At some point during your lifetime, you will likely contemplate co-owning property with someone. The subject may arise when you get married and want to jointly own property with your spouse, when you start or grow a business and wish to co-own business assets with a partner, or because a parent wishes to put you on the deed to a home for practical reasons. Regardless of the reason for co-owning property, you will need to create an ownership document, such as a deed or title, when you purchase … [Read more...] about Understanding Joint Ownership in Indiana
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Digital Estate Planning: What You Need to Know
Your estate plan serves as a guide for how your assets will be distributed after your passing. In addition to addressing the post-mortem allocation of assets, other facets of your estate plan may center on asset growth during your lifetime, appointing someone to manage your assets in the event of incapacity, and safeguarding your assets against potential threats like estate taxes and the expenses associated with long-term care. Considering the pivotal role your assets play in your estate plan, … [Read more...] about Digital Estate Planning: What You Need to Know
Is It Time to Review Your Beneficiaries in Your Estate Plan?
Securing the financial well-being of your loved ones in the face of unforeseen circumstances is a pivotal motive behind establishing a comprehensive estate plan. A critical component of achieving this objective involves consistently updating the designated beneficiaries throughout your estate plan. Neglecting to keep beneficiary information current can jeopardize the success of your estate planning endeavors. In this context, the Indianapolis attorneys at Frank & Kraft encourage you to … [Read more...] about Is It Time to Review Your Beneficiaries in Your Estate Plan?
Answers to Top 5 Questions about a Last Will and Testament
Typically, a Last Will and Testament acts as the cornerstone of an estate plan. While a Will can act as your only estate planning document, effectuating the distribution of your entire estate, most people choose to include additional estate planning documents in their comprehensive estate plan. Nevertheless, your Will is likely to remain an important part of your estate plan, even if you choose to expand your overall plan. With that in mind, the Indianapolis attorneys at Frank & Kraft … [Read more...] about Answers to Top 5 Questions about a Last Will and Testament
How to Know When It’s Time to Contact a Special Needs Planning Attorney
If you find yourself in the role of a parent, grandparent, or caregiver to a child with special needs, you likely recognize the significance of integrating a special needs planning component into your comprehensive estate plan. While establishing this component is crucial, it's equally important to periodically revisit and update it as circumstances evolve. To guide you on when to reassess your special needs plans, the Indianapolis attorneys at Frank & Kraft discuss how to know when it’s … [Read more...] about How to Know When It’s Time to Contact a Special Needs Planning Attorney
Why Long-Term Care Planning Is Crucial
If you are like most people, you prefer not to dwell on the possibility that you could end up in a nursing home or other long-term care facility. Failing to plan for that possibility, however, can be a costly mistake. Not only might you be putting your retirement nest egg at risk if you don’t plan for the high cost of long-term care (LTC), but your wishes regarding where you end up may not be honored as well. Knowing that, the Indianapolis attorneys at Frank & Kraft explain why long-term … [Read more...] about Why Long-Term Care Planning Is Crucial
What Happens to the Debts I Owe After I am Gone?
Many individuals primarily engage in estate planning to decide how their assets will be distributed after their passing. While that may be your main focus, you might also be concerned about the management of your debts, especially the potential for your adult children to inherit debts rather than assets. To help you better understand the situation, the Indianapolis attorneys at Frank & Kraft explain what happens to the debts you owe after you are gone. A Brief Lesson on Probate The … [Read more...] about What Happens to the Debts I Owe After I am Gone?
Alternative Care Communities for Seniors
Over the last several decades, the population of seniors in the United States – and worldwide – has grown significantly and experts predict it will continue to grow at a historic rate for the next several decades to come. Not only has the increase in the older population taxed existing long-term care systems in the U.S. and abroad, but many seniors want options other than a traditional nursing home. With all of that in mind, the Indianapolis attorneys at Frank & Kraft discuss alternative … [Read more...] about Alternative Care Communities for Seniors
What Is a Beneficiary Defective Inheritance Trust?
Anyone who owns and operates a small business knows how hard it is to keep a business running and showing a profit year after year. If you own a small business that you intend to pass down to the next generation upon your death, incapacity, or retirement, business succession planning is crucial to ensure a smooth transition. An Indianapolis attorney at Frank & Kraft explains how a Beneficiary Defective Inheritance Trust (BDIT) might be able to help with your business succession … [Read more...] about What Is a Beneficiary Defective Inheritance Trust?
6 Mistakes to Avoid Making When Managing the Affairs of Your Parents
A strange, and often disconcerting, thing sometimes happens as you get older. The parent-child relationship you have always had with your parents begins to reverse itself. From childhood well into middle age, your parents cared for you, provided you with advice and guidance, and acted as your financial cushion when you needed it. If your parents are now well into their “Golden Years,” however, you may find yourself providing the care, guidance, and financial support to your parents as they … [Read more...] about 6 Mistakes to Avoid Making When Managing the Affairs of Your Parents
