Probate proceedings can be costly and time consuming. Having a solid estate plan in place helps alleviate this issue. Kentucky attorneys with deep experience in this area of law know that every state has different ways of addressing the probate issue.
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.
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.
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.
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.
For many in Kentucky, horses are life. It only makes sense that we would make sure there is a plan for our equine estate in the event of death or incapacitation.
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.
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.
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.
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.