A power of attorney is one of the most used estate planning tools. At some point in your life, you will likely execute a Power of Attorney and/or be named as an Agent under someone else’s Power of Attorney. Despite how common these documents are, several misconceptions remain about the power granted when you execute a Power of Attorney. To help clear some of those up, the Indianapolis estate planning attorneys at Frank & Kraft explain the limits to an Agent’s authority under a General Power … [Read more...] about Under a General Power of Attorney, Are There Limits to an Agent’s Power?
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Asset Protection Planning for Seniors
While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools and strategies in your estate plan that help to protect those assets while you are alive. Asset protection planning should be included in your estate plan throughout your lifetime; however, when you reach your retirement years, you may need to review and revise some of your asset protection planning tools and strategies. To help you better … [Read more...] about Asset Protection Planning for Seniors
How the SECURE Act Impacted Your Stretch IRA
Today, few employers fund pensions and Social Security retirement benefits have not kept up with the cost of living. Consequently, many of my clients contribute to an Individual Retirement Account (IRA) during their working years to ensure they have sufficient assets available when they retire. If your IRA is a “stretch IRA” it is crucial to understand how the recently enacted SECURE Act impacts that account. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft … [Read more...] about How the SECURE Act Impacted Your Stretch IRA
Top 10 Estate Planning Tips
If you are like the average person, you recognize the need to have a comprehensive estate plan in place, but beyond that estate planning remains somewhat of a mystery. Estate planning encompasses much more than just deciding how your estate will be distributed after you are gone. Likewise, an estate planning attorney can do much more for you than you probably realize. The Indianapolis estate planning attorneys at Frank & Kraft explain 10 things about estate planning that you might not … [Read more...] about Top 10 Estate Planning Tips
What Does It Mean to Decant a Trust?
Like many people, you may have included a trust agreement in your overall estate plan. If that trust is an irrevocable trust, you were likely told that you cannot modify, amend, or revoke the trust. What happens though if circumstances change, and your irrevocable trust needs to be modified or amended? While it is always best to operate under the assumption that an irrevocable trust cannot be changed, there may be a way to make changes to an irrevocable trust. The Indianapolis trust … [Read more...] about What Does It Mean to Decant a Trust?
Can I Challenge My Father’s Will in Indiana?
The loss of a parent is not something for which you can ever truly prepare. If you recently lost your father, you are undoubtedly going through a period of grief and heightened emotions. Along with working through the emotional aftermath of your loss, you will also be faced with practical and legal issues relating to your father’s death. The administration of your father’s estate, for example, should begin shortly after his death. If your father left behind a Last Will and Testament, that … [Read more...] about Can I Challenge My Father’s Will in Indiana?
10 Reasons You Might Need an Estate Planning Attorney
Estate planning and related areas of the law are typically unfamiliar to the average person. This often means that people do not realize how an estate planning attorney can help them or when they need the assistance of one. To help make sure you get the guidance and assistance you need when you need it, the Indianapolis estate planning attorneys at Frank & Kraft explain 10 reasons why you might need to consult with an estate planning attorney. Contact Indianapolis Estate Planning … [Read more...] about 10 Reasons You Might Need an Estate Planning Attorney
Trust Administration Steps
When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of a trust, and you have never before administered a trust, you may be a bit intimidated at the prospect of doing so. The Indianapolis trust administration attorneys at Frank & Kraft offer a trust administration checklist for the new Trustee. What Does It Mean to Administer a Trust? The Trustee’s overall job is to administer the … [Read more...] about Trust Administration Steps
Protecting Assets Often Requires Avoiding Medicaid Spend-Down
Creating a successful estate plan requires you to contemplate several potential scenarios, including the possibility that you (or a spouse) will need long-term care in the future. Factoring this possibility into your estate plan is crucial because of the high cost of that care and the related likelihood that you will need to qualify for Medicaid to help pay for that care. If you fail to plan for the possibility that you will need to qualify for Medicaid, you could face the loss of assets because … [Read more...] about Protecting Assets Often Requires Avoiding Medicaid Spend-Down
The Pros and Cons of Sharing Your Estate Plan with Loved Ones
If you have an estate plan in place, you already recognize the numerous benefits an estate plan offers. Once your plan is in place, however, you may struggle with deciding how much (if any) of the plan details to share with beneficiaries and heirs of your estate. Ultimately, it is a very personal decision; however, the Indianapolis estate planning attorneys at Frank & Kraft discuss the pros and cons of sharing your estate plan with loved ones. Pros of Sharing Details of Your Estate … [Read more...] about The Pros and Cons of Sharing Your Estate Plan with Loved Ones
