• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Resources » Frequently asked questions » Frequently Asked Questions: Estate Planning

Frequently Asked Questions: Estate Planning

      • Why do I need to worry about estate planning?

      • The answer is that you don’t need to worry about it if you don’t want to do so. After all, more than half the country has no will. You’d be in good company if you just forgot about estate planning altogether and let the courts sort it out when you die. Of course, that wouldn’t help your loved ones or ensure that your asset went to the people you truly care about. And it could result in a good portion of your wealth being consumed by court and attorney fees. If you want to avoid all those negative consequences, then you should want to create an estate plan.

      • Shouldn’t I have more money before I start to plan?

      • How much money were you thinking you’d need? Most of us never seem to think that we have all the money we need, so how would you know when you have enough to create the plan you’re thinking you might need? No, the time to start planning is now. Besides, sound estate planning is one of the best ways to help ensure that you reach those lofty financial goals.

      • Will my Last Will and Testament keep my property out of probate?

      • The long answer is “no.” That’s also the short answer. While a will can do many things, it cannot help you avoid probate, since wills typically get settled through the probate process. There are some exceptions, like when the estate is really small. As a rule, however, wills need probate like fish need water.

      • Isn’t a DIY form will good enough?

      • That’s a common question these days – and with good reason. It seems like we turn to the internet for solutions to all our problems. With a do-it-yourself will, however, you are just as likely to download even more problems than you have now. The fact is that there’s no way of knowing who prepared most of those forms, and there’s no guarantee that they can help you create the plan you need. Our recommendation: rely on professionals who stand by their work.

      • Why would I ever want a trust?

      • Trusts are not always something that everyone wants, but they can provide a whole host of benefits for the people who use them. In addition to helping your estate escape the probate process, a trust can also provide an effective way for you to leave money to disabled heirs whose inheritance might otherwise disrupt their ability to receive government benefits. Your trust can be used to care for pets, provide long-term care for minor children, or even protect an inheritance from a spendthrift heir. There are trusts to help mitigate the estate tax, trusts to shelter assets, and trusts to help you qualify for Medicaid to pay for nursing home care.

      • What is Medicaid planning?

      • Medicaid planning incorporates all those strategies you might need to help ensure that you can receive the benefit you need in the event that you ever need to find a way to pay for expensive nursing home costs. Long-term facility expenses are rising with each passing year, and few seniors can afford to pay those costs on their own. The problem is that many of them find themselves in a position where they have just enough assets to be denied Medicaid, but not enough to actually pay for their own care. Medicaid planning can help you to better manage your assets over time to ensure that you have the eligibility you need when that time comes.

      • I’m not sick. Why would I need an incapacity plan?

      • Many people ask this question as well. It’s only natural to think that we’re all but invincible – assuming that bad things only happen to other people. The reality is that any of us can be stricken with an incapacitating injury or illness at any time, and all of us eventually need to face the rigors of old age. When that happens, we need to be prepared with powers of attorney that provide a designated agent to manage financial and health care decisions, a living will to express our treatment desires, and HIPAA releases so that our agent or agents can access the private health information they need to make sound decisions.

      • I’m not a millionaire. Why should I worry about the estate tax?

      • You may not have to worry about that tax, but it never hurts to be prepared for good fortune. The Federal estate tax may only apply to estates valued at more than $5.49 million, but that doesn’t mean that your estate won’t eventually get to that level. If you own a business, valuable properties, or high-value life insurance policies, your estate could eventually be worth far more than you anticipate. In any event, many solutions for estate tax mitigation involve the type of asset protection strategies that can provide you with other benefits even if the estate tax never comes due.

      • Do I have to figure this out on my own?

      • Perish the thought! At Frank & Kraft, Attorneys at Law, our estate planning experts are always here to help you navigate through all these complex issues and more. We’re proud to provide state of the art estate planning and elder law services to our clients in the area, and look forward to answering your unique questions too. If you have questions about estate planning or are ready to start preparing your legacy plan today, call (317) 684-1100, or contact us at our website.

      • Can’t I use a power of attorney to avoid a court guardianship?

      • There are a lot of misconceptions about various estate planning issues and one of those questions we always get is “Can’t I just use a power of attorney to avoid a court guardianship?” What we have found in our experience is that power of attorneys will work about 50, 60, 70 percent of the time if you’re lucky – but they don’t work 100 percent of the time. Consider using a living trust to be able to avoid a court guardianship 100 percent of the time.

      • What can I learn at an estate planning seminar?

      • Our law firm has been educating families in the central Indiana area for over 28 years. We conduct free seminars and at the seminar, we discuss how to avoid going broke from long-term nursing home costs, how to avoid any unnecessary taxes and fees, as well as how to avoid going through probate as well. Please attend one of our upcoming seminars by clicking on the link below or you can call our office at (317) 684-1100.


Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us