If you were going on a trip somewhere and someone was going to be watching your home, you would make sure that they were prepared for everything that could occur. You wouldn’t simply give them the keys and hope that the rest falls into place. This is the mentality that you should apply to your inheritance planning efforts as well. It is important to ask yourself how your wishes will come to fruition after you are gone. Clearly, you state them in a legally binding document like a last will or … [Read more...]
Estate Planning Is a Long-Term Process
When surveys are conducted, they consistently find that the majority of Americans do not have any estate planning documents in place. Surprisingly, many baby boomers and some elders are unprepared, and precious few younger adults have taken any of the appropriate steps. Clearly, most people know that they should have estate plans in place, but they put it off for one reason or another. Since there is so much procrastination, if you have been dragging your feet, you may become quite complacent … [Read more...]
Family Communication During the Estate Planning Process
Though it is something that is a certainty for everyone, mortality is a subject that many individuals do not want to think about or discuss. As a result, far too many people go through life without any estate planning documents at all. In addition to this, when a plan is finally being devised, the whole matter can take on a shroud of secrecy if it is not discussed openly among family members. The Value of Inclusion Each estate planning case is different, and this is why you should explore … [Read more...]
Build a Long Term Relationship With Your Inheritance Planning Attorney
In most families, there are certain professional resources that have served multiple generations. For example, you may have a long-term dentist that your children went to when they were very young. Years later, the dentist’s office may actually provide dental care for your grandchildren. This is a phenomenon that can definitely enter the picture when it comes to a relationship with an inheritance planning attorney. Plus, there are actually tangible benefits that can be added to the trust factor. … [Read more...]
Why You Need A Probate Lawyer
When you are planning your estate you would do well to engage the services of a local northern Kentucky probate lawyer. Though you have alternatives, such as a revocable living trust, if you use a last will as your primary vehicle to transfer assets, your estate must pass through the legal process of probate. So when your will is being constructed, it should be done with the expectations of the local probate court in mind. This is something to consider when you see websites claiming that it … [Read more...]
Last Will May Not Be Best Option
You may believe that a last Will is your best option for transferring your assets on death because you are not wealthy. But in many cases you have more effective options for distributing your assets to your loved ones even if you do not consider yourself to be among the financial elite. A lot of people do not realized that a Will is not just read by your family members. The court has to make sure the wills is in fact the last one and is valid; and the court has to allow creditors an … [Read more...]
Be Clear to Avoid a Contested Estate
If you want everything to go smoothly when you die, carefully consider your planning options. Some people make inheritance planning decisions that they know will not sit well with some of their family members or other interested parties. These people are often opening themselves up to the possibility of a contested estate. First off you may want to ask yourself if the potential for acrimonious legal battles is really worth the statement you are thinking about making. Depending on your … [Read more...]
Kinkade Estate: Closure at Last
Estate planning attorneys always advise clients that life changes can require an estate plan update. One of these changes is a change in relationship status. One caution involves do-it-yourself estate planning. Things can go awry when you try to do things on your own without the advice of an attorney. For proof, look no further than the estate of the deceased painter Thomas Kinkade. He died back in April, and he was legally married at the time, though he was estranged from his wife for two … [Read more...]
Illinois Man Makes Interesting Estate Planning Decision
A man named Ray Fulk, who did not have any children or close relatives, died last summer in Illinois. He owned 160 acres of land that he inherited from his father that is valued at around $1 million. He was also in possession of over $200,000 in additional funds. Though he was by no means indigent he lived in a farmhouse that did not have any running water. He kept to himself and did not have very close friends according to reports. Apparently he did have access to television during the 1970s, … [Read more...]
Farmers Get Break Via New Tax Act
Some people who are potentially exposed to the estate tax would not consider themselves to be "wealthy." They earn a decent living as farmers, but they are certainly not living the lifestyles of the rich and famous. Many farmers own large pieces of land that have been in the family for generations. Over time it has appreciated considerably, and its value may exceed the estate tax exclusion amount. This concern weighed heavily on the minds of many farmers as 2013 approached. Without new tax … [Read more...]
