VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Estate Planning Archives

Estate planning can preserve assets for your care

Dementia is a health condition taking center stage in the awareness of people across the U.S. This is as true in Kentucky as anywhere. The issue came to the news forefront again this week with word of the rapid decline of noted comedic actor and Ohio native, Tim Conway. The slip into dementia for the 84-year-old entertainer is now the source of court action as his adult daughter seeks appointment as his conservator.

Tax reform does not mean less need for estate planning

There was a time when so-called "death taxes" were a major concern for individuals in Kentucky and in other states. These are the estate taxes, charged to a person's estate after death to allow transfer of property to beneficiaries; and inheritance taxes, those paid by heirs on the value of the property they receive.

Family conflict is the chief threat to successful estate planning

A successful estate plan is one that passes your assets to the next generation while minimizing unnecessary taxation and limiting other expenses. This may include, for example, reducing the need for probate by placing the assets in an appropriate trust. It may also include taking steps to minimize intra-family disputes that could result in a challenge to the estate distribution.

End-of-life decisions must be made well in advance of dementia

Just over a third of Americans have put a living will, healthcare power of attorney or similar document in place to protect their end-of-life choices. These documents help ensure that you receive only those medical treatments you want when you reach the end of your life. For example, they can spell out whether you want all possible care to extend your life, or if you prefer only palliative care after a certain point.

In today's world, most estate plans could benefit from a trust

When many people think of trusts, they assume that you need to be wealthy to benefit from a trust. In truth, there are many types of trusts that serve a variety of purposes. A revocable trust or "living trust," for example, can not only act as a cornerstone of your estate planning but also make things easier in the event you become incapacitated. Trusts also offer more privacy than wills, which go through a public probate process.

Protecting your irresponsible children with a spendthrift trust

You have worked hard all your life for what you have. It can be extremely frustrating to watch your children waste their advantages through irresponsible spending. Furthermore, it is quite possible that their poor spending habits will continue once they receive an inheritance from you, unless you take specific actions now.

Study: Most parents with special needs kids have no estate plan

If you have a child with an intellectual disability, you need a plan to care for that person when you no longer can. Yet in a recent national survey, more than half of parents of special-needs children reported they had no such plan.

In blended families, inheritances often end up being unequal

As more divorced parents with children remarry, a changing pattern has developed in inheritances. Couples who only have shared biological children tend to divide their bequests equally among those children. According to a 2015 study, there has been a noticeable shift toward unequal bequests in blended families.

Filing final federal income and estate taxes for the deceased

In the aftermath of the death of a family member or loved one, there are practical matters that need attending. It is an unfortunate reality that even death does not excuse a person from filing final taxes, an unpleasant task which generally falls to the executor or a close surviving family member.

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