Accessing an inheritance can be a complex process, often initiated during a period of mourning and reflection following the passing of a loved one. In the middle of your grief, the practical steps required to obtain what has been left to you may eventually become a focal point. To help you better understand Indiana probate, the Indianapolis attorneys at Frank & Kraft explain what a beneficiary needs to know. What Is Indiana Probate? When an individual passes away, they leave behind an … [Read more...] about Indiana Probate: What a Beneficiary Needs to Know
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Integrating Business Succession Planning into Your Estate Plan
One aspect of estate planning that is often overlooked or underestimated is business succession planning. For business owners, ensuring the smooth transition of their enterprise after they pass away is not just prudent, it is essential for preserving their legacy and ensuring their hard-earned wealth continues to benefit their loved ones and employees in their absence. To help you better understand, the Indianapolis attorneys at Frank & Kraft discuss integrating business succession planning … [Read more...] about Integrating Business Succession Planning into Your Estate Plan
An Overview of Adult Guardianship in Indiana
As your parents age, you may notice the signs of physical and/or mental deterioration. You may even reach a point at which you are concerned that a parent cannot safely remain alone without some type of supervision and/or cannot safely make financial decisions. Adult guardianship may be the best option if you are concerned about your parent’s physical, emotional, or financial safety. In Indiana, the guardianship process is designed to protect the rights and well-being of vulnerable adults, … [Read more...] about An Overview of Adult Guardianship in Indiana
8 Steps to Take When Probating an Indiana Estate
When a loved one passes away, their estate is typically required to go through the legal process known as “probate.” Probate involves the administration of the decedent’s estate, ensuring debts are paid, and distributing assets to heirs. If you are in charge of probating an estate in Indiana, you may feel overwhelmed. To help get you started, the Indianapolis attorneys at Frank & Kraft offer eight steps to take when probating an Indiana estate. Step 1: Determine If Formal Probate Is … [Read more...] about 8 Steps to Take When Probating an Indiana Estate
Estate Planning Tools: What Is a GRIT?
A Grantor Retained Income Trust (GRIT) is an estate planning tool designed to reduce the tax implications associated with transferring wealth to beneficiaries. It is particularly useful for high-net-worth individuals seeking to minimize gift and estate taxes. To help you decide if a GRIT fits into your estate plan, the Indianapolis attorneys at Frank & Kraft discuss the mechanics of GRITs, their benefits, potential drawbacks, and practical applications. What Is a GRIT? A Grantor … [Read more...] about Estate Planning Tools: What Is a GRIT?
Who Are the Fiduciaries in My Estate Plan?
When creating your estate plan, understanding the roles of fiduciaries is crucial to ensuring that your wishes are carried out effectively and that your beneficiaries are well-protected. A fiduciary is an individual or entity entrusted with the responsibility to act in the best interest of you and/or your beneficiaries. The Indianapolis attorneys at Frank & Kraft help you understand who your fiduciaries are and the roles they fulfill within your estate plan. What Is a Fiduciary? A … [Read more...] about Who Are the Fiduciaries in My Estate Plan?
Exploring Alternatives to Adult Guardianship for Aging Parents
As your parents age, they may succumb to health and cognitive issues that impair their ability to manage daily tasks and make important decisions. When it becomes clear that a parent needs assistance and/or supervision, adult guardianship has long been considered the solution. Guardianship, however, can often be restrictive and can cause resentment because of the loss of freedom and autonomy. Fortunately, there are several alternatives to adult guardianship that may provide the necessary support … [Read more...] about Exploring Alternatives to Adult Guardianship for Aging Parents
Almost Half of All Americans Do Not Think a Will Is Necessary
Despite recognizing the importance of estate planning, many Americans lack a basic Last Will and Testament. The 2024 Caring.com Wills Survey, conducted with 2,481 adults, reveals that 40 percent of respondents feel they don't have enough assets to justify creating a Will. This survey highlights why this perception exists and underscores the need for a Will regardless of estate size. The Indianapolis attorneys at Frank & Kraft discuss the results of the survey and explain why a Will is … [Read more...] about Almost Half of All Americans Do Not Think a Will Is Necessary
Essential Tips for Family Caregivers
Being a family caregiver is a noble and often challenging role. Whether you are caring for an aging parent, a disabled family member, or someone with a chronic illness, the responsibility can be overwhelming at times. With the right strategies and support systems in place, however, caregiving can also be deeply rewarding. To help you fulfill your role successfully, the Indianapolis attorneys at Frank & Kraft offer 10 essential tips for family caregivers. Do You Have Additional … [Read more...] about Essential Tips for Family Caregivers
What Are IRA Required Minimum Distributions?
There was a time when workers in the United States could plan on receiving a pension when they retired and a monthly Social Security check that would cover the basic necessities. Today, however, most workers must plan for their own retirement by saving and investing their own money. One popular way to save for retirement is an Individual Retirement Account, or IRA. If you own an IRA, you will eventually be required to take distributions from the account. Understanding the rules associated with … [Read more...] about What Are IRA Required Minimum Distributions?
