Although every estate plan is as unique as the individual who creates the plan, there are some common documents that tend to be found in the average estate plan. A power of attorney is one of those. You probably have some idea what a power of attorney is and how one works; however, do you know what a “durable” power of attorney is, and do you need to include one in your estate plan? The Indianapolis estate planning attorneys at Frank & Kraft explain a “durable” power of attorney and discuss … [Read more...] about Do I Need a “Durable” Power of Attorney?
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Celebrate Long-Term Care Planning Month this October by Reviewing Your Plan
October is designated as “Long-Term Care Planning Month” each year in the United States. For all of us, it provides an excellent reminder of the need to have a long-term care (LTC) plan in place as well as the perfect opportunity to review your plan if you do have one in place. Before the month of October comes to a close, make a point of looking over your LTC plan and making an appointment with your estate planning attorney to go over the plan and/or make any changes that need to be made. The … [Read more...] about Celebrate Long-Term Care Planning Month this October by Reviewing Your Plan
Is Your Business Protected in Your Estate Plan?
As a business owner, the need for comprehensive and inclusive estate planning is amplified. Without a business succession planning component in your estate plan, all the hard work and sacrifice on your part to get your business off the ground may be at risk if something happens to you. The Indianapolis business succession planning attorneys at Frank & Kraft are committed to helping you protect your investment by explaining the importance of business succession planning. The Importance of … [Read more...] about Is Your Business Protected in Your Estate Plan?
Understanding the Benefits of an Intentionally Defective Grantor Trust
One of your primary estate planning considerations should be the impact federal gift and estate taxes will have on your estate after you are gone if you have significant assets that will be left behind. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trust (“IDGT”). The Indianapolis trust attorneys at Frank & Kraft explain why you might want to create an Intentionally Defective Grantor Trust. Intentionally Defective Grantor Trust Basics An IDGT is a … [Read more...] about Understanding the Benefits of an Intentionally Defective Grantor Trust
Estate Planning Lessons the Covid Pandemic Has Taught Us
For over a year and a half now the entire world has been grappling with the Covid-19 pandemic. We have lived through lockdowns, social distancing, and the race to create a vaccine. Many of us have also lost loved ones or watched them suffer. The Indianapolis estate planning attorneys at Frank & Kraft discuss how the Covid-19 pandemic has also taught us some important lessons about estate planning. What Should Be Part of Your Estate Plan during the Covid-19 Pandemic? A comprehensive … [Read more...] about Estate Planning Lessons the Covid Pandemic Has Taught Us
Can a Charity Be the Beneficiary of a Living Trust?
For many people, philanthropy is part of their everyday life. If you are someone who believes strongly in charitable gifting, you may wish to continue that charitable gifting in your estate plan. While you can make charitable gifts in your Will, that is often not the best way to do so. Instead, consider using a living trust. The Indianapolis trust attorneys at Frank & Kraft explain how to make a charity the beneficiary of your living trust. Gifting to Charity Using Your Last Will and … [Read more...] about Can a Charity Be the Beneficiary of a Living Trust?
Is Trust Administration Expensive?
A living trust is among the most common additions to an estate plan. A living trust can be used to help with a variety of estate planning goals, including probate avoidance, incapacity planning, and asset protection. If you are considering a living trust for your estate plan, you may be concerned about the cost of administering that trust once it is active. To help you better plan your estate, an Indianapolis trust administration attorney at Frank & Kraft discusses trust administration … [Read more...] about Is Trust Administration Expensive?
Why It Is Important to Update Your Beneficiary Designations
If you have an estate plan in place already, you are ahead of over half the population in the United States. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. For example, the Indianapolis estate planning attorneys at Frank & Kraft explain the importance of updating your beneficiary designations. Where Are the Beneficiaries in … [Read more...] about Why It Is Important to Update Your Beneficiary Designations
How Does Life Insurance Work in My Estate Plan?
For many people, life insurance plays an integral role in their estate plan. Exactly what role it plays, and how much life insurance is necessary, can be difficult to determine though. Moreover, both the type and amount of life insurance you need can change over the course of your lifetime.An Indianapolis estate planning attorney at Frank & Kraft helps you decide what type and how much life insurance is right for you. Not All Life Insurance Is Created Equal Deciding how much … [Read more...] about How Does Life Insurance Work in My Estate Plan?
What Are the Steps Involved in Probating an Estate?
If you were appointed to be the Executor of the estate in the decedent’s Last Will and Testament, time is of the essence when it comes to safeguarding your loved one’s estate. As such, you need to get started in your role as Executor as soon as possible. If you have never served as an Executor, you may not know where or how to begin. To get you started, the Indianapolis probate attorneys at Frank and Kraft explain some common steps involved in probating an estate. Probate Basics Over the … [Read more...] about What Are the Steps Involved in Probating an Estate?
