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The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

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Home » Estate Planning

IRA News: SECURE Act 2.0 May Become a Reality

January 4, 2021 by Pamela Potter

SECURE Act IRA

We focus on matters that are of interest to senior citizens, and the laws that regulate individual retirement accounts are quite relevant. In December of 2019, the SECURE Act was enacted, and it established some new parameters for 2020 and subsequent years. In October of this year, a bipartisan measure that has been dubbed SECURE Act 2.0 was introduced, and it would mandate additional changes to the IRA guidelines. We will look at these provisions in this post, but first, we will review the … [Read more...] about IRA News: SECURE Act 2.0 May Become a Reality

Filed Under: Retirement Planning Tagged With: Estate Planning, Retirement Planning, SECURE Act 2.0

Show Your Appreciation This Thanksgiving

November 24, 2020 by John Potter

legacy planning 5

Holidays can often put you in a reflective mood, and Thanksgiving is a special event that revolves around gratitude. When you sit back and think about the good things that have happened in your life, you can probably pinpoint people that helped you out along the way. Hold that thought for a moment and consider these statistics. According to a 2020 survey, 68 percent of American adults are going through life without any estate planning documents. You would expect younger adults to put it on … [Read more...] about Show Your Appreciation This Thanksgiving

Filed Under: Estate Planning Tagged With: Estate Planning, Incapacity Planning, Trusts, Wills

Answers to Questions About 529 College Savings Plans

November 13, 2020 by Pamela Potter

529 college savings plan

When you leave inheritances to your loved ones, you are essentially giving final gifts. A college education may be the greatest gift of all, and you can use a 529 college savings plan to pave the way. We will explain the details here through a question and answer format. What is the basic structure of a 529 plan? A 529 plan has a structure that is similar to a Roth individual retirement account. You make contributions into the account after taxes have been paid on the income. The interest … [Read more...] about Answers to Questions About 529 College Savings Plans

Filed Under: Estate Planning Tagged With: 529 college savings plans, Estate Planning

Why Do You Need an Estate Planning Lawyer?

August 25, 2020 by John Potter

estate planning lawyer

A lot of people think that estate planning boils down to one simple task. You take a little bit of time to record your final wishes in a will, and the matter is closed. All you have to do is buy a worksheet online and fill in the blanks, and you are good to go. That may sound sensible on the surface, but in reality, it is a gross oversimplification. Let’s look at some of the reasons why you may want to engage an estate planning lawyer to help you put your plan in place. Make Sound Asset … [Read more...] about Why Do You Need an Estate Planning Lawyer?

Filed Under: Estate Planning Tagged With: Estate Planning, Trusts, Wills

Can You Include Your Dog in Your Estate Plan?

August 8, 2020 by John Potter

pet trust

According to the Insurance Information Institute, there is a pet of some kind in more than 65 percent of American homes. Dogs are the most popular pets, and believe it or not, there is a canine companion in 63.4 million households in the United States. Since dogs have relatively short lifespans as compared to humans, most dog owners do not have any concerns from an estate planning perspective. This make sense, and in most cases, there are multiple members of a given household that could care … [Read more...] about Can You Include Your Dog in Your Estate Plan?

Filed Under: Estate Planning Tagged With: Elder Law, Estate Planning, pet trusts

Provide Guidance With an Incentive Trust

July 27, 2020 by Pamela Potter

incentive trust

You have options when you are planning your estate, and this is one of the reasons why you should engage an estate planning attorney. If you have specific objectives, there is some type of approach that can be used to address them. With this in mind, let’s look at the legal device called an incentive trust. Encourage Positive Behavior A large windfall of money can potentially do more harm than good if the recipient has not reached full maturity. You may have concerns about this if you are … [Read more...] about Provide Guidance With an Incentive Trust

Filed Under: Estate Planning Tagged With: Estate Planning, incentive trust

Estate Planning: Emotions Often Lead to Inaction

May 29, 2020 by Pam Potter

estate planning procrastination

Caring.com conducts surveys periodically to keep a finger on the pulse of the estate planning preparedness of Americans. The results are never encouraging, but things are actually getting worse. Their latest survey that has been conducted this year has found that the number of people who have a will or another estate planning document in place has decreased by 25 percent over the last three years. At this time, just 32 percent of adults in the United States have made the appropriate … [Read more...] about Estate Planning: Emotions Often Lead to Inaction

Filed Under: Estate Planning Tagged With: Estate Planning, Trusts, Wills

Five Things You Need to Know About Probate

May 7, 2020 by John Potter

probate

If you use a will to state your final wishes, your executor would submit it to probate. This is a legal process that takes place under the supervision of a court. To plan your estate effectively, you have to understand this process, and we provide five key facts in this post. It serves a purpose. When you poke around on the Internet looking into the process of probate, you will find negative statements made about it. We will cover the drawbacks in some of the other sections, but it does serve … [Read more...] about Five Things You Need to Know About Probate

Filed Under: Estate Planning Tagged With: Estate Planning, Probate, Probate Avoidance

Estate Tax Exclusion Has Been Increased

January 16, 2020 by John Potter

estate tax

Before we get to the increase in the estate tax exclusion, we should explain how taxes apply to inheritances in a broad sense. Many people assume that you are required to report an inheritance when you file your regular income taxes, but this is not the case. Inheritance is not taxable income for a logical reason. Assets that comprise estates are left over after the decedents paid taxes throughout their lifetimes. For example, if a person saved a certain amount of money every pay period for … [Read more...] about Estate Tax Exclusion Has Been Increased

Filed Under: Estate Planning Tagged With: Estate Planning, Estate Tax, Gift Tax, inheritance tax

What’s the Difference Between SSI and SSDI?

November 1, 2019 by Pam Potter

SSI SSDI

As elder law and estate planning attorneys, we often have to explain details about government benefit programs to our clients. There are some programs that serve related purposes that have similar sounding names so there can be some confusion. This is certainly true of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). Need-Based Benefit Supplemental Security Income is a program that provides monthly income to qualified people with disabilities who have very … [Read more...] about What’s the Difference Between SSI and SSDI?

Filed Under: Estate Planning Tagged With: Estate Planning, SSDI, SSI

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Testimonials

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

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NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

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