As you mature, and both your estate and your family grow, your estate plan will likely become more complex as well. A number of additional estate planning tools and strategies will be added to your initial plan in order to keep up with your changing needs and expanding goals. If you are part of a blended family, one of the estate planning tools you may decide to incorporate into your plan is a Qualified Terminable Interest Property, or QTIP, trust. Only your estate planning attorney can … [Read more...] about QTIP Trust Requirements
Blog
Is an Older Loved One at Risk for Suicide?
If you have an elderly loved one, you undoubtedly worry about his/her physical and cognitive health, but has it ever occurred to you to worry about the risk of suicide? Probably not. Senior suicide is actually much more common that most people realize. In 2005, the most recent year for which statistics are available, there were 5,404 suicides in the United States among those aged 65 and older, according to the American Association of Suicidology. That figure translates into nearly 15 elder … [Read more...] about Is an Older Loved One at Risk for Suicide?
What Does a Living Trust Do for You?
Whether you are creating your very first estate plan, or updating one for the fifth time, there is a good chance that the option to incorporate a living trust into your plan will come up. As with all decisions relating to your estate plan, you should consult with your estate planning attorney before deciding to include a living trust in your plan. In the meantime, however, you may find it helpful to learn more about what a living trust can do for you. What Is a Living Trust? A living trust … [Read more...] about What Does a Living Trust Do for You?
What Assets Can a Spouse Keep on Medicaid?
Like most people, you undoubtedly hoped that you and your spouse could live out your retirement years in your own home without the need for long-term care. If, however, one of you reaches a point at which the type of care provided by a nursing home is necessary, you will also have to face the reality of the high cost of that care. One option may be to turn to Medicaid for help paying the bill; however, qualifying for Medicaid comes with its own set of obstacles and concerns. One of those … [Read more...] about What Assets Can a Spouse Keep on Medicaid?
Is Probate Necessary in Indiana?
When a family member or close friend passes away it is usually difficult for surviving loved ones to see past their grief. Someone, however, must focus on the practical and legal ramifications that accompany death. If you recently lost someone close to you and you find yourself contemplating those practical and legal ramifications, one of the first of them will undoubtedly involve the potential need to probate the estate. More specifically, you will need to know if probate is necessary in … [Read more...] about Is Probate Necessary in Indiana?
What Does It Mean to Administer a Trust?
A trust is among the most common additions to a comprehensive estate plan. Every trust must have a Trustee, appointed by the creator of the trust, who is responsible for administering the trust. Administering a trust is often a complex and time-consuming job – something that many first-time Trustee’s don’t find out until after accepting the appointment. In fact, given the financial and legal skills frequently required to successfully administer a trust, it is often wise to appoint a … [Read more...] about What Does It Mean to Administer a Trust?
How Can I Protect My Assets from Nursing Home Care?
As much as you probably don’t want to think about it, the reality is that you may end needing nursing home care at some point later in your life. If the need for nursing home care does come to pass, you may find the cost of that care to be staggering. More importantly, the cost of that care could put your hard-earned assets at risk if you didn’t plan ahead. The Indianapolis Medicaid planning attorneys at Frank & Kraft explain how you can protect your assets from the high cost of nursing home … [Read more...] about How Can I Protect My Assets from Nursing Home Care?
Should I Leave My Children a Lump Sum Inheritance?
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. In fact, the Carmel living trust attorneys discuss why you might not want to leave your children a lump sum inheritance in your … [Read more...] about Should I Leave My Children a Lump Sum Inheritance?
Indiana Ranks in the Middle for Elder Abuse Protection
As the Baby Boomer generation moves into their retirement years, the number of older Americans continues to increase at a historic rate. In fact, the U.S. Census Bureau expects the population aged 65 and older to nearly double from 43.1 million in 2012 to 83.7 million in 2050. For the first time in history, the number of older adults (age 65 and older) is expected to outnumber their younger counterparts (age 21 and younger) that same year. With the increase in seniors, we are also experiencing a … [Read more...] about Indiana Ranks in the Middle for Elder Abuse Protection
How Much Discretion Should Your Trustee Have?
Once you outgrow your initial estate plan, you will likely find that you need to incorporate a wide range of estate planning tools and strategies to ensure that your plan will achieve the ever-expanding list of inter-related goals now included in your plan. One of the tools you may choose to utilize is a trust. Trusts have become increasingly popular, due in large part to the flexible nature of a trust. When creating your trust you must focus on how the trust will be administered, starting with … [Read more...] about How Much Discretion Should Your Trustee Have?
