens to a Home During Probate in Indiana?
When an individual passes away, their assets, including any real estate, usually go through the legal process known as probate. This process can complicate access to property for beneficiaries since assets in probate are essentially frozen until the estate is settled. This is particularly significant when the asset in question is a home. An Indianapolis attorney at Frank & Kraft examines the various factors influencing what happens to a home during probate in Indiana and the role of the … [Read more...] about What Happens to a Home During Probate in Indiana?
Why Would I Create an Intentionally Defective Trust?
When your estate includes substantial assets, minimizing federal gift and estate taxes should be a key consideration in your estate plan. Although it may sound counter-intuitive, one advanced estate planning tool you may find beneficial is an Intentionally Defective Grantor Trust (IDGT). This irrevocable trust is uniquely designed to help transfer wealth to family members during your lifetime while strategically reducing tax liabilities. To help you understand, the Indianapolis attorneys at … [Read more...] about Why Would I Create an Intentionally Defective Trust?
National Love Your Pet Day Is a Great Time to Work on Pet Planning in Your Estate Plan
National Love Your Pet Day, celebrated on February 20th, is a perfect opportunity to celebrate the animals that bring joy and companionship into your life. Pets often feel like family, and for devoted pet owners, ensuring their care in any situation is essential. This special day is a reminder to consider how you can protect your pet’s future by incorporating pet planning into your estate plan. The Indianapolis attorneys at Frank & Kraft encourage you to celebrate National Love Your Pet Day … [Read more...] about National Love Your Pet Day Is a Great Time to Work on Pet Planning in Your Estate Plan
