As your estate plan grows and expands, you will incorporate a variety of estate planning tools and strategies into that plan. One of the most common of those is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee for that trust. Can you appoint yourself to be the Trustee of your own trust? The Indianapolis trust attorneys at Frank & Kraft explain when you can be the Trustee of your own trust. What You Need to Know About Trusts A trust … [Read more...] about Can I Be the Trustee of My Own Trust?
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Why Would I Make a Trust Irrevocable?
If you are contemplating the creation of a living trust, you will need to decide if your trust will be a revocable living trust or an irrevocable living trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Settlor once the trust is established. Why you would want to make your trust irrevocable though? The Indianapolis trust lawyers at Frank & Kraft explain when making your trust irrevocable is a wise choice. When Is an Irrevocable Living … [Read more...] about Why Would I Make a Trust Irrevocable?
Can I Contest My Spouse’s Will?
The death of a spouse is often marked by heightened emotions as you grieve your loss. If you learn that your spouse left you out of his/her Will, it can be even more difficult to manage those heightened emotions because you may also be concerned about your financial situation. That may lead you to wonder if you can challenge your spouse’s Will. The Indianapolis probate lawyers at Frank & Kraft discuss contesting your spouse’s Will in Indiana. Probate Basics When an individual passes … [Read more...] about Can I Contest My Spouse’s Will?
5 Things You Need to Know before Applying for Medicaid
Just because you have never before needed to qualify for Medicaid does not mean you won’t need to in the future. In fact, there is an exceptionally good chance you will need to rely on Medicaid at some point. If you do find yourself applying for Medicaid without having prepared in advance, your assets could be at risk. To prevent that from happening, the Indianapolis Medicaid planning lawyers at Frank & Kraft explain five things you need to know before applying for Medicaid. Why Would I … [Read more...] about 5 Things You Need to Know before Applying for Medicaid
Why Should I Have a Lawyer Help Me Probate My Mother’s Estate?
If you recently lost your mother, you are undoubtedly going through a period of grief and other heightened emotions. If your mother appointed you to be the Executor of the estate, however, you must also concentrate on the practical and legal steps required following a death. Probating an estate can be a complex and emotionally exhausting process though. The Indianapolis probate lawyers at Frank & Kraft explain why you should have a lawyer help you with the probate of your mother’s … [Read more...] about Why Should I Have a Lawyer Help Me Probate My Mother’s Estate?
LGBT Estate Planning Remains Necessary
Members of the LGBT community and their supporters have finally achieved some tangible results in their battle for equality in recent years. Does that mean that the heightened need for estate planning is no longer applicable to members of the LGBT community? Not necessarily. While the recent victories are cause for rejoicing, estate planning remains important for members of the LGBT community according to the Indianapolis estate planning attorneys at Frank & Kraft. Recent LGBT … [Read more...] about LGBT Estate Planning Remains Necessary
What Can I Do to Reduce Estate Taxes?
Working hard, saving regularly, and investing wisely will certainly ensure that you amass a moderate to large estate; however, if you fail to protect the assets that make up your estate your beneficiaries will ultimately lose out in the end. One of the most potentially devastating threats to your estate assets is the federal gift and estate tax. Careful planning can help you decrease, or even eliminate, your estate’s exposure to federal gift and estate taxes. The Indianapolis estate planning … [Read more...] about What Can I Do to Reduce Estate Taxes?
How Is a Trustee Compensated?
As your estate plan grow, there is a high probability that you will eventually incorporate a trust into that plan. If so, you will need to appoint a Trustee to administer the trust. One question you may have at that point is “How is a Trustee compensated?” The Carmel area trust attorneys at Frank & Kraft explain the basics of trust administration, including Trustee compensation. Trust Basics A trust is a legal relationship where property is held by one party for the benefit of another … [Read more...] about How Is a Trustee Compensated?
Picking the Administrator of Your Estate?
If you are in the process of creating your Will, be careful not to overlook the importance of the Executor you appoint because he/she will be responsible for overseeing the administration of your estate after you are gone. One of the most common estate planning mistakes people make is to appoint someone as the Executor of their estate without giving the matter due consideration. The Indianapolis estate planning lawyers at Frank & Kraft explain how to pick the right person for the … [Read more...] about Picking the Administrator of Your Estate?
Is Your Estate Plan Up to Date?
An estate plan that functions as intended will help protect and grow your assets as well as ensure that your loved ones are provided for in the event of your death or incapacity. If you have an estate plan in place already, you are ahead of most Americans; however, you are not done yet. In fact, updating your existing estate plan is just as important as creating the initial plan because an out of date estate plan can wreak havoc on your estate if something happens to you. The Indianapolis estate … [Read more...] about Is Your Estate Plan Up to Date?
