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WILLS AND TRUSTS 101
LOOKING CLOSER
You may think about estate planning as
a choice between a will or a trust

  

WSUUT

.   .   I .  l. 
ATTORNEYS AT LAW
In reality,  there are different types of
wills,  and there are different types
of trusts

  

WSUUT

.   .   I .  I, 
ATT...
FRANK 81 KRAFT

A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
A  _ . 
I  “““~@Ui”t3‘iT1Pi1r Din
Different Types of Wills
Everyone is aware of the existence
of the estate planning document
called a last will or last will and

testament

 

FRAN...
However,  you should understand the
fact that there are other types of
wills that can be used

 

FRANK 8: KRAFT
. . l‘R()...
Life Support
One type of will that you should
include in your estate plan is a
living will

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. -l...
This is an advance directive for
health care

   

FRANK 81 KRAFT
. -‘ l‘R(lil'. ll)'. vl L‘()l{l’()R; Tll)'
AT T 0 R N E ...
In many cases,  people cannot
communicate toward the end of
their lives

 

FRANK 8: KRAFT
. - l‘R()ll'. ll). ’l. -l L‘()l...
You would use this document to
record your life support preferences

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. -l L‘()l{l’0...
Moral Values
Going back to biblical times,  ethical
wills have been utilized

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: T...
In an ethical will,  you write down
your moral and spiritual values

   

FRANK 81 KRAFT
. . l‘R(iil'. ll)'. -l L‘()ltl’0l...
After you are gone,  your loved
ones would be able to access your
moral compass

 

FRANK 8: KRAFT
. - l‘R()ll'. ll). ’l. ...
FRANK 81 KRAFT

ATTORNEYS AT LAW
You may think that you don't
need a will if you have a trust

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)...
In fact,  if you have a living trust,  you
should also have a pour-over will

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. -l ...
This document would allow the trust
to absorb assets that were never
conveyed into the trust

 

FRANK 8: KRAFT
. A l‘R()l...
tux:   F‘ 4.,   .   '  V. 
‘, s.':  7 ' ,  ___ .  I . ‘ , .l
/ ’-'4' N -.  ~ .4  .1; J" .  ' - », 
l/ ~~ 9.:  . _ Mqvj’-= ...
A revocable living trust can be a
great estate planning choice,  even if
you are not extremely wealthy

 

FRANK 8: KRAFT
...
As you can see from the name,  you
can revoke this type of trust if you
choose to do so

 

FRANK 8: KRAFT
A l‘R()ll'. ll)...
Assets in the trust could
be distributed outside of probate
after you are gone,  and this is a
major advantage

 

FRANK 8...
You can also include spendthrift
protections

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. ll)'. vl L‘()l{l’()R; Tll)'
AT T 0 R N E ...
FRANK 81 KRAFT

A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
In addition to revocable living trusts, 
there are also irrevocable trusts

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. lI)'. -l I‘...
Generally speaking,  you cannot
revoke this type of trust after you
create it

 

FRANK 8: KRAFT
A l‘R()ll'. ll). ’l. -l I...
The separation can provide benefits
when certain circumstances exist

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. lI)'. -l I‘I)l{l’...
FRANK 81 KRAFT

A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
Irrevocable trusts are used to satisfy
some advanced estate planning
objectives

 

FRANK 8: KRAFT
A l‘R()ll'. ll). ’l. -l...
Estate taxes could impact high net
worth families,  and these trusts are
used to gain estate tax efficiency

 

FRANK 8: K...
There are irrevocable trusts that are
used to protect assets as well

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. lI)'. -l I‘I)l{l’...
You could also use an irrevocable
trust to get assets out of your own
name so you can qualify for Medicaid
to pay for long...
If You Have Questions, 
We Have Answers
Our firm can help if you have
questions about wills and trusts

   

FRANK 81 KRAFT
. -‘ l‘R(lll'. lI)'. -l I‘I)l{l’0R: Tl...
Feel free to contact us at your convenience
to set up a no obligation consultation
(317) 684-1100.
FrankKraft. com
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Wills and Trusts 101

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Everyone is aware of the existence of the estate planning document called a last will or last will and testament. Learn more about wills and trusts in this presentation.

Published in: Law
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Wills and Trusts 101

  1. 1. WILLS AND TRUSTS 101
  2. 2. LOOKING CLOSER
  3. 3. You may think about estate planning as a choice between a will or a trust WSUUT . . I . l. ATTORNEYS AT LAW
  4. 4. In reality, there are different types of wills, and there are different types of trusts WSUUT . . I . I, ATTORNEYS AT LAW
  5. 5. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  6. 6. A _ . I “““~@Ui”t3‘iT1Pi1r Din Different Types of Wills
  7. 7. Everyone is aware of the existence of the estate planning document called a last will or last will and testament FRANK & KRAFT . . l‘R()ll'. .ll). 'l. -l L‘()ltl‘0lt. -TIl)' ATTORNEYS AT LAW
  8. 8. However, you should understand the fact that there are other types of wills that can be used FRANK 8: KRAFT . . l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  9. 9. Life Support
  10. 10. One type of will that you should include in your estate plan is a living will FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  11. 11. This is an advance directive for health care FRANK 81 KRAFT . -‘ l‘R(lil'. ll)'. vl L‘()l{l’()R; Tll)' AT T 0 R N E Y s AT L A w
  12. 12. In many cases, people cannot communicate toward the end of their lives FRANK 8: KRAFT . - l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  13. 13. You would use this document to record your life support preferences FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  14. 14. Moral Values
  15. 15. Going back to biblical times, ethical wills have been utilized FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  16. 16. In an ethical will, you write down your moral and spiritual values FRANK 81 KRAFT . . l‘R(iil'. ll)'. -l L‘()ltl’0lt: Tl()' A"" ' ’ ’ " . " ORNLTS AI LAW
  17. 17. After you are gone, your loved ones would be able to access your moral compass FRANK 8: KRAFT . - l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  18. 18. FRANK 81 KRAFT ATTORNEYS AT LAW
  19. 19. You may think that you don't need a will if you have a trust FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  20. 20. In fact, if you have a living trust, you should also have a pour-over will FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  21. 21. This document would allow the trust to absorb assets that were never conveyed into the trust FRANK 8: KRAFT . A l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  22. 22. tux: F‘ 4., . ' V. ‘, s.': 7 ' , ___ . I . ‘ , .l / ’-'4' N -. ~ .4 .1; J" . ' - », l/ ~~ 9.: . _ Mqvj’-= ‘.§‘ St‘ -L—, . E 1:“ '. )’F"'@ ‘innit - A Revocable Living Trusts
  23. 23. A revocable living trust can be a great estate planning choice, even if you are not extremely wealthy FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  24. 24. As you can see from the name, you can revoke this type of trust if you choose to do so FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  25. 25. Assets in the trust could be distributed outside of probate after you are gone, and this is a major advantage FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l L‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  26. 26. You can also include spendthrift protections FRANK 81 KRAFT . -‘ l‘R(lll'. ll)'. vl L‘()l{l’()R; Tll)' AT T 0 R N E Y s AT L A W
  27. 27. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  28. 28. In addition to revocable living trusts, there are also irrevocable trusts FRANK 81 KRAFT . -‘ l‘R(lll'. lI)'. -l I‘I)l{l’0R: TlI)' ATTORNEYS AT LAW
  29. 29. Generally speaking, you cannot revoke this type of trust after you create it FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l I‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  30. 30. The separation can provide benefits when certain circumstances exist FRANK 81 KRAFT . -‘ l‘R(lll'. lI)'. -l I‘I)l{l’0R: TlI)' ATTORNEYS AT LAW
  31. 31. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  32. 32. Irrevocable trusts are used to satisfy some advanced estate planning objectives FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l I‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  33. 33. Estate taxes could impact high net worth families, and these trusts are used to gain estate tax efficiency FRANK 8: KRAFT A l‘R()ll'. ll). ’l. -l I‘()l{l‘0lt. -Tl()' ATTO RNEYS AT LAW
  34. 34. There are irrevocable trusts that are used to protect assets as well FRANK 81 KRAFT . -‘ l‘R(lll'. lI)'. -l I‘I)l{l’0R: TlI)' ATTORNEYS AT LAW
  35. 35. You could also use an irrevocable trust to get assets out of your own name so you can qualify for Medicaid to pay for long-term care FRANK & KRAFT A l‘R()ll'. .ll). 'l. -l I‘()ltl‘0lt. -TlI)' ATTORNEYS AT LAW
  36. 36. If You Have Questions, We Have Answers
  37. 37. Our firm can help if you have questions about wills and trusts FRANK 81 KRAFT . -‘ l‘R(lll'. lI)'. -l I‘I)l{l’0R: TlI)' ATTORNEYS AT LAW
  38. 38. Feel free to contact us at your convenience to set up a no obligation consultation
  39. 39. (317) 684-1100. FrankKraft. com

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