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?
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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?
Can I Qualify for My Spouse’s Social Security Benefits?
For many retirees, Social Security retirement benefits play a significant role in financing their retirement years. If you recently lost a spouse, finances may be especially tight for you, leaving you to wonder whether you are entitled to any assistance based on your deceased spouse’s Social Security benefits. The Indianapolis estate planning attorneys at Frank & Kraft explain when and how you might qualify for your spouse’s Social Security Benefits. Social Security System Basics To … [Read more...] about Can I Qualify for My Spouse’s Social Security Benefits?
How to Avoid Probate
A common goal found in many comprehensive estate plans is probate avoidance. Avoiding probate entirely may be impossible; however, with some careful planning you can create an estate plan that dramatically reduces the amount of time and money spent on the probate of your estate. That, in turn, may make much needed assets available to loved ones much sooner after your death. The Indianapolis estate planning attorneys at Frank & Kraft discuss common estate planning tools that can help your … [Read more...] about How to Avoid Probate
Parents – Avoid Making These Mistakes When Establishing a Trust for Your Children
Whether you are a new parent or the parent of adult children, you undoubtedly want to protect the inheritance you intend to leave for your children. Establishing a trust is the most popular way to accomplish this common goal. To ensure that the trust works as intended, you want to avoid making mistakes when setting up the trust. Toward that end, the Indianapolis estate planning attorneys at Frank & Kraft explain common mistakes parents make when establishing a trust for their … [Read more...] about Parents – Avoid Making These Mistakes When Establishing a Trust for Your Children
Sibling Dilemma: What Can We Do If We Don’t Agree on Medical Care for Our Parent?
Decisions relating to an aging parent’s medical care can often spur conflict among siblings. If you and your siblings cannot agree on an overall plan, or even on a specific medical procedure, for a parent it can present a serious problem. Knowing your practical and legal options when a disagreement occurs can help. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft discuss options when siblings cannot agree on medical care for a parent. The Problem When you … [Read more...] about Sibling Dilemma: What Can We Do If We Don’t Agree on Medical Care for Our Parent?
