An Indianapolis estate planning attorney offers you assistance with the creation of an end of life plan and helps you to take control over what your legacy should be. It is important that you talk with a lawyer to put a plan in place, even if you are young, because you don’t know when something could happen to you and you do not want to leave yourself of your loved ones unprotected.
Once you have put you estate plan and incapacity plan in place, this is not necessarily the end of your planning. Your life and the law could change in many different ways so you will want to make certain that you have an updated plan in place that is appropriate for the current circumstances. Frank & Kraft can help. Give us a call to find out how an experienced attorney at our firm can assist with both creating an initial estate plan and with updating that plan as needed.
How Often Should You Meet with an Indianapolis Estate Planning Attorney?
There are specific circumstances which should prompt you to meet with an estate planning attorney. If you don’t already have an incapacity plan, asset protection plan, or legacy plan in place, you should meet with a lawyer right away before something happens and it is too late for you to make your plans.
If you have plans in place, you should meet with an experienced attorney when your life changes in a material way. For example, if a new child or a new grandchild joins your family, you may want to make provisions for the child’s care if something happens to both parents before the child is an adult or you may want to make plans to provide a financial gift to the child. A marriage, a divorce, acquiring new assets or divesting yourself of assets should also prompt you to meet with an estate planning lawyer so you can adjust your plans in light of your new family or financial situation. If you open or grow a business, an estate planning lawyer can also help you with a business succession plan.
If you do not have any major life changes that occur and you have an estate plan in place already, this does not mean that you shouldn’t meet with a lawyer. You still want to talk with an attorney on a periodic basis about your estate plan that you have in place. You want to do this because your lawyer can go over your goals and your current plans with you so nothing is missed in terms of any modifications that you may want to make. Sometimes, you may not think about how small changes to your family, assets or debts could impact your plan, but an attorney can help you to understand when modifications to your plan could be beneficial.
An experienced attorney can also keep you apprised of any laws or regulations that have changed, or that could change, which may affect the plans that you have in place. For example, there are currently tax reform proposals being considered. President Donald Trump discussed on the campaign trail the possibility of repealing estate tax so those who pass away with larger estates would not be at risk of losing a substantial amount of money to taxes. Changes to Medicaid have also been proposed during the Trump administration, which could potentially impact eligibility for Medicaid nursing home benefits.
Most people don’t closely follow all of the possible legislative changes that could affect the estate plan that they have created. Meeting with an attorney on a periodic basis allows you to understand any regulatory shifts or any rule changes that could affect your plans. You should typically talk with an experienced attorney about once a year so you can go over your current plans and work with your lawyer in order to determine if any changes should be made.
Getting Help from An Indianapolis Estate Planning Attorney
An Indianapolis estate planning attorney at Frank & Kraft will keep you updated on legal changes that could impact your plans and will help you to make appropriate modifications to your plans as your life changes. We are here to provide you with the personalized advice that you need so you are always ready to protect your family and assets even in the face of tragedy.
To find out more about how our legal team can help you, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized help with creating or updating your plans.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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