There is a very good chance that you will find yourself involved in the probate of an estate at some time during your life. Whether that is because of your appointment as the Executor of an estate or because you are a beneficiary/heir, you probably want to know how long it will take for the estate to get through probate. Although every estate is unique, a Florence probate attorney at Potter Law Firm explains how long the Kentucky probate process typically takes. Understanding the Probate … [Read more...] about How Long Does It Take to Probate an Estate in Kentucky?
Blog – Latest Articles and Updates
Do You Need to Incorporate Special Needs Planning into Your Estate Plan?
As the parent of a child with special needs, you understand the joy these children can bring to a family and the everyone around them. You may also worry about your child’s future in general and especially about that future if something happens to you. The good news is that many children with special needs live independent lives as adults; however, as a parent you may still want to ensure your child has your financial support even after you are gone. A Huntersville special needs planning … [Read more...] about Do You Need to Incorporate Special Needs Planning into Your Estate Plan?
Do Not Forget to Review and Revise Your Estate Plan
For your estate plan to continue to protect you and your loved ones as intended it needs to be updated from time to time. Knowing how often to review your estate plan, and when a life event should trigger an immediate revision, is the key to a successful estate plan. The Ashland estate planning attorneys at the Potter Law Firm remind you to review and revise your estate plan as needed. A Routine Review Is Essential You should conduct routine reviews of your estate plan and make any … [Read more...] about Do Not Forget to Review and Revise Your Estate Plan
How to Gift to Your Grandchildren in Your Estate Plan
If you are fortunate enough to be a grandparent, then you understand the joy grandchildren bring into your life. Becoming a grandparent may also prompt you to want to include your grandchildren in your estate plan to make sure they are provided for in your absence. The Ashland trust attorneys at Potter Law Firm discuss how best to make gifts to your grandchildren in your estate plan. Is Making Gifts in Your Last Will and Testament Wise? The Last Will and Testament you executed when you … [Read more...] about How to Gift to Your Grandchildren in Your Estate Plan
What Happens If I Leave Property Out of My Living Trust?
The revocable living trust is an effective alternative to a simple will. When you have a living trust, you act as the trustee while you are alive so you have access to the assets and nothing really changes. You name a successor trustee to step into the administration role after your passing. You have the ability to decide how the assets will be distributed after you are gone. If you would like the trustee to pay out a certain amount each month for a number of years, you could include that … [Read more...] about What Happens If I Leave Property Out of My Living Trust?
2022 Estate Tax Exclusion Has Been Set
The federal estate tax is not a factor for most people because there is an exclusion that is pretty high relative to most estates. This is a set amount that can be transferred tax-free -- the tax is only levied on any portion of an estate that exceeds it. There are annual adjustments to account for inflation, and we have experienced a significant level of inflation this year. The 2022 exclusion amount has been announced, and we will take a look at it here. 2022 Federal Estate Tax … [Read more...] about 2022 Estate Tax Exclusion Has Been Set
Advocacy Groups Call for the Eradication of the Medicaid Estate Recovery Mandate
Elder law attorneys counsel clients who are concerned about potential long-term care costs. Many elders reside in nursing homes toward the end of their lives, and the costs can be devastating. Medicare will not cover the custodial care that nursing homes and in-home caregivers provide so this is not the solution. Many people need Medicaid assistance because this government program for people with limited resources will pay for long-term care. Eligibility Parameters The Medicaid asset limit … [Read more...] about Advocacy Groups Call for the Eradication of the Medicaid Estate Recovery Mandate
An Overview of 2022 Medicare Cost Increases
There was some good news to share about the Social Security cost of living adjustment for 2022, but out-of-pocket Medicare costs are another matter. The program has release the parameters for the new year, and we will take a look at them here. Medicare Part A The portion of the program that covers hospitalization is Medicare Part A. There is no premium unless you have not earned eligibility and you want to pay for this coverage. However, beneficiaries are required to pay a deductible per … [Read more...] about An Overview of 2022 Medicare Cost Increases
Elder Financial Abuse Is a Looming Threat
There are few things that are more appalling than the idea of someone taking advantage of senior citizens. As abhorrent as it may be, elder financial abuse is very common, and you should understand the facts so you can take preventative measures. Massive Losses A MetLife Mature Market Institute Study published in 2009 got a lot of attention because it focused on the previously ignored subject of elder financial abuse. The groundbreaking research placed an estimate of annual losses at $2.6 … [Read more...] about Elder Financial Abuse Is a Looming Threat
How Can You Protect Your Children’s Inheritances If You Get Remarried?
Though the divorce rates have been getting lower over the last couple of decades, it is still relatively common. If you decide to get remarried after having been divorced, and you have children from your previous marriage, you may have some estate planning concerns. You want to leave suitable inheritances to your children so you are reluctant to leave everything to your spouse. The situation is amplified if you are marrying someone who is significantly younger and you are bringing a good bit … [Read more...] about How Can You Protect Your Children’s Inheritances If You Get Remarried?
