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
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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
Advantages and Disadvantages of an Irrevocable Living Trust
Your Last Will and Testament likely serves as the cornerstone of your estate plan; however, it is also likely that you will include additional estate planning tools and strategies into your plan to make sure you achieve all your estate planning goals. One of those additional tools may be a trust. If you choose to include a trust in your estate plan, you will need to decide if that trust will be revocable or irrevocable. An Indianapolis attorney at Frank & Kraft discusses the advantages and … [Read more...] about Advantages and Disadvantages of an Irrevocable Living Trust
What Is the Difference between a HIPAA Authorization and a Healthcare Power of Attorney?
The ability to make your own healthcare decisions is likely something you take for granted. After all, you have been doing so for your entire adult life, right? There may come a time, however, when you are unable to make and/or communicate your own decisions because you are incapacitated. If that comes to pass, you need to be prepared. Signing a HIPAA Authorization and executing a Healthcare Power of Attorney are two things you can do to prepare for the possibility of your own incapacity. With … [Read more...] about What Is the Difference between a HIPAA Authorization and a Healthcare Power of Attorney?
Appointing Co-Trustees: Pros and Cons
A trust is among the most common additions to an estate plan. If you decide to establish a trust, one of the most important decisions you will need to make is who to appoint as the Trustee of your trust. One option is to appoint more than one Trustee. An Indianapolis attorney at Frank & Kraft discusses the pros and cons of appointing Co-Trustees. Trust Basics A trust is a legal arrangement that involves a Settlor (the creator of the trust) who appoints a Trustee to protect and manage … [Read more...] about Appointing Co-Trustees: Pros and Cons
Honoring a Caregiver for National Family Caregivers Month
Experts predict that by 2050 the number of older Americans (65 and older) will surpass the number of younger Americans (21 and younger) for the first time in history. Currently, there are over 50 million people providing unpaid care to a family member or loved one in the United States. If you are one of them, your caregiving undoubtedly affects you and your immediate family in a variety of ways. It is you, and others like you, who are celebrated during National Family Caregivers Month (NFCM) to … [Read more...] about Honoring a Caregiver for National Family Caregivers Month
