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?
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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?
Should I Include a Business Trust in My Estate Plan?
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?
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?
