The material wealth that you accumulate over the course of your lifetime is certainly something to be proud of, and you should undoubtedly take steps to protect that wealth; however, it is the people with whom you form close relationships in your life that likely matter the most. Fortunately, a well thought out estate plan can help protect both your estate assets and the people that matter to you. At Frank & Kraft our goal is to help our friends and neighbors in Franklin, Indiana to create an estate plan that protects everything and everyone that matters to them.
Franklin, Indiana is located in Johnson County, approximately 20 miles south of the capital city of Indianapolis. Acting as the county seat, Franklin covers about 13 square miles and had a population of at 23,712 at the 2010 Census.
Named after Benjamin Franklin, the town of Franklin was platted in 1823. Franklin was made famous, however, in the 1920s as a result of the town’s local high school basketball team. Known as “Franklin Wonder Five,” the group of boys who had played ball together since they were young boys went on to become part of the first high school team to win the state championship for three consecutive years (1920–22). Led by Fuzzy Vandivier and coached by Ernest “Griz” Wagner, the boys followed their coach to the local college (Franklin College) where they earned the title of national college champions in 1923
Two decades later, Franklin was once again in the national spotlight, this time in Life magazine. The December 2, 1940 issue included a photo essay by Bernard Hoffman entitled, “A Small Town’s Saturday Night,” depicting farmer Glen Dunn and family on a typical Saturday night in Franklin. The spread included photos of people at the downtown drugstore, a dad getting a haircut, Nick’s Candy Kitchen, and even the local “lovers’ lane.” The nighttime photo showing double-parked cars and thick crowds on Jefferson Street is perhaps the best known of the set.
The small town vibe Franklin became famous for lives on today. In fact, Downtown Franklin is now a nationally accredited Main Street Community through the National Trust for Historic Preservation. Visitors to Franklin come from far and wide for events held in the historic downtown, such as Strawberries on the Square, Ethos Celebration of the Arts, and the Holiday Lighting. Residents and visitors alike also enjoy the farmers market and Cruising the Courthouse where you can watch (or participate) vintage cars “cruise” around the downtown square.
Frank & Kraft in the Franklin, Indiana Community
Creating a comprehensive and cohesive estate plan today provides you with the assurance of knowing that everything and everyone that matters to you will be protected for many years to come. The estate planning attorneys at Frank & Kraft are committed to helping our friends and neighbors in the Franklin, Indiana community create an estate plan that protects and grows your assets while you are alive as well as ensuring that those assets continue to provide for loved ones when you are gone.
The estate plan you create today will not be the estate plan you need in ten years because you won’t be the same person in ten years. The changes that occur in your life will precipitate corresponding changes to your estate plan to ensure that your estate plan remains relevant. Initially, a simple Last Will and Testament may suffice to ensure that you don’t leave behind an intestate estate in the event of your sudden death. As both your family and your estate grow, however, your estate plan will need to be updated to take those changes into account. Marriage, for example, may prompt you to want to add your new spouse as a beneficiary and/or a fiduciary within your estate plan. The birth of a child will trigger the need to protect your minor child’s inheritance through the addition of a living or testamentary trust to your overall estate plan. Having a family should prompt you to worry about the possibility of your own incapacity and the need to include incapacity planning in your overall estate plan as well. As your estate assets increase in value, it will become important to incorporate tax avoidance, asset protection, and probate avoidance tools and strategies into your plan. Looking to the future, the need to merge your retirement plan with your estate plan should be considered to ensure that they work in harmony with one another. As retirement looms on the horizon, long-term care and Medicaid planning should be incorporated into your estate plan unless you can afford the high cost of long-term care out of pocket. If you have strong beliefs about the manner in which your body is handled after you are gone and/or about end of life medical decisions, you will want to include advance directives and funeral planning into your comprehensive estate plan to ensure that those wishes are honored.
At Frank & Kraft we are committed to helping you protect the people and things that matter to you through the creation of a lifelong partnership that focuses on fulfilling all your estate planning needs.
If you have additional estate planning questions, or you are ready to get started on your plan, contact an experienced Franklin, Indiana estate planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule a consultation.