When creating a thorough estate plan, it is essential to account for the unique objectives and goals specific to your situation. For business owners, safeguarding your business interest within your estate plan is paramount. Among the various options available, establishing a business trust stands out as a popular choice. Determining the best approach for integrating your business into your estate plan, however, should always be accomplished with the assistance of an experienced estate planning … [Read more...] about Should I Include a Business Trust in My Estate Plan?
Blog
Do I Pay Taxes on an Inheritance?
When a loved one passes away, the emotional toll on those left behind can be profound. As the initial shock subsides, practical and legal considerations regarding the decedent's estate begin to take precedence. If you find yourself in the position of potentially inheriting assets, it is natural to wonder about the tax implications involved. The Indianapolis attorneys at Frank & Kraft understand these concerns and are here to shed light on the various tax aspects associated with receiving an … [Read more...] about Do I Pay Taxes on an Inheritance?
Are You Unintentionally Leaving Behind an Intestate Estate?
For many individuals, the ability to dictate how their estate assets are distributed is the number one reason for crafting an estate plan. Simply creating an estate plan is not enough though. Making sure that your estate plan is comprehensive and well-drafted is equally important because a poorly devised or incomplete plan could inadvertently result in leaving behind an intestate estate. To help ensure that your estate plan works as intended, the attorneys at Frank & Kraft explain how you … [Read more...] about Are You Unintentionally Leaving Behind an Intestate Estate?
Equitable Inheritance: Should Parents Gift Equally in Their Estate Plans?
If you are wrestling with how best to distribute your estate assets among your children within your estate plan, you are definitely not alone. When it comes to estate planning, the question of whether parents should gift equally to their children often surfaces, stirring discussions on fairness, familial harmony, and practicality. Should you focus on fairness or individual circumstances? Unfortunately, there is not a “one size fits all” answer when it comes to the issue of equitable inheritance; … [Read more...] about Equitable Inheritance: Should Parents Gift Equally in Their Estate Plans?
Preventing In-Kind Support and Maintenance (ISM) Reductions to SSI Benefits
You may have an adult child with special needs, disabled sibling, or senior parent who receives Supplemental Security Income (SSI). If so, you must be careful about providing them with financial support because doing so can cause them to lose some or all their SSI benefits for that month. The Indianapolis attorneys at Frank & Kraft discussing preventing in-kind support and maintenance (ISM) reductions to SSI benefits. What Is SSI? Supplemental Security Income (SSI) is a program that is … [Read more...] about Preventing In-Kind Support and Maintenance (ISM) Reductions to SSI Benefits
Top 5 Ways to Distribute Your Personal Property
For most people, the ability to dictate how their estate assets are distributed following their death is a primary motivating factor in the creation of an estate plan. Estate assets can include anything from real property to bank accounts to personal property. While deciding who will inherit real property and financial accounts may be a difficult decision, the process of deciding how to distribute personal property comes with its own challenges. Unlike money and real estate, personal property … [Read more...] about Top 5 Ways to Distribute Your Personal Property
Understanding the Importance of a Memorandum of Intent for a Special Needs Trust
A Special Needs Trust is a crucial tool for individuals with disabilities, designed to provide financial security and support while preserving eligibility for government benefits. Establishing a special needs trust, however, is not simply about transferring assets. It also requires careful planning and consideration of the beneficiary's unique needs and preferences. One essential document that complements the special needs trust is the Memorandum of Intent (MOI). To help explain, the … [Read more...] about Understanding the Importance of a Memorandum of Intent for a Special Needs Trust
Navigating Medicaid Spend-Down in Indiana
Medicaid is a vital lifeline for millions of Americans, providing essential healthcare coverage to those who may otherwise struggle to afford it. Eligibility for Medicaid, however, often involves meeting certain financial criteria, leaving many individuals in a challenging situation where they have income or assets that exceed the limits for qualification. In Indiana, one method to bridge this gap is through Medicaid spend-down. For seniors who may need to qualify for Medicaid, the attorneys at … [Read more...] about Navigating Medicaid Spend-Down in Indiana
What Is a No Contest Clause in an Indiana Will?
In the often-complex world of estate planning, the inclusion of a "no contest clause" within a Last Will and Testament serves as a strategic provision aimed at deterring beneficiaries from challenging the terms of the Will. This legal mechanism, formally referred to as an in terrorem clause, is specifically designed to dissuade potential litigants from contesting the validity of the Will or initiating legal proceedings against it. In the State of Indiana, such clauses are recognized and enforced … [Read more...] about What Is a No Contest Clause in an Indiana Will?
A Comprehensive Guide to Pet Planning in Your Estate Plan
When people focus on estate planning, they tend to concentrate on assets, beneficiaries, and their own final wishes. One vital aspect often overlooked is the welfare of beloved pets. As cherished members of our families, a pet’s well-being should be a priority even after we're no longer able to care for them ourselves. Crafting a comprehensive pet plan within your overall estate plan ensures that your furry companions receive the love, attention, and support they deserve if death or incapacity … [Read more...] about A Comprehensive Guide to Pet Planning in Your Estate Plan
