Planning for the future is, unfortunately, not something you can do once and then forget about. In Kentucky, laws change frequently. This means that the plans you made a few years ago may no longer be entirely appropriate.
At Kentucky Elderlaw, PLLC, we understand the unique challenges that come when reviewing an estate plan as you get older. That is why we attempt to establish strategies that require minimal maintenance, keep our clients abreast of changes in the law and work with an eye towards avoiding any potential conflict in the future. Please read on for a brief discussion of these topics.
Many estate plans are complicated, and some require maintenance. Generally speaking, you should revisit your plan every five years or so. It would also makes sense to reconsider it after major life events in the family, such as a marriage or the birth of a child. Some estate planning tools do require ongoing administration, such as tax reporting, but we only recommend those options to clients who truly could benefit from them.
Staying updated is also important. Many estate plans include strategies to avoid excessive taxation or probate court. These issues are affected by changes in various federal and Kentucky laws and codes. We stay on top of these issues so our clients do not have to.
Finally, we understand that, especially as our clients get older, the eventual distribution of their estates becomes a more pressing issue. Our attention to detail and our commitment to transparency both reduce the risk of conflict during this process. Please continue on to our main website to read more.