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Louisville Inheritance Planning and Taxes

Elder Law, Estate Planning, Events, Family-Owned Businesses and Farms, Financial Planning, Legal Education, LGBTQ Planning, News, Probate, Retirement Planning, Special Needs Planning, Tips and Help Getting Started, Tips and Help Getting Started, Trust Administration & Probate, Uncategorized

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

Elder Law, Estate Planning, Financial Planning, Probate, Retirement Planning, Special Needs Planning, Trust Administration & Probate

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

How a Divorce Affects Estate Planning

Elder Law, Estate Planning, Financial Planning, Probate, Retirement Planning, Special Needs Planning, Trust Administration & Probate

Whenever couples go through a divorce, emotional and financial strain can be overwhelming. Estate planning is likely the last thing either person is concerned about.  However, it is highly recommended that you revisit your estate plan after you go through a divorce.  By updating the provisions of your plan, you will avoid much of unnecessary stress and complication that you would otherwise have in the future. As most Louisville estate planning attorneys understand, estate planning after a … [Read more...] about How a Divorce Affects Estate Planning

Revocable Trusts and How they Work

Elder Law, Estate Planning, Financial Planning, LGBTQ Planning, Probate, Retirement Planning, Special Needs Planning, Trust Administration & Probate

If you are considering different aspects of your estate plan, there are so many available options. Revocable trusts are one option to consider.    There are various types of trusts to choose from. Whether you need a revocable or irrevocable trust depends on your overall estate planning goals.  If you choose revocable trusts, there are a few things you need to know. What a trust is and how it works A trust is basically a fiduciary agreement between the trustee and the grantor -- that is the … [Read more...] about Revocable Trusts and How they Work

Think DIY Wills are a Good Idea? You Might Want to Reconsider

Elder Law, Estate Planning, Financial Planning, LGBTQ Planning, Probate, Retirement Planning, Special Needs Planning, Trust Administration & Probate

If you are thinking that drafting your own will is a good option, maybe you should reconsider.  Although do-it-yourself estate planning products like wills and powers of attorney have become more readily available, computer generated DIY wills simply will not compare to a professionally drafted legal document.  Even if DIY wills appear to be professional, there are always certain dangers in using DIY products.  The primary risk is that it may not work the way you expect or it may even be … [Read more...] about Think DIY Wills are a Good Idea? You Might Want to Reconsider