Adding a trust to an estate plan is one of the most effective ways to safeguard assets and provide ongoing financial security for family members. When you establish a trust, one of the most important decisions you will make is how much authority the Trustee should have in managing and distributing trust property. The degree of discretion you grant can significantly influence the effectiveness of the trust and the overall protection it provides. If you are considering incorporating a trust into … [Read more...] about How Much Discretion Should a Trustee Have?
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Avoid These 10 Common Mistakes When Drafting Your Last Will and Testament
For many people, a Last Will and Testament is the first step in building an estate plan and often remains a central document for decades. Your Will determines how your estate is divided, who is placed in charge of the process, and how personal matters are addressed after you pass away. Despite understanding its importance, individuals frequently make significant mistakes when creating their Will. These errors can lead to costly disputes, confusion among heirs, and outcomes that do not match the … [Read more...] about Avoid These 10 Common Mistakes When Drafting Your Last Will and Testament
How Does the OBBBA Impact My Indiana ABLE Account?
On July 4, 2025, Congress enacted the One Big Beautiful Bill Act (OBBBA), a sweeping legislative package that revised federal tax rules and transfer laws. Although much of the national dialogue has focused on revisions to estate and gift taxes, the measure also brought meaningful updates to ABLE accounts. For Hoosiers with disabilities and their families, these new provisions affect how accounts can be opened, funded, and utilized. To help families understand the impact, the Indianapolis … [Read more...] about How Does the OBBBA Impact My Indiana ABLE Account?
Navigating Estate Plan Changes After the Death of a Spouse
Losing a spouse is one of life’s most difficult experiences, bringing both emotional and practical challenges. While it is essential to allow time to grieve, surviving spouses must also confront important legal and financial matters. Among the most pressing is the need to review and revise estate planning documents. Updating your plan ensures that it reflects your present circumstances and continues to protect your family. The Indianapolis attorneys at Frank & Kraft explain key steps that … [Read more...] about Navigating Estate Plan Changes After the Death of a Spouse
Top 5 Indiana Probate Myths
Probate is the legal process that follows a person’s death to ensure that debts are paid, and remaining assets are distributed to heirs or beneficiaries. In Indiana, probate may be required whether the individual left behind a Last Will and Testament or passed away intestate. Despite being a common part of estate administration, many people misunderstand probate. Myths and half-truths often cause families to fear the process more than is necessary. To help clear up some of the most common … [Read more...] about Top 5 Indiana Probate Myths
QDOT vs. QTIP: What Is the Difference and Which One Should I Include in My Indiana Estate Plan?
For many people, building wealth is an important goal, but protecting that wealth and ensuring it is passed down as intended is equally critical. Estate planning offers a variety of tools designed to safeguard assets, provide for loved ones, and reduce potential tax liability. Among these tools are specialized irrevocable trusts such as the Qualified Terminable Interest Property (QTIP) trust and the Qualified Domestic Trust (QDOT). Both serve distinct purposes and can play a vital role in a … [Read more...] about QDOT vs. QTIP: What Is the Difference and Which One Should I Include in My Indiana Estate Plan?
What Is Self-Dealing by a Trustee?
Selecting the right individual to serve as Trustee of a trust you create is one of the most critical decisions in estate planning. Drafting the trust agreement properly is only part of the process. The person you appoint will hold a fiduciary position and exercise significant authority over how the trust is managed. When a Trustee fails to uphold that fiduciary duty, the results can be devastating for both the trust and the beneficiaries it is meant to protect. The Indianapolis attorneys at … [Read more...] about What Is Self-Dealing by a Trustee?
Payable on Death (POD) Accounts and Your Indiana Estate Plan
When creating a comprehensive estate plan, many people think only of drafting a Last Will and Testament or forming a trust. While those documents are certainly important, other tools can also help ensure that wealth passes to loved ones efficiently. One of the simplest options available in Indiana is a Payable on Death (POD) account. This type of account allows you to designate a beneficiary who will receive the balance automatically at the time of your passing. Because POD funds transfer … [Read more...] about Payable on Death (POD) Accounts and Your Indiana Estate Plan
How Does OBBBA Impact Estate Planning in Indiana?
Estate planning should go beyond drafting a Will or storing documents in a folder. A well-designed plan safeguards assets, supports family members, and furthers charitable or personal objectives. For individuals with significant wealth, anticipating how federal and state estate tax rules apply is also a critical aspect of comprehensive estate planning. The One Big Beautiful Bill Act (OBBBA), passed in 2025, introduced major changes to federal estate and gift tax laws, creating both opportunities … [Read more...] about How Does OBBBA Impact Estate Planning in Indiana?
Top 5 Misconceptions about Trusts
Trusts are a vital component of many estate plans, offering flexibility and protection for individuals who want to manage their assets effectively. Despite their benefits, misinformation and misconceptions often prevent people from considering trusts as part of their planning. To provide clarity, the Indianapolis attorneys at Frank & Kraft discuss the top five misconceptions about trusts as part of a comprehensive estate plan. Do You Have Questions About Misconceptions About Trusts in … [Read more...] about Top 5 Misconceptions about Trusts
