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
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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
Indiana Probate: What a Beneficiary Needs to Know
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
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
