Many people believe that estate planning is just for older people. After all, you tend to accumulate property and assets as you age, so this seems logical. It isn’t true, however. There are many reasons why young people can also benefit from estate planning. In this article, we examine three reasons...
Probate is a court-supervised process that involves the administration of a deceased person's estate. The process typically consists of authenticating a will, paying off debts, and distributing assets to beneficiaries. The probate process is often time-consuming and expensive. Fortunately, as we explain below, there are several ways to avoid probate in Kentucky.
Many people believe that estate planning is only for the rich. This couldn’t be further from the truth, however. Without an estate plan in place, settling your affairs after you pass away could have a long-lasting and expensive impact on your loved ones—regardless of your income or assets. In this article, we...
Everyone needs an estate plan. In fact, failing to draft an estate plan can negatively impact your family for years to come. However, when drafting an estate plan, there are several pitfalls to avoid. Therefore, when embarking upon the estate planning process, it is advisable to first consult with an experienced Kentucky...
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances, it is not enough. In these cases, a revocable trust can help.
A durable power of attorney allows you to appoint someone you trust to step...
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. A simple estate can take a few months and not require a huge time commitment. However, if there are problems, the job can drag on for years.
If you have a Special Needs child or loved one, a Special Needs Trust may allow you to leave them an inheritance without disqualifying them for public benefits (for example SSI or Medicaid).
Creating this type of Trust for someone else is called a Third Party Special...
Legislative changes in July 2020 saw the exemption amount for Kentucky probate estates double from $15,000 to $30,000. This means that the living spouse of the person who passed away is entitled to receive the first $30,000 of the deceased spouse’s estate before any of the estate will be used to...
Do you know what the requirements are for a valid Power of Attorney in Kentucky? In July 2020, a number of laws went into effect for the state of Kentucky. Among the important changes to the law was an amendment to the requirements for executing a new Power of Attorney.
Check out this great article (featuring our own, Josh Berkley!) for insight into how debt is treated upon death. This is just one of the many issues on which estate and probate attorney Josh Berkley provides personal consultation as part of our estate planning services.
As always,...
