While your primary estate planning goal may be to ensure that your assets are distributed according to your wishes after your death, one of the most important secondary goals of any comprehensive estate plan should be to plan for how your assets will be managed in the event of your incapacity. To help encourage you to plan ahead, a Carmel incapacity planning attorney at Frank & Kraft discusses your options for managing property during incapacity. Incapacity Doesn’t Discriminate When … [Read more...] about Are There Alternatives for Managing Property When Someone becomes Incapacitated?
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Indiana Council Against Senior Exploitation Works to Protect Older Hoosiers
Sadly, elder abuse is a very real problem in the United States. Moreover, as the population of seniors continues to grow, so does the number of elder abuse cases. While physical abuse and neglect are the most well-known types of elder abuse, financial exploitation is actually the most common. In the State of Indiana, residents will be happy to learn that the Secretary of State has formed the Indiana Council Against Senior Exploitation, a group that is tasked with protecting seniors against those … [Read more...] about Indiana Council Against Senior Exploitation Works to Protect Older Hoosiers
What Happens If Someone Contests a Will?
When a family member passes away, the time period that follows is one filled with grief and a variety of other strong emotions. There are also a number of practical and legal steps that must be taken following a death. Among the most important of those is probating the decedent’s estate which begins with submitting the decedent’s Last Will and Testament to the appropriate court. The terms of that Will provide a roadmap for the distribution of the decedent’s assets. What happens, however, if … [Read more...] about What Happens If Someone Contests a Will?
When Does a Living Trust Terminate?
Creating an estate plan typically requires you one to contemplate numerous inter-related goals and objectives at the same time. To achieve all those objectives, you may need to incorporate numerous estate planning tools and strategies into your estate plan. One of the most popular of those estate planning tools is a living trust. Once your living trust is in place, however, how and when does it terminate? To help you better understand how a living trust works, the Carmel living trust attorneys … [Read more...] about When Does a Living Trust Terminate?
Tips for Caregivers
As the elderly population in the United States continues to grow at an unprecedented rate, the need for caregivers for the elderly has also experienced a corresponding increase. Oftentimes, family members or close friends offer to provide care to an elderly individual without expecting payment for that care. If you are one of those caregivers, it is important that you acknowledge the impact your selfless caregiving will have on you and your family. Remember that if you completely ignore your own … [Read more...] about Tips for Caregivers
Is a Family Limited Partnership Right for My Business?
Starting a small business is a dream come true for many people. If you are hoping to realize the American dream of becoming an entrepreneur, planning ahead is the key to the long-term success of your business. This is especially true if you plan to pass the business down to the next generation. In fact, the lack of planning is one of the leading reasons why so many family businesses fail to make a successful transition from one generation to the next. There are a number of strategies you can use … [Read more...] about Is a Family Limited Partnership Right for My Business?
What Is a Letter of Instruction?
When drafted properly, a well thought out estate plan can accomplish a number of inter-related goals. The estate planning process, however, is something that never really ends. Instead, your estate plan should evolve over time and grow along with you, your family, and your estate. As times goes by, you will likely find that you need to include additional estate planning tools and strategies in order to fulfill the needs of your growing family and address the ever-changing goals you have for your … [Read more...] about What Is a Letter of Instruction?
How Do I Know If My Estate Has Enough Liquidity?
A well-drafted estate plan will accomplish a wide range of estate planning goals that go beyond just deciding how your estate assets are to be distributed after you are gone. Protecting those assets while you are alive and ensuring that they are immediately available to your loved ones when they need them after your death should also be priorities within your estate plan. To ensure that your loved ones will have access to sufficient assets to cover living expenses after you are gone, you … [Read more...] about How Do I Know If My Estate Has Enough Liquidity?
Can’t I Just Transfer Assets to My Adult Child If I Need to Qualify for Medicaid?
At some point during your retirement years, you may be faced with the need to qualify for Medicaid, only to find that your assets prevent you from doing so. At that point, your first thought may be to simply transfer those assets into the name of an adult child. The Carmel Medicaid planning lawyers at Frank & Kraft explain why transferring your assets to an adult child won’t work if you need to qualify for Medicaid at some point in the future. Why Are the Medicaid Eligibility Requirements … [Read more...] about Can’t I Just Transfer Assets to My Adult Child If I Need to Qualify for Medicaid?
What Type of Will Is Best for Me?
You undoubtedly know that a Last Will and Testament serves as the foundation for most estate plans. What you may not know, however, is that not all Wills are created equal. In fact, there are several different types of Wills from which to choose when creating your estate plan. The Indianapolis estate planning lawyers at Frank & Kraft offer a brief explanation of the various types of Wills to help you decide which type of Will is right for you. Simple Will -- a Simple Will is what you … [Read more...] about What Type of Will Is Best for Me?
