Estate planning is best undertaken with the assistance of an experienced professional because there are many different ways to transfer assets to your loved ones. You are not restricted to a last will, and the optimal combination of estate planning documents will vary on a case-by-case basis. Aside from the goal of preventing asset erosion, another thing to consider is the personal proclivities of the people who will be receiving inheritances. You may have mature and established family members … [Read more...] about Protecting Spendthrift Heirs
A Different Kind Of Will
When you think about a will in an estate planning context, the document that will probably come to your mind is the last will. This is the most commonly used estate planning tool, and of course its purpose is to direct the distribution of your assets to your heirs after you pass away. The last will is not the only will that is utilized by northern Kentucky estate planning lawyers. An advance health care directive called a living will is also recommended. These documents have nothing to do with … [Read more...] about A Different Kind Of Will
Ongoing Adjustments Are Necessary
A surprising percentage of Americans do not have an estate plan in place. This is a figure that will fluctuate, but about half of the people in the United States are going through life without any estate planning documents. A lot of people recognize the fact that they should have an estate plan in place but they simply procrastinate with regard to the matter. Let's face it, thinking about passing away is probably on the bottom of your to-do list and it is understandable that you may think that … [Read more...] about Ongoing Adjustments Are Necessary
Consider Discussing Details With Family
We would all like to think that our families are comprised of people who see totally eye-to-eye about everything. The truth is that this is rarely the case. Just how different perspectives can be among different family members varies considerably depending on the family. Some families generally get along well, but situations where there is 100% resonance on all levels are rare. One way to avoid conflicts is to engage in honest and open communication with empathy for others. This is something … [Read more...] about Consider Discussing Details With Family
Some Estate Planning Tools Provide Dual Benefits
Estate planning can involve utilizing various legal instruments, and the best course of action will vary depending on individual circumstances. This is why websites that tell you anyone can plan an estate by simply filling in the blanks on a generic document are painting an incomplete picture. Your legacy is important, and you and your family deserve personalized attention delivered by an experienced estate planning professional. Some of the tools used by Estate Planning lawyers in Ashland, KY … [Read more...] about Some Estate Planning Tools Provide Dual Benefits
Estate Planning: Younger Americans Woefully Unprepared
A large percentage of Americans are unprepared from an estate planning perspective and this is something that is really concerning. Estate planning is one of the core responsibilities of adulthood, and when you fail to plan ahead, your loved ones suffer the consequences should the unexpected take place. Estate planning is mostly for the benefit of the ones that you love and this is something to keep in mind if you are procrastinating. Forbes reported the results of a 2009 Harris interactive … [Read more...] about Estate Planning: Younger Americans Woefully Unprepared
3 Types of Special Needs Trusts
A special needs trust is a specific kind of trust that can be created to benefit children and adults with disabilities. Whether you're caring for a special needs child or have a family member who has developed a medical problem and needs a trust to ensure their financial safety, there are several kinds of several needs trusts available to you. However, special needs trusts differ by state, and each state has different rules that apply. Type 1: Family Trust. A family trust is usually created by … [Read more...] about 3 Types of Special Needs Trusts
Generation Skipping Trusts Can Keep More Money In The Family
Being taxed is not something anyone particularly relishes. But when you are taxed more than once on the same money it can be especially disconcerting. This is what we are looking at with the federal gift tax and the estate tax. The possessions you have were accumulated with resources that you had left over after you paid income tax, self-employment or payroll tax, sales tax, property tax and any number of additional taxes. The same can be said of gifts. So a lot of people view the estate tax … [Read more...] about Generation Skipping Trusts Can Keep More Money In The Family
Incentive Trusts: A Nudge May Be Needed
Many people are concerned about what will happened to a loved one when they are no longer able to provide guidance to the loved one. However, you can build some positive structure into the lives of an heir or heirs through the creation of an incentive trust. With these trusts, you appoint a trustee, which is often going to be a bank or a trust company, and of course you have a beneficiary who will receive distributions from the trust. You also provide guidelines that must be met for these … [Read more...] about Incentive Trusts: A Nudge May Be Needed
A Look At Buy-Sell Agreements
Partners in small businesses face some specific challenges when they are making plans for the future. If you were to simply leave your share of the business to your family after you pass away questions may arise. No one in the family may have the skills or the inclination to serve your role in the business. And if there were, how do you spread the value of the business out among all of your family members? In addition, what if your partner or partners does not feel comfortable working with the … [Read more...] about A Look At Buy-Sell Agreements
