Probate is a legal process that will have to run its course before the heirs to your estate receive their inheritances if you use a last will to arrange for the transfer of your personal property. Most people would prefer to see their loved ones receive their inheritances right away if possible. However, this is not going to happen when probate is a factor. How Long Will It Take? You may wonder how long it will take for your estate to be probated. This is a question that does not have one … [Read more...] about How Long Does Probate Take?
Blog – Latest Articles and Updates
Incapacity Planning in Kentucky and Alzheimer’s Disease [Infographic]
Unfortunately, dementia related diseases such as Alzheimer’s are increasing in frequency in America’s older population. Although doctors are searching for a cure, or at least a way to halt the progression of the disease, it may be years before we see one. At the present time an Alzheimer’s sufferer can expect to eventually lose the ability to control his or her own finances and daily tasks. Because of this, creating an incapacity plan is the only way to plan for the possibility of developing … [Read more...] about Incapacity Planning in Kentucky and Alzheimer’s Disease [Infographic]
Seniors Enrolled in Medicare Program Must Dig Deeper in 2013
The Medicare program is not something that pays for all health care needs in full without the senior having to pay any out-of-pocket costs. The fact is that there are deductibles, co-payments, and premiums, and they consistently rise over the years. In addition, with all the talk about reducing the federal deficit it would not be surprising to see these out-of-pocket expenses go up at an even faster rate in the coming years. A very difficult situation is brewing. There are thousands upon … [Read more...] about Seniors Enrolled in Medicare Program Must Dig Deeper in 2013
Alzheimer’s Looms Large for Seniors
The prospect of developing Alzheimer's disease late in your life may not be a very pleasant one, but it is a real one all the same. If you knew that there was a significant possibility of encountering some type of challenge in the future, you would probably want to prepare in advance to the best of your ability. However, many people go through life without planning ahead for the possibility of incapacity. Approximately one out of every eight senior citizens is suffering from Alzheimer's … [Read more...] about Alzheimer’s Looms Large for Seniors
Kinkade Estate: Closure at Last
Estate planning attorneys always advise clients that life changes can require an estate plan update. One of these changes is a change in relationship status. One caution involves do-it-yourself estate planning. Things can go awry when you try to do things on your own without the advice of an attorney. For proof, look no further than the estate of the deceased painter Thomas Kinkade. He died back in April, and he was legally married at the time, though he was estranged from his wife for two … [Read more...] about Kinkade Estate: Closure at Last
Illinois Man Makes Interesting Estate Planning Decision
A man named Ray Fulk, who did not have any children or close relatives, died last summer in Illinois. He owned 160 acres of land that he inherited from his father that is valued at around $1 million. He was also in possession of over $200,000 in additional funds. Though he was by no means indigent he lived in a farmhouse that did not have any running water. He kept to himself and did not have very close friends according to reports. Apparently he did have access to television during the 1970s, … [Read more...] about Illinois Man Makes Interesting Estate Planning Decision
People Buying Long-Term Care Insurance at Younger Ages
Everyone carries automobile insurance, and even if it weren't required, you would invariably take out a policy to avoid potential losses. The odds of totaling your car are far less than 50-50, but you would rather be safe than sorry. Yet, most people who reach the age of 65 will eventually need living assistance, and a high percentage of them have made no preparations for handling these expenses. One of the reasons why so many people are unprepared for long-term care costs is because they … [Read more...] about People Buying Long-Term Care Insurance at Younger Ages
Farmers Get Break Via New Tax Act
Some people who are potentially exposed to the estate tax would not consider themselves to be "wealthy." They earn a decent living as farmers, but they are certainly not living the lifestyles of the rich and famous. Many farmers own large pieces of land that have been in the family for generations. Over time it has appreciated considerably, and its value may exceed the estate tax exclusion amount. This concern weighed heavily on the minds of many farmers as 2013 approached. Without new tax … [Read more...] about Farmers Get Break Via New Tax Act
Hagman Passes; “Heavenly” Home on the Market
They say that people who have lived their lives well go to heaven after they pass away. Ironically, the recently departed actor Larry Hagman apparently left a piece of heaven behind when he died. Hagman was a television legend, and he was actually a relatively early pioneer. He costarred with Barbara Eden on the 1960s situation comedy I Dream of Jeannie. Though Hagman certainly made his mark playing the role of Capt. and then Major Anthony Nelson on the somewhat otherworldly sitcom he went on … [Read more...] about Hagman Passes; “Heavenly” Home on the Market
Work of Art Donated to Museum to Settle Estate Tax Case
There was an interesting settlement to an estate tax dispute that was reached recently involving a work of art that cannot be sold. The work in question, a sculptural combine called "Canyon," features a bald eagle that had been stuffed by a taxidermist. It is theoretically very valuable because it is the work of Robert Rauschenberg. However, eagles are a protected species. To prevent people from thinning out the species even further by killing eagles for sale protections were put into place … [Read more...] about Work of Art Donated to Museum to Settle Estate Tax Case
