Before we take a deep dive into trust administration and the importance of legal counsel, we should provide a basic overview about the value of living trusts. Many people assume that a last will is the right choice as an asset transfer vehicle. However, when you hear the facts, you may decide that a living trust is actually the better option. We will examine the benefits of living trusts in another blog post so we will keep it succinct here. When the assets that will comprise your estate are … [Read more...] about A Trust Administration Attorney Can Provide Clarity
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Estate Planning and Marital Status Changes
Since so many people procrastinate for years before they address the matter of estate planning, after they take action, inertia can set in once again. If you are in this category, life changes will probably come down the pike. As a result, your estate plan may become obsolete, and this is something that you should understand from the start. Indeed, estate planning should be viewed as a process, not a one-time event. You can always make sure that your estate plan reflects your current desires … [Read more...] about Estate Planning and Marital Status Changes
Inheritance Tax Can Impact Kentucky Residents
We often respond to clients who have questions about how taxation can enter the picture when assets are changing hands after someone dies. This is certainly understandable, and perhaps surprisingly, most of the news that we pass along is good news. Generally speaking, inheritances are not considered to be regular income for federal or state tax purposes. Plus, you get a step-up in basis if you inherit appreciated property. This means that for capital gains tax purposes, you are not … [Read more...] about Inheritance Tax Can Impact Kentucky Residents
Five Reasons to Consult With an Estate Planning Lawyer
Estate planning is one of the basic responsibilities of adulthood, but studies that are conducted show that most people are unprepared for an event that is an absolute inevitability. There are some good reasons why you should consult with an estate planning lawyer if you have been ignoring the matter, and we will look at five of them here. Prevent Intestacy A lot of people are not too concerned about inheritance planning because they assume that the government will step in to take care of … [Read more...] about Five Reasons to Consult With an Estate Planning Lawyer
Medicaid Planning Facts and Figures
When you hear the term “Medicaid planning,” you may scratch your head for a moment. Why would anyone plan ahead to be able to qualify for a health care program that is only available to people with limited resources? The financial goal of life is something very different, right? All of the above is completely understandable, but there is a good reason why Medicaid is quite relevant to people that were never financially needy throughout their lives. This program will pay for a stay in a … [Read more...] about Medicaid Planning Facts and Figures
Estate Administration: Legal Guidance Is Invaluable
People often think about estate planning as an exercise in document creation, and you certainly have to record your final wishes in writing. That being said, there is an additional element you should seriously consider. After you are gone, there will be administrative tasks to complete so you have to arrange for some type of representation. Last Wills and Probate If you use a last will as the centerpiece of your estate plan, you would name an executor in the document. This is the individual or … [Read more...] about Estate Administration: Legal Guidance Is Invaluable
Your Inheritance Plan Can Protect Benefits
One of the primary reasons why it is important to discuss your inheritance planning options with a licensed attorney is because there are many ways to go about it. The ideal course of action for one person may not be appropriate for the next, and this is true on multiple levels. The nature of your assets and the overall objectives will certainly enter the picture when you are devising an inheritance plan, but it is not just about your own situation. You should also consider the potential … [Read more...] about Your Inheritance Plan Can Protect Benefits
Steps to Take Along the Estate Planning Process
Any time you are involved in a complicated endeavor, it is wise to break it down step-by-step. This is certainly applicable to the estate planning process. In this post, we will take a brief look at the different relevant factors that you should take into consideration. Legacy Preservation One concern is making sure you have something to leave behind because you really don’t have to be too concerned about estate planning if you have nothing left to leave behind to your loved ones. How could … [Read more...] about Steps to Take Along the Estate Planning Process
Estate Planning and Pet Ownership for Lonely Seniors
Elder law and estate planning attorneys help people prepare for their senior years as they take steps to leave suitable legacies for their loved ones if it is at all possible. Loneliness can certainly be a challenge for elders that lose their spouses, and there is no one easy answer that is right for everyone. Some seniors have family members, friends, and neighbors that try to fill the gaps, but people live busy lives, and it can be hard for them to carve out sufficient time. In other cases, … [Read more...] about Estate Planning and Pet Ownership for Lonely Seniors
Estate Planning in the Digital Age
Times have changed when it comes to the way that we communicate with others, pay our bills, and store information. There was once a time when people would keep all the information that their executors would need in a locked filing cabinet and make the keys available. Clearly, paper documents can still be part of the equation, but there is now a digital component as well. In this post, we will provide some food for thought with regard to the steps that you can take to address your digital life … [Read more...] about Estate Planning in the Digital Age
