During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. The Indianapolis estate planning attorney at Frank & Kraft explains the importance of choosing the right fiduciaries in your estate plan. What Is a … [Read more...] about The Importance of Choosing the Right Fiduciaries in Your Estate Plan
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How to Take Part in Military Appreciation Month This May
Every American owes a debt of gratitude to the millions of men and women who currently serve or who have served in the United States military. Without their dedication and sacrifice, and that of their families, we would not enjoy the benefits and freedom many of us take for granted as Americans. To show support for our military families, we celebrate Military Appreciation Month every May. The Indianapolis estate planning attorneys at Frank & Kraft offer some suggestions for how you can take … [Read more...] about How to Take Part in Military Appreciation Month This May
Steps to Take If You Suspect Elder Abuse
As we age, so do our parents, grandparents, and other older family members. At some point, a role reversal often occurs, where you become the protector and your older family members become vulnerable. As a result of physical and/or mental deterioration, your older family members may eventually need additional assistance around the house or may even need around the clock care in a long-term care facility. Despite your best efforts to ensure that the people caring for your loved one … [Read more...] about Steps to Take If You Suspect Elder Abuse
Why Funeral Planning Should Be Part of Your Estate Plan
If you prefer not to think about your own funeral and burial, you are hardly alone. Most people don’t want to dwell on the reality of their own mortality. You should, however, know enough about the practical expenses involved in a funeral and burial to recognize the wisdom of including a funeral planning component in your comprehensive estate plan. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft explain that dying is expensive and why funeral planning should be … [Read more...] about Why Funeral Planning Should Be Part of Your Estate Plan
What Is a Spendthrift Trust?
Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own money for one reason or another. If you find yourself in that position, a spendthrift trust may be the solution. For those who are unfamiliar with the concept, an Indianapolis estate … [Read more...] about What Is a Spendthrift Trust?
Why You Should Not Depend Entirely on the Marital Deduction
When you create an estate plan, that plan should accomplish several inter-related goals. One of those goals should focus on tax avoidance. After all, no one wants to lose a significant portion of their estate to Uncle Sam. One common mistake you should avoid, however, is to rely too heavily on the marital deduction. An Indianapolis estate planning attorney at Frank & Kraft explains the marital deduction is often not enough to protect your estate from federal gift and estate taxes. Federal … [Read more...] about Why You Should Not Depend Entirely on the Marital Deduction
5 Reasons to Immediately Update Your Estate Plan
If you have an estate plan in place already, you are ahead of the curve in the United States. Surveys indicate that despite understanding how important estate planning is, over half of all Americans do not have a plan. While you deserve to pat yourself on the back for putting together your initial estate plan, do not make the mistake of thinking that you can forget about the issue of estate planning from here on out. On the contrary, your initial estate plan needs to be reviewed and revised … [Read more...] about 5 Reasons to Immediately Update Your Estate Plan
How to Approach Estate Planning with Your Aging Parents
It can be extremely difficult for adult children to accept the fact that their parents are experiencing the mental and/or physical deterioration that accompanies the natural aging process. A role reversal often occurs when a parent’s aging makes them vulnerable. The parent becomes the child, and the child becomes the caregiver. If you feel this is starting to happen, it is imperative that you discuss estate planning with your parents. Toward that end, the Indianapolis elder law attorneys at … [Read more...] about How to Approach Estate Planning with Your Aging Parents
How to Add Explanations or Instructions to Your Estate Plan
Once your estate plan is in place, you may feel like you have pertinent, even crucial, information that applies to your estate plan, yet does not fit anywhere in your existing plan. When important information needs to be included in your estate plan but there is nowhere practical to include it, including an explanatory letter with your estate planning documents may be the solution. An Indianapolis estate planning attorney at Frank & Kraft explains how to add explanations or instructions to … [Read more...] about How to Add Explanations or Instructions to Your Estate Plan
Should I Appoint an Attorney to Be My Trustee?
A comprehensive estate plan typically requires you to incorporate a variety of estate planning tools and strategies into your plan. One of the most common of those tools is a trust. If you are contemplating the use of a trust in your estate plan, one of the most important decisions you will need to make when you create your trust is who to appoint as your Trustee. You will first need to decide if you wish to appoint a layman or a professional, such as a trust administration attorney, as your … [Read more...] about Should I Appoint an Attorney to Be My Trustee?
