As our loved ones continue to age, there are often long term care needs that must be addressed. If you have a loved one who is in need of extra care assistance, you may want to make sure that you understand all of your options. Take a look at some of the information below to help guide you through the process. If you have additional questions, or if you need assistance choosing a long term care facility, meet with an estate planning or elder law attorney. What is long term care and what are … [Read more...] about Long Term Care FAQ
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9 Things to Remember When Creating Your Estate Plan (part 2 of 2)
As discussed in our previous blog post, there are many things to consider when creating an estate plan for the first time. If you’re thinking about starting your planning, you will want to make careful decisions so that your needs are met and your family is protected. Take a look at the remaining 9 things to remember when creating your estate plan. If you have any questions, or if you’d like to begin your estate plan, meet with an estate planning attorney. Don’t forget to consider emergency … [Read more...] about 9 Things to Remember When Creating Your Estate Plan (part 2 of 2)
9 Things to Remember When Creating Your Estate Plan (part 1 of 2)
Are you just getting started with your estate plan goals? If so, you will need to plan carefully so that all of your needs are met. It’s important to stay informed throughout the process so that you fully understand the estate planning documents that you are creating. Take a look at the following 9 things to remember when creating your estate plan. This guide will help inform you of the essential things when creating your plan. If you have any questions about how to begin your estate plan, … [Read more...] about 9 Things to Remember When Creating Your Estate Plan (part 1 of 2)
What are Trusts?
Trusts are legal tools to used in estate planning. They give instructions on what should happen, how it should happen, and when it should happen. It may be helpful to think of a trust as a “legal instruction book.” Each trust has a “Trustor” or “Grantor”, the person who sets up and funds the trust; a “Trustee,” the person who legally holds title to the trust assets and is in charge of carrying out the instructions in the trust; and the beneficiaries who receive trust assets according to the … [Read more...] about What are Trusts?
When to Revise Your Will
Though a will is commonly thought of in association with death, it is really a vital tool in helping you plan for the future. Even once you have a valid will, you are never completely finished with your estate plan; wills need to be updated as your life changes. There are a number of reasons why you would likely need to make changes to your will throughout your lifetime. Death of a Beneficiary – If someone named in the will as a beneficiary or the will’s executor has died, you will need to make … [Read more...] about When to Revise Your Will
4 Shocking Kentucky Intestacy Facts
Intestacy laws apply if you die without a will or trust. In fact, the state of Kentucky has an estate plan for you and it’s called “intestate succession.” This may not be the estate plan you want. And, it certainly isn’t the estate plan your spouse wants you to have. Here are 4 shocking Kentucky intestacy facts. 1. Any real estate you own in your individual name does not pass entirely to your spouse. Your spouse has a right under state dower laws to 1/2 of surplus real estate -- the rest … [Read more...] about 4 Shocking Kentucky Intestacy Facts
Your Important Estate Planning Questions (Part 3 of 3)
Last, but not least, this is the third part of our “important estate planning questions” series. An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. What mistakes do people make when doing their estate planning? Common mistakes include: Not … [Read more...] about Your Important Estate Planning Questions (Part 3 of 3)
Your Important Estate Planning Questions (Part 2 of 3)
This is the second in our three part “important estate planning questions” series. An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. When is a living will effective? Your living will is only effective in end-of-life situations where you are … [Read more...] about Your Important Estate Planning Questions (Part 2 of 3)
Your Important Estate Planning Questions (Part 1 of 3)
An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. Also, be sure to check out parts 2 and 3 of this article. I’m married, why is a power of attorney necessary? While spouses frequently sign their spouse’s name, it is not legal to do so. You … [Read more...] about Your Important Estate Planning Questions (Part 1 of 3)
You Need to Update Your Financial Power of Attorney
If you’re like most people, it hasn’t occurred to you that you need to update your financial power of attorney on a regular basis. Updates are required for a couple of reasons, but the main reason to update is to better ensure that your financial power of attorney is accepted when needed. “Old” powers of attorney are often refused. Sure, your agent could sue the refusing institution, but who wants to deal with that? It’s better to have an up-to-date power of attorney that will be … [Read more...] about You Need to Update Your Financial Power of Attorney
