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
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Incorporating Your Second Home in Your Estate Plan
If you own a second (vacation) home that holds sentimental value for your family, ensuring it is passed down smoothly through your estate plan is essential. Properly incorporating your second home into your estate plan can help avoid conflicts and ensure that your children are well-prepared to manage and share the property after your death. To help get you started, the Indianapolis attorneys at Frank & Kraft discuss options for incorporating your second home into your estate plan. Current … [Read more...] about Incorporating Your Second Home in Your Estate Plan
How to Participate in Long-Term Care Awareness Month in November
As life expectancy increases and more people reach their senior years, the need for long-term care becomes a reality for many people. Long-Term Care Awareness Month, which is observed in November, is a time dedicated to raising awareness about the importance of long-term care (LTC) planning. The month offers a unique opportunity to educate yourself, plan for your future, and take proactive steps to ensure your family is protected in the event you or a loved one needs long-term care services. The … [Read more...] about How to Participate in Long-Term Care Awareness Month in November
Understanding Veterans Aid & Attendance Benefits
Every American owes a debt of gratitude to veterans and their spouses. While that debt can never truly be repaid, the government does make an effort to do so by providing veterans and their dependents with a variety of benefits. One of those benefits, however, is often overlooked because veterans may not know it exists. Veterans Aid & Attendance (VA&A) benefits can help veterans and/or surviving spouses in need of care. To help ensure that you are receiving all the benefits to which you … [Read more...] about Understanding Veterans Aid & Attendance Benefits
Should I Contest a Will in Indiana?
When a loved one passes away, a period of grieving and heightened emotions typically follows. At some point, the terms of the decedent’s Last Will and Testament may trigger yet another set of emotional responses if you are suspicious about the validity of the Will. The best way to decide if you have grounds to challenge a Will is to consult with an experienced probate attorney. In the meantime, however, the Indianapolis attorneys at Frank & Kraft discuss some factors to consider when … [Read more...] about Should I Contest a Will in Indiana?
Advantages of Lifetime Gifting
One of the most important aspects of estate planning is gifting assets. Not only must you decide how to pass down assets, but you also need to decide when to gift assets. There are several important benefits to gifting assets during your lifetime rather than waiting until your death. To help you decide when to make estate gifts, the Indianapolis attorneys at Frank & Kraft explain the advantages of lifetime gifting. Control Over Gifts One of the most significant advantages of gifting … [Read more...] about Advantages of Lifetime Gifting
Do I Need a Will If I Have a Trust?
When creating an estate plan, it is common to utilize a trust to distribute assets efficiently, avoid probate, and provide privacy. If you decide to use a trust to distribute your estate assets, you may wonder if you still need a Last Will and Testament. The Indianapolis attorneys at Frank & Kraft explain why you do need a Will if you are relying on a trust to distribute your estate assets. What Is a Pour Over Will? A Pour Over Will is a legal document that directs any assets you owned … [Read more...] about Do I Need a Will If I Have a Trust?
October Celebrations: National Estate Planning Awareness Week
National Estate Planning Awareness Week (NEPAW) is an annual event that takes place every October, aimed at educating individuals and families about the importance of estate planning. This week-long observance provides an opportunity to emphasize the critical role that a comprehensive estate plan plays in securing financial stability and ensuring that a person’s wishes are honored after death or during incapacitation. The Indianapolis attorneys at Frank & Kraft encourage you to focus on your … [Read more...] about October Celebrations: National Estate Planning Awareness Week
Should I Use a Trust or a UGMA/UTMA Account to Protect Assets Intended for My Minor Child?
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?
How to Update Your Estate Plan When You Get Divorced
Divorce is a significant life event that has emotional, financial and practical repercussions for everyone involved. Like many people, you may easily overlook the need to update your estate plan following a divorce which can lead to unintended consequences. To ensure that your estate plan accurately reflects your new circumstances and wishes, it is essential to make specific updates after a divorce. With that in mind, the Indianapolis attorneys at Frank & Kraft explain how to update your … [Read more...] about How to Update Your Estate Plan When You Get Divorced
