Carmel estate planning lawyers provide help with the creation of a plan that allows you to structure an inheritance for heirs or beneficiaries in an appropriate manner. The people in your family who you wish to leave your assets to may have unique needs that necessitate you use special estate planning tools. For example, if you have a disabled relative who you hope to provide for, you may need to use a special needs trust in order to provide access to means-tested benefits and to make sure that the money you leave to your disabled loved one is appropriately managed by a responsible person of your choosing.
Frank & Kraft not only provides help with the process of creating and implementing an estate plan but we also offer help to those whose loved ones have passed on and who stand to receive an inheritance. When you are left money or property in a last will and testament, have assets transferred to you through a trust, or have assets transferred to you through other means, it is important that you understand exactly what your rights and obligations are. You may also wish to work with Carmel estate planning lawyers to ensure that the inheritance you left behind is protected during the transfer process and is transferred to you in as timely a manner as possible.
If you have received an inheritance and you want help understanding the process of obtaining the assets left to you and managing that wealth appropriately, give us a call today.
What Should You Do If You Receive an Inheritance?
If you receive an inheritance, there are a few key things that you may need to do afterwards in order to protect the wealth that you receive thanks to your generous benefactor. The specific steps that you are going to want to take will vary depending upon the process by which the assets are transferred to you as well as depending upon the nature of the money or property that you will receive. Some of the key things you may need to do include the following:
- Contacting an experienced attorney for help: Whether your new assets will transfer through the probate process, the trust administration process, or any other method of asset transfer, you need to ensure that you have someone looking out for your interests. Your attorney, for example, can help you to ensure that the executor of an estate or the trust administrator is fulfilling his or her fiduciary duty and is moving the process of transferring assets along in a timely manner while also managing the assets appropriately in the interim. If the person who is in charge of managing your inheritance until it is transferred to you is behaving in an inappropriate way, such as by enriching himself at your expensive, Frank & Kraft can also help you to take appropriate action.
- Determining if any steps must be taken to protect your inheritance: Once assets have been transferred to you, you assume responsibility for them. If you inherit real estate, for example, you’ll need to learn when and how to pay property taxes, mortgages and other bills so you don’t lose the property. If you inherit an IRA, you may have a limited amount of time to roll the money over or to begin taking withdrawals. You need to understand the specific steps that must be taken so you do not inadvertently end up reducing the value of the assets that have been gifted to you.
Frank & Kraft can help you to take care of all of these tasks and can also provide personalized advice on other steps that you may need to take given the particular nature of your inheritance.
Getting Help from Carmel Estate Planning Lawyers
Carmel estate planning lawyers at Frank & Kraft can help you to make sure you receive your inheritance in a timely manner and can assist you in monitoring the process of transferring wealth to you so you can ensure that the executor of an estate, trust administrator, or personal representative does not violate his or her fiduciary duty and reduce the value of your inheritance. We can also assist you in understanding if there are steps you need to take to protect your inheritance after it is received and in making appropriate financial plans to safeguard your new assets you have inherited.
To find out more about how our firm can help you either with the process of leaving an inheritance or with the process of receiving an inheritance, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time for personalized assistance and advice.
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.