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?
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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?
What Is the Maximum VA Aid and Attendance Benefit?
All of us who live in the United States owe the men and women of the Armed Services a debt of gratitude we can never truly repay. The government does try, however, to show veterans, their dependents, and survivors how much their sacrifices are appreciated by providing them with a number of benefits. One program that can help veterans and their spouses put off the need to move to a long-term care facility is the Veterans Aid & Attendance program. Although the VA&A program is not a … [Read more...] about What Is the Maximum VA Aid and Attendance Benefit?
Top 3 Uses for a Revocable Trust
Originally, trusts were used almost exclusively by wealthy families to protect that wealth and pass it down to future generations. As trusts evolved, however, they became more “user-friendly.” Today, there is a specialized trust to meet almost any estate planning goal which is why trusts are so frequently found in the average estate plan. If you are considering the addition of a trust to your estate plan, it helps to learn all you can about how a trust might fit into your overall plan. Toward … [Read more...] about Top 3 Uses for a Revocable Trust
Strange Provisions People Included in Their Wills
Most people consider their Last Will and Testament to be a serious document that reflects their wishes for the distribution of their estate assets after they are gone. Occasionally, however, a Testator uses his/her Will to make a statement or to make a point. Such was the case in the following Wills that will undoubtedly be remembered not just by the beneficiaries and heirs of the estates, but by anyone who reads the provisions included in them. A Dog Really Is Man’s Best Friend In 2004, … [Read more...] about Strange Provisions People Included in Their Wills
What Is a Revocable Living Trust?
Estate planning is often a complex endeavor that involves a wide range of inter-related tools and strategies. While each estate plan is unique, there are some tools commonly found in an estate plan. A revocable living trust is one of those tools. You should always discuss the specifics of your estate planning needs and goals with your estate planning attorney before deciding what tools and strategies are right for you; however, it also helps to familiarize yourself with some of them ahead of … [Read more...] about What Is a Revocable Living Trust?
CBS Tycoon Settles Elder Abuse Lawsuit
Although you may be unfamiliar with the name “Sumner Redstone,” you are probably not unfamiliar with what he has accomplished over the course of his lifetime. He remains the majority owner of CBS Corp. and Viacom Corp. along with his daughter Shari Redstone and was executive chairman of both companies before stepping down in 2016 at age 92. Forbes magazine has estimated his worth at $4.5 billion. Just recently, Redstone’s attorneys conceded that he had become incapacitated, and he was … [Read more...] about CBS Tycoon Settles Elder Abuse Lawsuit
What Happens If a Trustee Is Unable to Serve?
Although every estate plan is as unique as the person who creates the plan, there are some common tools and strategies found in the average plan. One of those is a trust agreement. If you elect to incorporate a trust into your estate plan, one of the most important decisions you will need to make is deciding who to appoint as your Trustee. What happens though, if that Trustee is unable, or unwilling, to serve? A Carmel trust administration attorney explains what happens if your designated … [Read more...] about What Happens If a Trustee Is Unable to Serve?
When Should Inheritance Planning Begin?
You may be under the common misperception that you need to have an actual inheritance built up before the need for inheritance planning arises. In reality, however, inheritance planning should start much earlier than you likely thought it should. In fact, it is never too early to get started on your inheritance plan because a well thought out plan will do much more than just govern the distribution of the inheritance you will eventually leave behind. To help you better understand when to start … [Read more...] about When Should Inheritance Planning Begin?
