A Power of Attorney is one of the most used estate planning tools. At some point in your life, you will likely execute a Power of Attorney and/or be named as an Agent under someone else’s Power of Attorney. While you may be familiar with the concept of a Power of Attorney, you may not know everything that you need to know about how one works. With that in mind, an Indianapolis estate planning attorney at Frank & Kraft discusses what you need to know before executing a Power of … [Read more...] about What You Need to Know Before Executing a Power of Attorney
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Is a Trustee Compensated for Administering a Trust?
Like many people, you may be contemplating the addition of a trust to your estate plan. If you create a trust, one of the pivotal decisions you will need to make is deciding who to appoint as the Trustee. This individual or entity will manage the trust assets and ensure that the terms of the trust are followed. A common question that arises when creating a trust is whether a Trustee is compensated for administering a trust. To help you better understand how trust administration works, the … [Read more...] about Is a Trustee Compensated for Administering a Trust?
How Do I Know What Type of Trust Is Right for My Estate Plan?
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?
What Happens If You Die Without an Estate Plan in Indiana
If you have yet to create an estate plan, you have undoubtedly listened to well-meaning family members and friends urging you to get started on your plan. What these people may not have explained is why it is so important to have an estate plan in place. Without an estate plan, the State of Indiana essentially creates a plan for you. To help you better understand the importance of estate planning, the Indianapolis attorneys at Frank & Kraft explain what happens if you die without an estate … [Read more...] about What Happens If You Die Without an Estate Plan in Indiana
Does Your Estate Plan Include Incapacity Planning?
When you think about estate planning, your mind likely goes to what happens after your death. It is important for your estate plan to outline what becomes of your assets after you are gone; however, it is equally crucial to prepare for the possibility of becoming incapacitated during your lifetime. By doing so, you not only safeguard your assets but also ensure that your healthcare preferences are respected. To help get you started, the Indianapolis attorneys at Frank & Kraft explain why … [Read more...] about Does Your Estate Plan Include Incapacity Planning?
10 Reasons to Include a Revocable Living Trust in Your Estate Plan
Trusts are an increasingly popular estate planning tool found in the average estate plan. Trusts are broadly categorized as testamentary or living with living trusts further classified as revocable or irrevocable. Including a revocable living trust in your estate plan can be a strategic move that can help you achieve a variety of estate planning goals. To better help you understand the benefits, the Indianapolis attorneys at Frank & Kraft explain 10 reasons to include a revocable living … [Read more...] about 10 Reasons to Include a Revocable Living Trust in Your Estate Plan
Why A Recent College Graduate Needs an Estate Plan
Estate planning is often seen as something only older adults or those with significant assets need to worry about, which is unfortunate because estate planning is equally important for young adults, especially those graduating from college. As you embark on a new chapter of independence and responsibility, creating an estate plan ensures that your wishes are honored, and your loved ones are safeguarded. To get you started, the Indianapolis attorneys at Frank & Kraft explain why a recent … [Read more...] about Why A Recent College Graduate Needs an Estate Plan
Estate Planning Strategies to Help Avoid Gift and Estate Taxes
When it comes to estate planning, your goals should include protecting your estate assets both during your lifetime and during the probate of your estate. One way to do that is to minimize or avoid federal gift and estate taxes. These taxes can significantly reduce the value of the estate you plan to pass down to loved ones; however, there are a variety of estate planning tools and strategies that can help. To get you started, the Indianapolis attorneys at Frank & Kraft explain some common … [Read more...] about Estate Planning Strategies to Help Avoid Gift and Estate Taxes
Is It Time to Review Your Trust Agreement?
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?
The Importance of Updating Fiduciaries in Your Estate Plan
A comprehensive and well thought out estate plan can protect you, your assets, and your loved ones throughout your lifetime and after you pass away. Creating your initial estate plan is a crucial first step; however, estate planning is something that is ever truly finished. For your estate plan to work as intended, you need to review and revise your plan from time to time. One crucial aspect of estate planning that frequently gets overlooked is the updating of fiduciaries. Fiduciaries play an … [Read more...] about The Importance of Updating Fiduciaries in Your Estate Plan
