When your children turn 18 it is an exciting time for both them and you. This is when their lives as adults start; maybe they will be going off to college, starting a new job, or moving across country. Although a lot of parents feel a certain amount of sadness when children leave the nest, it is exciting to see the children you raised spread their wings and fly. During this exciting time for your family, there are still some important issues to consider that you may not have thought of. Because … [Read more...] about If Your Child Is Turning 18
Blog – Latest Articles and Updates
Gift Now!
Under current law, the present is a wonderful time for the wealthy to gift. Many wealthy people are taking advantage of current legal conditions to pass along significant wealth now as opposed to waiting until death. However, there is an important caveat: you should only gift assets that you’re completely sure you will never need. If in doubt, do not gift. For those with excess wealth, current law provides excellent incentives for gifting now. For example, in 2011 and 2012, you can gift … [Read more...] about Gift Now!
How Divorce Affects Your Estate Planning
If you are contemplating divorce or are separated or recently divorced, life has not gone as planned. You are likely stressed and feeling overwhelmed. In a way, divorce means starting over. You are now likely making decisions yourself, wondering about your own retirement, and concerned about what life will bring next. Because of all of these changes, you need to update your estate planning. At the very least you will need to consult a qualified estate planning attorney to reevaluate your … [Read more...] about How Divorce Affects Your Estate Planning
Don’t Make These Estate Planning Mistakes (Part 2 of 2)
This is part two of a two part article: “Don’t Make These Estate Planning Mistakes.” In part one, we emphasized the mistakes of procrastinating, not having a will, and being careless with how your assets are titled. Below are three more estate planning mistakes that can wreak havoc on you and your family. Take care to avoid the following estate planning mistakes: Never update beneficiary designations. MISTAKE. You should take care to review and update your beneficiary designations on a … [Read more...] about Don’t Make These Estate Planning Mistakes (Part 2 of 2)
Estate Planning Seminar in Northern Kentucky May 5, 2011
On Thursday, May 5 at 6:30pm, the Potter Law Firm will be hosting a free estate planning seminar for individuals interested in learning more about estate planning options and opportunities. The 90-minute seminar will be held at the Potter Law Firm office at 3940 Olympic Boulevard, Erlanger, Kentucky. (The office is less than a 20 minute drive from much of Northern Kentucky, including Covington, Florence, Union, Fort Mitchell, Fort Thomas, and Newport). Space is limited at the seminar. If you … [Read more...] about Estate Planning Seminar in Northern Kentucky May 5, 2011
Don’t Make These Estate Planning Mistakes! (Part 1 of 2)
Some people make estate planning mistakes that jeopardize their dreams and goals. It’s important to avoid common estate planning mistakes so that you and your family are well prepared for the future. With the right plan in place, your wishes will be followed and you will remain in control. Take a look at some of the common mistakes below. If you have questions about your individual estate planning needs, meet with an estate planning attorney. Put off estate planning for the future. … [Read more...] about Don’t Make These Estate Planning Mistakes! (Part 1 of 2)
Why Does My Estate Planning Attorney Want to Know Whether My Children are Adopted?
Your estate planning attorney may ask you whether any of your children are adopted. This may seem like an odd question, among many odd questions, but the question is important. Your estate planning attorney is trying to determine whether your child has been legally adopted or is a step-child or other important child in your life. If your child has been legally adopted, he is treated the same as your biological children under the law. In other words, there is no legal difference between … [Read more...] about Why Does My Estate Planning Attorney Want to Know Whether My Children are Adopted?
Update Beneficiary Designations NOW!
Sometimes beneficiary designations get overlooked during the estate planning process or as life unfolds somewhat chaotically. Just like the rest of estate planning, beneficiary designations are not a “once and done.” It is imperative that you ensure your beneficiary designations are in line with your current intent and estate planning documents. Be sure to review and update beneficiary designations, as needed, every three to five years or upon the occurrence of a significant life event. … [Read more...] about Update Beneficiary Designations NOW!
Do I Need a Will or a Living Will?
You’ve probably been told at some point in your life that you need a will and a living will. While these legal documents are an important part of planning, it is important to understand what each document offers. Take a look at the following guide to learn the importance of both a will and a living will. If you don’t have either in place, consult with a qualified estate planning attorney. What does a will do? A will is a legal document that you create during your lifetime. This document … [Read more...] about Do I Need a Will or a Living Will?
I Have a Will. Is That Enough?
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?
