• 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      • Is Your Estate Plan Outdated?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
      • Alzheimer’s and Dementia
      • 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
      • Serving as Trustee
      • 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 » Revocable Living Trust in Indiana FAQs

Revocable Living Trust in Indiana FAQs

September 4, 2013Estate Planning, Living Trusts, Wills and Trusts

Creating a revocable living trust in Indiana can be a good way to arrange for your assets to be transferred to your heirs after you pass away. In this post we will provide the answers to some frequently asked questions about these trusts.

What is the primary benefit of a revocable living trust in Indiana?

When you state your wishes regarding the distribution of your financial assets in a last will alone the transfer of assets is going to be stalled by the probate process.

The will must be submitted to the probate court, and the court will determine its validity. If there were any disgruntled parties out there who wanted to contest the terms of the will they could come forward during probate.

If the will is deemed valid the executor or personal representative will go about conducting the business of the estate. This can include property appraisal and liquidation, and payment of final taxes and other debts.

Probate can drag on for months or even years, and considerable expenses accumulate during this process.

When you create a revocable living trust the transfer of assets to the beneficiaries takes place outside of this costly and time-consuming process of probate. This is the primary benefit of these trusts.

Do I lose control of my property?

No, when you create a revocable living trust you may act as the trustee and the beneficiary while you are still alive and well. Because the trust is in fact revocable you can dissolve it if you want to, and you can change the terms.

What happens if I become incapacitated?

One of the benefits of these trusts is the fact that you can name a successor or disability trustee. This individual or entity would assume the role of trustee in the event of your incapacitation.

Are assets that are placed into the trust protected?

No, because you have control of the assets that you conveyed into the trust they are not protected from creditors or legal judgments.

If I apply for Medicaid to pay for long-term care will the assets in the trust be counted?

The answer is yes. Once again, because you can do anything you want with the assets at any time they would be counted by Medicaid evaluators.

Are assets that I conveyed into the trust removed from my taxable estate?

No, the creation of a revocable living trust will not do anything to provide you with estate tax efficiency because you are retaining incidents of ownership.

However, there are other types of trusts that can be utilized if you have tax concerns. The federal estate tax exclusion is $5.25 million this year, so you should certainly discuss tax efficiency strategies with an estate planning lawyer if your assets exceed this amount.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Debunking Estate Planning Myths - May 30, 2023
  • Do I Need an Indiana Advance Directive? - May 25, 2023
  • Which Document Is More Important in My Estate Plan — a Will or a Living Trust? - May 23, 2023

Other Articles You May Find Useful

after death
What Happens to My Estate after My Death?
Marital deduction
Why You Should Not Depend Entirely on the Marital Deduction
5 Reasons to Immediately Update Your Estate Plan
Indianapolis elder law attorney
How to Approach Estate Planning with Your Aging Parents
How to Protect Your Blended Family Using a QTIP Trust
Indianapolis estate planning attorneys
What Might Be Missing from My Estate Plan?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Signup for our blog to receive our latest estate planning insights!

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