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...]
Hagman Passes; “Heavenly” Home on the Market
They say that people who have lived their lives well go to heaven after they pass away. Ironically, the recently departed actor Larry Hagman apparently left a piece of heaven behind when he died. Hagman was a television legend, and he was actually a relatively early pioneer. He costarred with Barbara Eden on the 1960s situation comedy I Dream of Jeannie. Though Hagman certainly made his mark playing the role of Capt. and then Major Anthony Nelson on the somewhat otherworldly sitcom he went on … [Read more...]
Work of Art Donated to Museum to Settle Estate Tax Case
There was an interesting settlement to an estate tax dispute that was reached recently involving a work of art that cannot be sold. The work in question, a sculptural combine called "Canyon," features a bald eagle that had been stuffed by a taxidermist. It is theoretically very valuable because it is the work of Robert Rauschenberg. However, eagles are a protected species. To prevent people from thinning out the species even further by killing eagles for sale protections were put into place … [Read more...]
How Can Will Challenges Be Successful?
There are a number of reasons why it is not a good idea to depend on online downloads or worksheets to create a do-it-yourself estate plan. One of them is the possibility of providing an opening for a successful challenge to your last will. There are essentially four different grounds for invalidating a last will. One of them is improper execution. Each state has certain laws regarding how a last will should be executed. When you use a so-called "one-size-fits-all" document you have no way of … [Read more...]
Something Couples Should Know About Portability
Because laws are always changing, you should develop an ongoing relationship with your estate planning attorney and be proactive about having your plan reviewed on an annual basis. Without periodic reviews, sometimes these changes in the law can render your existing estate plan obsolete. We had some notable changes at the beginning of 2013 after the passage of the American Taxpayer Relief Act of 2012. One of them was an increase in the maximum rate of the federal estate tax from the 35% rate in … [Read more...]
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