Many people believe that once they’ve set up their estate plan, the process is over. In truth, estate planning is an ongoing project, and reviewing your plan every year is essential for protecting your interests and your family’s future. If you haven’t looked at your estate plan documents in a while,...
Category: Trusts
Testamentary and Living Trusts: What’s The Difference
When it comes to estate planning, different tools can significantly impact your family's future. Two common types of trusts—testamentary and living trusts—each serve essential but distinct roles in managing and distributing your assets.
Choosing between a testamentary and a living trust depends on your unique needs and circumstances. In...
Frequently Asked Questions About Wills vs. Trusts
Planning for the future is a crucial step in ensuring your loved ones are cared for and your assets are distributed according to your wishes. When it comes to estate planning, two of the most common tools are wills and trusts. Understanding the differences between these legal instruments and their respective...
Trusts Aren’t Just for the Wealthy: A Primer On A Power Tool to Protect Your Loved Ones
We often see television episodes where wealthy people are depicted accessing their trust funds to keep up with their spending habits. We might imagine that trust funds are only part of the vocabulary of wealthy people. But despite what we might think, trusts are not only for wealthy...
Understanding the Pros and Cons Medicaid Asset Protection Trusts
Are you concerned about having enough assets to care for yourself or your loved ones as you age and might be in need of assistance for your medical expenses, as well as your daily long-term care living situation? There is planning that can be done with the help of experienced elder...
About Revocable Trusts in Kentucky
If you have circumstances where you’d like to guide the use of your assets for the foreseeable future after your death, then you should consider creating a revocable trust. Unlike an irrevocable trust, you can revoke or amend a revocable trust at any time without seeking anyone’s permission to do so. In...
The Steps to Creating a Trust in Kentucky
A trust is often an essential part of a comprehensive estate plan. Trusts offer several benefits, including the avoidance of probate, which can be an expensive and lengthy process. In addition, there are several types of trusts available in Kentucky, each of which offers specific benefits to grantors and beneficiaries. In...
An Overview of Revocable and Irrevocable Trusts in Kentucky
Many people are under the impression that a last will and testament is all that is needed when it comes to estate planning. Unfortunately, however, a will by itself sometimes isn’t enough. Instead, most people require a comprehensive plan that consists of several estate planning documents. One key estate planning tool is...
An Overview of Wills and Trusts in Kentucky
Estate planning is the most important thing you can do for your family’s future. Even if you don’t have many assets, there are multiple benefits to executing an estate plan. Of all the estate planning documents, two most common are wills and trusts. In this article, we examine wills and trusts...
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...