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
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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
Appointing Yourself as Trustee: When It Makes Sense and When It Doesn’t
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
Estate Planning for Married Couples: Joint or Separate Plans?
Every adult can benefit from having an estate plan in place. When you get married, it becomes even more important to create an estate plan or update an existing plan. One of the fundamental decisions you and your spouse will need to make before getting started with the planning process is whether to create a joint estate plan or separate estate plans. To help you decide whether joint or separate plans are right for you, the Indianapolis attorneys at Frank & Kraft discuss estate planning for … [Read more...] about Estate Planning for Married Couples: Joint or Separate Plans?
What Indiana Seniors Need to Know about Medicare and Medicaid
People frequently operate under the misconception that Medicare and Medicaid are the same program. Although Medicare and Medicaid are both government sponsored healthcare programs, they serve different purposes, have distinct eligibility requirements, and provide different types of coverage. Understanding the differences between the two programs is crucial for seniors who may need to rely on both programs during their retirement years. With that in mind, the Indianapolis attorneys at Frank & … [Read more...] about What Indiana Seniors Need to Know about Medicare and Medicaid
7 Reasons to Create an Estate Plan
Creating a comprehensive estate plan is one of the most important steps you can take to protect your assets and provide for your loved ones. Despite this, many Americans do not have an estate plan in place. Understanding the benefits of a comprehensive estate plan can motivate you to get started. With that in mind, the Indianapolis attorneys at Frank & Kraft explore seven reasons to create an estate plan. The Benefits of Having an Estate Plan in Place Taking the time to create a … [Read more...] about 7 Reasons to Create an Estate Plan
How to Choose the Right Guardian for Your Minor Children
Choosing the right guardian for your minor children in your Last Will and Testament is one of the most critical decisions you will make as a parent. The person you select will be responsible for your children’s upbringing, including their education, health, and overall well-being, should something happen to you. This is not a decision to be taken lightly. With that in mind, the Indianapolis attorneys at Frank & Kraft discuss how to choose the right guardian for your minor … [Read more...] about How to Choose the Right Guardian for Your Minor Children
Understanding the Older Demographic in the United States
The rapid growth of America’s aging population is reshaping the country, making it essential to understand the needs and challenges of seniors. The "2023 Profile of Older Americans" report, published by the Administration on Aging (AoA), compiles data from the U.S. Census Bureau, the National Center for Health Statistics, and the Bureau of Labor Statistics. This report offers an in-depth look at the lives of Americans aged 65 and older. In an effort to better understand the older demographic in … [Read more...] about Understanding the Older Demographic in the United States
Is an Irrevocable Living Trust Right for My Estate Plan?
An irrevocable living trust can be a powerful tool within your estate plan. Like most estate planning tools, however, an irrevocable living trust comes with both significant benefits and potential drawbacks. Understanding the advantages and disadvantages of incorporating an irrevocable living trust into your estate plan is crucial when deciding if it is the right strategy for you. It is always best to work directly with an experienced estate planning attorney when making decisions about your … [Read more...] about Is an Irrevocable Living Trust Right for My Estate Plan?
