There are many great communities in the outlying areas around Indianapolis, and Lawrence, IN is certainly one of them. The lush green landscape is truly beautiful, the climate is relatively mild most of the year, and there is plenty to do, regardless of your interests.
The attorneys and staff at Frank & Kraft have assisted many Lawrence residents over the years, and we have developed long-term relationships. If you want to discuss your estate planning objectives with a truly local law firm, our doors are wide open.
Wills and Trusts in Indiana
When the subject of estate planning comes to your mind, you probably think about wills and trusts. Unfortunately, there are some misconceptions that many people harbor when it comes to these asset transfer vehicles.
You may assume that a last will is the right choice for you if you are not extraordinarily wealthy, but this is not necessarily true. We do help high net worth clients who have estate tax and asset protection concerns. In many cases, the utilization of irrevocable trusts can be part of the solution for people who are exposed to estate taxes.
However, there are other types of trusts that can be right for people who are not multimillionaires. One of these trusts is the revocable living trust.
If you establish a revocable living trust, you can act as the trustee, so you would be in control of the trust throughout your life. You could also act as the initial beneficiary, and you would name a successor trustee and successor beneficiaries in the trust agreement.
The trust would become irrevocable at the time of your death, and you could include a spendthrift provision, so there would be asset protection for the beneficiaries. If you want to, you can prolong the viability of the trust by instructing the trustee to distribute limited assets to the beneficiaries over an extended period of time.
Things would be different if you were to use a last will to direct asset transfers. The will would be admitted to probate, and the probate court would supervise. This process is time-consuming and costly. When assets are conveyed into a living trust, the asset distributions to the beneficiaries would not be subject probate.
Plus, the heirs that are named in a will would receive lump sum inheritances all at once. There would be no asset protection, and there would be no trustee to effectively manage the inheritances.
A living trust can often be a good choice, but there are other types of trusts that can satisfy various different respective estate planning objectives. As a layperson, you are probably not aware of all of your options, but our firm can help you make the right moves if you decide to work with us.
You Need a Lawrence, Indiana Elder Law Attorney
Estate planning attorneys typically extend their services into the realm of elder law. As the name would indicate, elder law attorneys help people who are concerned about the eventualities of aging.
There are various different elder law issues that are on the table at the present time. One of them is the matter of elder financial abuse. Elders lose billions of dollars annually to instances of elder financial abuse, and you can protect yourself in certain ways if you take preventative actions.
Long-term care is another elder law issue that you may want to discuss with our firm. Medicare does not pay for a stay in a nursing home or an assisted living facility, and long-term care is very expensive. Your legacy could be consumed by a nursing home if you have to pay out of your own pocket.
Medicaid is another government health insurance program, and it is jointly administered by the federal government along with each state government. This program does pay for long-term care, but you cannot qualify if you have assets to speak of in your own name.
The program rules are complicated, and you cannot give away assets on the day that you find out that you need nursing home care and obtain Medicaid eligibility on the next. It takes careful and informed planning to qualify, and we help clients who want to position their assets with future Medicaid eligibility in mind.
Put an Estate Plan in Place Today
If you know that you should have an estate plan, but you have been procrastinating because you don’t know where to begin, contact us. We will make you feel at ease, answer your questions, and help you devise a plan that is perfect for you and your family.
To set up a consultation, call us at (317) 684-1100 or send us a message through this page: Lawrence, IN Estate Planning Lawyers.