When someone passes away there are two different ways to perceive of the event.  You could look at it as something that is totally sad and feel as though the only appropriate response is to mourn. On the other hand, you could choose to celebrate the life of the deceased individual.  This would include remembering all of the qualities that made this person special and unique.

When you are planning your estate you may want to ask yourself how you will be remembered and take steps to craft a broader legacy so that you actually have impact even after you are gone.  There are a number of different ways to go about doing this.

For example, you could choose to fund a community project that is named after you.  This could be a park, a museum wing, or a Little League baseball field.  If you have the resources you have a lot of options along these lines, and this is something to consider when you are contemplating your legacy.

There is also the matter of choosing who will receive particular possessions that have a history that you want to convey to the recipient.  Meaningful family heirlooms can hold a great deal of sentimental value over the generations and this is something to take into account when you are engaged in legacy planning.

One could also leave behind some written words of wisdom via the execution of an ethical will or the authoring of personal memoirs that could be quite instructive to future generations.

To obtain more detailed information about Indianapolis legacy planning, don’t hesitate to pick up the phone and arrange for an informative consultation with a local estate planning attorney.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Planning for the future requires more than simply filling out a last will document or otherwise preparing for the eventual transfer of your assets to your loved ones.  There are a lot of things to consider with regard to the eventualities of aging, and if you want to be comprehensively prepared you have to cover all of your bases and develop a holistic plan.  Everything is connected, and this is a good thing to keep in mind as you go about the process of long-term planning.

When you are evaluating your estate plan, you may have specific things in mind that you would like to be able to do for your loved ones.  Depending on your resources, these objectives can impact the budgeting that you do for your retirement years.  When your retirement is 20 or 30 years away, are you aiming toward having enough money to last you for the rest of your life?  Or would you like to have sufficient resources to pay your own way and then leave behind a significant legacy?  The exact nature of your future goals should impact your actions in the present.

When you are contemplating the contingencies that go along with aging you must also keep your twilight years in mind.  Dementia is very common among people who reach an advanced age so it is important to include incapacity planning components in your overall plan.  Durable powers of attorney and advance health care directives are going to be necessary if you want to be fully prepared.  The cost of long-term care is something to consider as well, and depending on your financial profile there are a number of ways you can go about addressing these potential costs.

Without question, there is a lot to sort out when you are trying to make plans for the latter stages of your life.  The most efficient and effective way to proceed would be to engage the services of an experienced estate planning attorney who has the expertise that it takes to guide you onto an effective path toward the future.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

What if you bought a piece of property years ago for about $25,000 and now it is worth more than $300,000? You don’t want it anymore but want to get rid of it in a way that maximizes your tax advantages. If you sold it outright, you might have to pay capital gains tax, and you don’t want that.

How about making a charitable remainder trust to your favorite cause? Knowing that both you and the charity will benefit makes it an especially attractive option.

How it works: You must be able to donate on a large scale. Make sure you really want to create the trust, because it is irrevocable. The charity has to be one approved by the IRS (have tax exempt status under the IRS). The charity becomes the trustee and invests or manages the property, which produces an income for you or your beneficiary. You determine the number of years the trust is operable. At the end of the trust period, the charity owns the property outright.

Benefits to you include a nice tax deduction spread over five years. The deduction is the value of the property minus the income received. The amount of income is established by such factors as interest rates, your life expectancy, and how the trust is set up. In addition, since the property is not in your estate anymore, you do not have to pay estate tax on it. And neither you nor the charity has to pay capital gains if your property has to be sold.

You can receive income from the property either through an annual fixed dollar amount, or as a percent of the trust assets every year.

Check with an estate planning attorney to see if this strategy could work for you.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Family heirlooms may be your only connection to past generations. You might possibly have possessions that once belonged to your great-grandparents or, even, great-great-grandparents.

It is a privilege to hold jewelry your great-grandmother wore, a journal your great-great-uncle wrote or early photographs taken by your grandfather. These family heirlooms deserve the honor of preservation so future generations have the same opportunity to enjoy their heritage.

Treasures that have been passed down through the years may be damaged or in frail condition. The method of preservation depends on the type of material, such as fabric, gold, paper, canvass or wood.

Fabric and paper, in particular, are especially fragile and may need to be kept in certain storage conditions to prevent deterioration. For instance, paper should be handled as little as possible to prevent oil transfer from fingers to the paper. Acid-leaching is another consideration. Acid-free sheets should be inserted between each piece of paper. Fabrics should not be exposed to direct sunlight, as they will fade and decay.

Paintings require special care, which is best left to an expert. Watercolor paintings are especially sensitive and the painting itself should never by touched. It is recommended that all paintings be either protected by an appropriate glass (watercolors) or varnish (oil), as well as framed. If you plan to hang your heirloom painting, do not place on high traffic walls where they may be brushed against or knocked, such as hallways. Correct humidity and temperature are essential. Oil paintings require periodic cleaning with a soft cloth. Once again, it might be best to ask an expert to clean your painting.

For jewelry items, contact a jeweler experienced in antique jewelry. Modern day repair techniques may not be suitable for old pieces. Wood objects require a restoration specialist. Both jewelry and wood restoration involves in-depth knowledge of techniques used at the time of the original design and construction.

If you would like to learn more about a family heirloom, a local museum or historical society may have valuable information that gives your heirloom a personal connection.

Choosing to preserve your family heirlooms is a gift that your children, grandchildren and great-grandchildren will be grateful to receive and should always be part of your estate planning strategy. Building an estate plan that incorporates family history and heirlooms is a wonderful way to pass on your family’s legacy.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.