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...
Why You May Need a Trust in Addition to a Power of Attorney
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...
HOW LONG DOES AN EXECUTOR’S JOB TAKE? | A BOLO Legal Brief
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.
What is a Special Needs Trust?
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...
Estate Exemption Amount for Surviving Spouse and Children | A BOLO Legal Brief
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...
POWERS OF ATTORNEY | A Legal Brief
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.
Do you know what happens to your debts if you die?
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,...
LEGAL BRIEFS | Dying Without a Will
Did you know that, under Kentucky law, if you die without a Will, all your property does not automatically go to your spouse? It’s a common misconception, but Kentucky law prescribes that if you die without a will (in legal jargon “intestate”), your spouse typically gets the first $15,000 and one-half...