In Kentucky, when a person is thinking about creating an estate plan, they are likely to know the basics of a will. However, wills are not the preferable option in every situation. For some, a trust might be better for them. There could be a perception that trusts are complicated and not worth the effort. [...]
As painful as it may be to think about what is going to happen to your assets after you have passed on from this world, it is important to plan, nonetheless, so that you get the opportunity for your wishes to be honored and so that the people whom you have designated as your heirs [...]
Right now, the federal gift and estate tax exclusions are especially generous thanks to the 2017 Tax Cuts and Jobs Act. This makes now a good time for gifting, if you can afford it. The 2017 Tax Cuts and Jobs Act The 2017 Tax Cuts and Jobs Act doubled the amount of the gift and [...]
When you plan your estate, your primary focus is often on your loved ones and your legacy. And, while you know a big part of that plan is minimizing taxes and liabilities, what you may not realize is that a huge part of a good estate plan is protecting your assets from lawsuit and creditors. [...]
We may be lucky to reach retirement, but that does not mean we will arrive there in good health. Some people develop mental conditions such as Alzheimer's or dementia either as an early-onset condition or one that affects them in their older years. These people may need help managing their personal and financial affairs. What [...]
A lot of people think that estate planning is nothing more than throwing together a simple will to ensure that assets are passed on to immediate family members. While that might be true for some, others would benefit from a more thoughtful and detailed estate plan. Yet, many individuals put off this holistic estate planning [...]
Interested parties, whether beneficiaries or unnamed family members, concern themselves primarily with the question: “Who gets what?” With a valid will, they know the answer. Generally, under Kentucky law, wills require twoof witnesses who attest in the individuals’ presence that the documents are what they claim to be. General requirements Witnesses to a will remain [...]
As we enter our twilight years, Medicaid becomes much more important, if not vital to our long-term planning. After all, nursing homes can cost well over $100,000 a year, and this cost is not covered by Medicare. And, for each dollar that goes to your long-term care or the nursing home, is another dollar taken [...]
Family relationships can be complicated, to put it nicely, and you may conclude that you do not want to leave an inheritance to your adult child. Perhaps there is bad blood between you and your child or perhaps you simply feel your child does not need the inheritance and you would rather leave your estate [...]
When Kentuckians sign their wills, they assume that the probate court will give legal effect to the terms of the will as written. Occasionally, however; an heir of the deceased will feel cheated by the will’s specific bequests. In such cases, the heir’s only remedy is the commencement of a will contest. Commencing the will [...]
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