The city of Carmel, IN has been experiencing spectacular growth over recent years, and the rest of the country is taking notice. Carmel is located just north of Indianapolis, so easy access is there, but it is a fantastic city in its own right. There are robust entertainment and cultural possibilities in Carmel, and in fact, a few years ago CNN Money magazine named Carmel, IN as the best place to live in the entire country.
We welcome Carmel, IN residents to the Frank & Kraft, Attorneys at Law website. Our firm has been providing estate planning and elder law assistance to people in this area for many years. We pride ourselves on our relationship building, and we have established connections that span multiple generations.
If you decide to work with our firm to craft your estate plan, you will find that we are very open, communicative, and down to earth. We recognize the fact that you discuss family, financial and personal matters when you consult with an estate planning attorney, and we understand the sensitive nature of these conversations. You can rest assured that you will feel comfortable with us, and you can ultimately go forward with a custom crafted estate plan in hand.
Estate Planning Attorneys Who Serve Carmel
There is no one-size-fits-all estate plan. Each family has its own dynamic, and every family is comprised of different unique individuals. Your estate plan should be shaped to fit your specific situation.
We offer a wide variety of estate planning services. These include, but are not limited to:
- Special needs planning
- Asset protection planning
- Wealth preservation
- Legacy planning
- Small business planning
- Digital estate planning
- Trust administration
Regardless of your financial situation, there is an estate planning solution that is ideal for you and the people that you love. Clearly, most laypeople are not going to understand everything that goes into the process, and that’s where we come in.
Medicaid Planning for Carmel Residents
You have to brace yourself for long-term care costs if you want to be able to leave behind a suitable legacy. The majority of elders will need living assistance eventually, it is very expensive, and Medicare will not pay for it.
The Medicaid program can provide a solution if you can obtain eligibility. This takes careful planning, because eligibility is based on financial need, and program rules are complex. We assist local clients who want to position their assets wisely with future Medicaid eligibility in mind.
Incapacity Planning in Indiana
Your estate plan should include an incapacity component. Yes, it is important to make sure that your assets are properly distributed after you die. At the same time, you should prepare for the period of time that will come before your death.
Incapacity is quite common among elder Americans. There are various different types of incapacity. Sometimes people become physically unable to communicate. In other cases, individuals can communicate, but they can no longer make sound decisions. They cannot handle their own personal, financial, and health care decision-making.
In the state of Indiana, the court could be petitioned to appoint a guardian to act on behalf of an incapacitated adult. Proper incapacity planning will prevent a guardianship proceeding.
You would probably prefer to choose your own representatives. You have the power to do so, and this is what incapacity planning is all about.
Incapacity planning will typically involve the execution of legally binding documents called durable powers of attorney. With a durable power of attorney, you name an agent to act on your behalf if it becomes necessary.
You could execute a durable financial power of attorney to empower someone to handle your financial affairs in the event of your incapacitation. Your incapacity plan can also include the execution of a durable financial power of attorney or health care proxy. With this POA, you name a representative to make medical decisions on your behalf.
A living will is also going to be part of the plan. This type of will has nothing to do with the transfer of financial assets. With a living will, you state your wishes regarding the utilization of life-sustaining measures such as feeding tubes, mechanical respirators, etc.