Even the most basic estate plans include a last will and testament. A simple will is relatively easy to draft if you understand the basics. Without a last will and testament, the decision as to who gets your property will be left to the laws of intestate succession in your state. If you have minor children, the court will also determine who will raise them if they are still minors when you die. Let our Louisville estate planning lawyer help you draft your will. The basic requirements for … [Read more...] about Let Our Louisville Estate Planning Lawyer Draft Your Will
Using a Spendthrift Trust in your Inheritance Planning
More likely than not, you are already familiar with trusts. They are agreements between a trustee and the person making the trust (the grantor) that is based on trust and confidence. In creating a trust, you must first draft a trust agreement that will provide the trustee with the authority needed to manage the trust assets and distribute them to the named beneficiaries. These actions are taken only in accordance with the terms of the trust document. A spendthrift trust is just a special type of … [Read more...] about Using a Spendthrift Trust in your Inheritance Planning
The Difference Between a Living Trust and a Durable Power of Attorney
There are many different estate planning options, all of which can help you achieve your goals in preparing for the future. A living trust and a durable power of attorney are two common examples. Clients are often confused as to the difference between the two estate planning tools. Let our living trust lawyers explain the similarities and differences between a living trust and a durable power of attorney. What is a Living Trust? A "living trust" is a particular type of trust that goes into … [Read more...] about The Difference Between a Living Trust and a Durable Power of Attorney
Louisville Inheritance Planning and Taxes
Even though you may be receiving an unexpected inheritance, you may still have some valid concerns about what that means. The primary concern is whether you will be forced to pay taxes on that inheritance. Whether you will be required to pay inheritance tax depends on the applicable state law. Kentucky inheritance tax is something you will be required to pay. Here is what you need to know about Louisville inheritance planning and taxes. What is an inheritance tax? An “inheritance tax” is … [Read more...] about Louisville Inheritance Planning and Taxes
The Basics of the Probate Process in Kentucky
The purpose of the probate process in Kentucky is to settle the estate of a deceased loved one. The probate process involves winding up the financial matters of the decedent, collecting property, paying debts, and distributing the remaining property according to the terms of the will or, if there is no will, according to the law of intestate succession that applies. If you need help, your probate attorney can explain the steps required in probate. Initiating the probate process The first … [Read more...] about The Basics of the Probate Process in Kentucky
