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
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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
Understanding Your Rights as an Indiana Nursing Home Resident
Most people do not want to move to a nursing home; however, as life expectancy increases, the likelihood of requiring long-term care also rises. A prevalent concern among people regarding nursing home care is the apprehension of being overlooked once they become residents. This apprehension is often accompanied by the fear of being helpless if subjected to abuse, neglect, or mistreatment while in such facilities. To help ensure that you feel secure, the Indianapolis attorneys at Frank & … [Read more...] about Understanding Your Rights as an Indiana Nursing Home Resident
How to Include Vacation Homes in Your Estate Plan
If you are a resident of Indiana, that makes you what they refer to in the south as a “snowbird.” Like many “snowbirds,” you may have a vacation house somewhere warm where you can escape to the ocean. If you relish the cold, snowy weather, you might even have purchased a vacation home near a ski resort. Maybe your vacation home is in the southwest because you prefer the perpetually sunny skies and dry climate of the desert. Regardless of where your vacation home is located, if it is outside of … [Read more...] about How to Include Vacation Homes in Your Estate Plan
Celebrating Wisdom and Legacy during Older Americans Month This May
In a society that often glorifies youth, it is important to remember to honor those who have traveled further down life's road. Older Americans Month, observed annually in May, provides an opportunity to do just that by celebrating the invaluable contributions, resilience, and wisdom of our seniors. This month-long celebration is not just about acknowledging their age but recognizing the richness they bring to our communities and the lessons they impart to future generations. With that in mind, … [Read more...] about Celebrating Wisdom and Legacy during Older Americans Month This May
Things to Consider Before Adding Your Adult Child to the Deed to Your Home
Navigating the decision of whether to include your adult child on the deed to your home is a significant aspect of planning for the complexities of aging and securing the future of your assets. Among these assets, your home holds immense value, both financially and sentimentally, making it a focal point of your estate planning considerations. While the idea of ensuring your child inherits your home might seem straightforward by adding them as a co-owner now, there are several important factors … [Read more...] about Things to Consider Before Adding Your Adult Child to the Deed to Your Home
