Having at least a basic estate plan in place is important for every adult. If you are the parent of a young child, however, the need for careful estate planning is heightened. Your minor child cannot manage his/her own inheritance. Consequently, you must choose someone to do so for your child. For most parents, this means choosing a Trustee for the trust they create. The Indianapolis estate planning attorneys at Frank & Kraft help you choose the right person to guard your child’s … [Read more...] about Choosing the Right Trustee to Manage Your Child’s Inheritance
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Is an Inheritance and a Bequest the Same Thing?
Like most areas of the law, estate planning includes concepts and legal jargon with which the average person is unfamiliar. For example, the words “bequest” and “inheritance” are often used interchangeably when, in fact, they are not always synonymous. To help you understand both terms, the Indianapolis estate planning attorneys at Frank & Kraft explain the difference between an inheritance and a bequest. What Is an “Inheritance?” While it may sound like the answer to one of those … [Read more...] about Is an Inheritance and a Bequest the Same Thing?
Does It Matter How I Co-Own Real Property in Indiana?
If you own real property, and you want to keep that property out of probate after you are gone, creating the right type of co-ownership may be a viable option. While you will get probate avoidance benefits by creating a joint tenancy, there are other factors you should consider before using that strategy for your real property. An Indianapolis estate planning attorney at Frank & Kraft explains how the way you co-own real property in Indiana matters. Why Does It Matter How Real Property Is … [Read more...] about Does It Matter How I Co-Own Real Property in Indiana?
November is Alzheimer’s Awareness Month
Given the increasing prevalence of the disease, most of us know someone who is suffering from Alzheimer’s or who is helping care for someone with the disease. Nationally, the month of November is known as Alzheimer’s Disease Awareness Month. Recognizing the need for heightened awareness of this disease, President Ronald Reagan made this designation in 1983. With that in mind, the Indianapolis elder law attorneys at Frank & Kraft offer some information on Alzheimer’s disease and ideas about … [Read more...] about November is Alzheimer’s Awareness Month
A Pre-Paid Funeral Plan Might Not Be a Wise Choice
You would undoubtedly prefer to spare your loved ones from additional stress and worry following your own death. Unfortunately, there is no way to shield your loved ones from the emotional impact of your passing; however, you can spare them most of the stress and anxiety associated with planning and funding your funeral and burial by planning everything yourself within your estate plan. If you do decide to add a funeral planning component to your estate plan, you may consider a pre-paid funeral … [Read more...] about A Pre-Paid Funeral Plan Might Not Be a Wise Choice
Is an Oral Will Valid in Indiana?
One of the primary reasons for creating an estate plan is to avoid dying intestate (meaning without a Will or trust in place to distribute estate assets). What happens though, if a loved one who is on the verge of death makes a last-minute oral Will? Is that Will valid? An Indianapolis estate planning attorney at Frank & Kraft explains how Indiana treats an oral Will and whether you can challenge the validity of that Will. The Last-Minute Will Ideally, an estate plan should be … [Read more...] about Is an Oral Will Valid in Indiana?
Estate Planning Steps
Most people acknowledge that having an estate plan in place is important. Despite that acknowledgment, many Americans do not have an estate plan. One reason often given for this apparent contradiction is that the prospect of creating an estate plan can be an intimidating one. Everything from the overall goals you should include in a plan to the documents used in an estate plan are frequently unfamiliar. To help get you started with your estate plan, the Indianapolis estate planning attorneys at … [Read more...] about Estate Planning Steps
How Can Estate Planning Help Avoid Disputes?
Making sure that assets are distributed as intended is the primary motivation for most people to create an estate plan. That same estate plan, however, can provide a variety of additional benefits to you and your family. One important benefit of creating a comprehensive estate plan is that it can dramatically decrease the likelihood of disputes, both while you are alive and after you are gone. To explain, the Indianapolis estate planning attorneys at Frank & Kraft help you understand how … [Read more...] about How Can Estate Planning Help Avoid Disputes?
Why Do Estate Plans Fail?
Creating an estate plan is important; however, making sure that the plan you create works as intended is equally important. Unfortunately, a significant percentage of estate plans fail. Moreover, about 70 percent of estate settlements are followed by asset losses or a reduction in family harmony, according to the 2007 book Estate Planning for the Post-Transition Period by Roy Williams and Vic Preisser. The Indianapolis estate planning attorneys at Frank & Kraft explain why estate plans often … [Read more...] about Why Do Estate Plans Fail?
How to Prepare for the Possibility That You Will Need Long-Term Care
Although you probably hope to spend your final years in the comfort of your own home, the reality is that the longer you live, the better your odds are of needing long-term care. To help you plan for that reality, the Indianapolis Medicaid planning attorneys at Frank & Kraft explain how you can prepare for the possibility that you will need long-term care. Evaluate your health. Although most people cannot predict the need for long-term care (LTC), evaluating the state of your health … [Read more...] about How to Prepare for the Possibility That You Will Need Long-Term Care
