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
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How Are Trusts Administered?
Northern Kentucky estate planning lawyers will often advise clients to consider creating a revocable living trust rather than relying on a last will to serve as a primary vehicle of asset transfer. There are a few reasons why these trusts may be preferable, but the benefit that most people seek from them is the ability to transfer assets to their loved ones outside of the probate process. Probate is a process that takes place under the auspices of the probate court. There can be significant … [Read more...] about How Are Trusts Administered?
Military Service Has Its Benefits
Individuals who spend time in the armed services often undergo hardships, especially when they serve during times of war. Without question, serving your country involves sacrifices, but you do get certain rewards as a show of gratitude. Some of these are relevant to the elder law community. In addition to the retirement pension that veterans receive after 20 years of service, there is another pension that many people are unaware of that can really come in handy. This veterans benefit is called … [Read more...] about Military Service Has Its Benefits
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
Medicaid News Flash
If you are up on the state of affairs with regard to long-term care expenses, you may be surprised to hear that you could be faced with a stifling series of bills during the latter stages of your life. The costs associated with assisted living have become exorbitant, and if you combine the average length of stay with the average expenses involved you may be looking at an expense that exceeds $200,000. Medicare does not pay for long-term care, and you must consider this to budget intelligently. … [Read more...] about Medicaid News Flash
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
Senior Health: An Elder Law Concern
A responsible adult in the Ashland or Northern Kentucky area will want to get in touch with an Estate Planning attorney early in life to get an initial estate plan in place. You never know what the future holds, and in fact tens of thousands of adults die before they reach the age of 35 each and every year. A lot of these individuals have spouses and children, and when you consider where your family may be if your income were to suddenly vanish you can see why estate planning is important for … [Read more...] about Senior Health: An Elder Law Concern
Circumventing Probate Costs
A lot of people are not aware of all of the costs that may impact their legacies when they are doing their planning. With this in mind let's take a glance at Probate costs. If you use a last Will to direct the transfer of assets to your loved ones, your estate has to go through a legal process that is called Probate. During this time any parties who had business with the estate could come forward seeking satisfaction, and if anybody wanted to challenge the Will they could do so before the … [Read more...] about Circumventing Probate Costs
