If you plan to gift assets to a minor child, extra care must be taken to ensure that those assets are protected and responsibly managed until the child reaches the age of majority. One way to do that is by establishing a Uniform Transfers to Minors Act (UTMA) account. Another is by establishing a trust. The Indianapolis trust attorneys at Frank & Kraft discuss whether a UTMA account or a trust is the better option to protect your child’s inheritance. Why Was the UTMA Created? The … [Read more...] about What Is the Uniform Transfers to Minors Act?
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Tips for Gifting to Grandchildren
If you are a grandparent, you may wish to include your grandchildren in your estate plan. Doing so, however, can be tricky and may cause you a certain amount of internal conflict. To help you decide how to handle gifting to your grandchildren, the Indianapolis estate planning attorneys at Frank & Kraft offers top tips for gifting to your grandchildren. Do not wait until you are gone. If your long-term plan is to pass down a portion of your estate to your grandchildren, make why not make … [Read more...] about Tips for Gifting to Grandchildren
Can a Beneficiary Also Be the Trustee of an ILIT?
A comprehensive estate plan can help you accomplish various goals; however, to do so you will likely need to make use of several different estate planning tools. Trusts, for example, are commonly found throughout the average estate plan. Trusts have evolved to the point where there are a variety of highly specialized trusts that serve very specific purposes. One such trust is an irrevocable life insurance trust, or ILIT. The Indianapolis trust attorneys at Frank & Kraft explain why you might … [Read more...] about Can a Beneficiary Also Be the Trustee of an ILIT?
When Will I Receive My Inheritance?
Finding out that someone left you an inheritance is certainly welcome news, particularly if you have been struggling financially. As the old adage goes, however, you shouldn’t count your chickens before they hatch because you may be waiting for a long time before you actually receive that inheritance. If the decedent’s estate is required to go through probate, it could take a year or longer before your inheritance can be released to you. Why does probate take so long? The Indianapolis … [Read more...] about When Will I Receive My Inheritance?
Should I Agree to a Reverse Mortgage?
You have probably watched or heard an advertisement on television or radio for reverse mortgages. These ads are hard to miss as they seem to be everywhere, and they make a reverse mortgage sound very attractive for senior citizens living on a modest fixed income. Is a reverse mortgage as good an idea as the ads make them sound? The Carmel estate planning attorneys at Frank & Kraft explain how a reverse mortgage works. What Is a Reverse Mortgage? For seniors who have equity … [Read more...] about Should I Agree to a Reverse Mortgage?
Estate Planning for the Single Parent
Every adult should have at least a basic estate plan in place; however, if you are a single parent the need to have a plan in place is significantly increased. To help you better understand why that is, an Indianapolis estate planning attorney at Frank & Kraft explains estate planning concerns for the single parent. How Can an Estate Plan Help a Single Parent? If you are a single parent, you already know what a difficult job it is. Raising a child by yourself presents challenges … [Read more...] about Estate Planning for the Single Parent
Elder Abuse — How to Spot the Signs
The dramatic increase in the senior population in the U.S. has caused a corresponding increase in issues that impact the elderly, including nursing home abuse. Fortunately, there are nursing homes that provide competent, caring, and compassionate care to patients; however, you must remain vigilant and on alert for signs of abuse or neglect if you have a loved one in a nursing home. To help ensure that you know what to look for, the Indianapolis elder law … [Read more...] about Elder Abuse — How to Spot the Signs
Does My Mother’s Estate Qualify for an Alternative to Formal Probate?
If your mother recently died, you are likely feeling overwhelmed with the emotional and practical aftermath of her passing. If you were named as the Executor of her Last Will and Testament, or you are the most likely person to handle the administration of her estate in the absence of a Will, you will undoubtedly want to avoid formal probate if possible. The only way to know with certainty that your mother’s estate can avoid formal probate is to consult with an experienced probate attorney. The … [Read more...] about Does My Mother’s Estate Qualify for an Alternative to Formal Probate?
Executor Duties – Estate Accounting
Are you serving as the Executor of the estate of a recently deceased loved one? If so, you may already know how complex and complicated the probate of an estate can be. At some point during the process, you may be asked to provide an estate accounting. If this is the first time you have served as an Executor, you may not know what an estate accounting entails. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft explain what is involved in an estate … [Read more...] about Executor Duties – Estate Accounting
What Is the Medicaid Estate Recovery Program?
As of 2019, the average cost of a year in long-term care (LTC) nationwide was over $100,000. In Indiana, LTC costs have hovered right around the national average in recent years. Unless you can afford to cover that kind of an expense out of pocket, you will likely need to depend on Medicaid to help you if you need LTC in the future. One of your biggest fears, however, may be the commonly held belief that to qualify for Medicaid you will have to give up your home or other valuable assets. … [Read more...] about What Is the Medicaid Estate Recovery Program?
