A will is an essential part of estate planning. If you already have a will in place, you are one step ahead of many people. While a will can allow you to choose how some of your assets will be distributed after your death, who will manage and distribute those assets and who will care for your child if you die, there are many things that a will can’t do. Take a look at some of the examples below. If you only have a will, it is important to create a full estate plan with the help of an estate … [Read more...] about I Have a Will. Is That Enough?
No one wants to lose half of the value of their life insurance to the federal estate tax. But that is exactly what can happen if you don’t plan carefully. You’re in luck because the federal estate tax is often a voluntary tax. You volunteer to pay by not planning. We suggest that you plan and avoid the federal estate tax. Unified Credit – Each individual can pass a certain amount during his lifetime or at death without paying federal estate tax. This amount is called the unified … [Read more...] about Protecting Life Insurance from Federal Estate Tax
Who me? Estate planning? Many people assume that there is no need for an estate plan or that it is okay to put it off for a later day. While it can be difficult to think about hard issues such as death and illness, it is important to have a plan in place for the future. Yes, even YOU need an estate plan! Take a look at some of the reasons why you need an estate plan. Then, schedule a time to meet with an estate planning attorney today! If you want to have a say in how your assets will be … [Read more...] about Why Do I Need Estate Planning?
Medicaid is a government benefit program that provides medical assistance to the poor and elderly, including paying the costs of nursing home care for many Kentucky residents. The state is now seeking proposals from companies to provide managed care for many Medicaid recipients in an effort to reduce the cost of Medicaid, which is the state government's second biggest expense after education. This new strategy reportedly will not affect Medicaid for nursing home residents, except to the extent … [Read more...] about Kentucky’s Search for Medicaid Savings
If you’re in a “high risk” profession such as medicine, law, or real estate, it is likely that you are concerned about protecting assets from lawsuits. Asset protection is part of the estate planning process. And, while we always recommend that you carry good insurance, there are other techniques that can be used to protect your assets if a judgment exceeds your insurance limits. Here are some asset protection options for your consideration: Trusts By giving your assets during your lifetime … [Read more...] about How to Protect Assets from Lawsuits
Families and businesses use life insurance for a multitude of reasons. It is often an essential part of an estate plan. When investing in life insurance, you always have to make the permanent life insurance versus term life insurance decision. There are many cases in which term insurance is appropriate. Why? Read on. Why Life Insurance? Life insurance is used for several purposes: Create an estate Replace income Equalize an estate Pay taxes Fund a buy/sell agreement What’s the … [Read more...] about Life Insurance Considerations: Why Term Insurance?
If you’re like most people with a blended family, you would like your family to be as happy as the Brady Bunch. Carol became “Mom” to Mike’s sons and Mike became “Dad” to Carol’s daughters. As viewers, it was easy to forget that the Bradys were a blended family. In our own lives, it’s not so easy to forget. And, we shouldn’t. Blended families call for caring communication, and careful estate planning. Without these things, relationships can be strained, mistrust fostered, and children … [Read more...] about Blended Families: Fostering Good Relationships
The Revocable Living Trust is dynamite! Most folks benefit from having a trust and they seem to work magic, avoiding probate, providing disability planning, keeping you in control, and providing asset protection for your beneficiaries’ inheritances. However, no good trust acts alone. There are supporting documents that work in conjunction with and help the trust do its work. For example: Bill of Sale The bill of sale is a legal document used to transfer your tangible personal property into … [Read more...] about Behind Every Good Trust, There is a Good….
It can be hard to know when an elderly loved one is creating sufficient safety concerns to insist he or she stop driving. If you feel that your loved one should no longer be driving, the chances are your suspicions are correct. It is important to monitor your elderly loved one’s driving skills to make sure that he or she is safe on the road. Taking away your loved one’s keys can save his life and the lives of others. Does your elderly loved one display the following warning signs? Does he … [Read more...] about When Should An Elderly Loved One Stop Driving?
If you’re like most people, you appreciate access to a dictionary so you can check out the meaning of words that you’re not used to using every day. As you enter the world of estate planning, there is sure to be new lingo. Here are estate planning terms that begin with the letters, A, B, and C. Agent or Attorney in fact Someone you trust to act on your behalf under a power of attorney. It is NOT the same as an attorney at law. Ancillary Probate The administration of an estate in a state … [Read more...] about The ABCs of Estate Planning