We would like to thank our neighbors in Prospect, Kentucky for visiting our website. If you are looking for a licensed estate planning attorney in the Louisville are, you have found a reliable local resource. Prospect is a home rule-class city in both Jefferson and Oldham counties in Kentucky. The Jefferson County section of Prospect is included in the Louisville Metro government. As of the 2000 census, the population was 4,657. Prospect is one of the wealthiest communities in Kentucky.
History of Prospect
Until around the mid-1960s, Prospect mostly belonged to groups of farmers and a few wealthy families who commuted from Prospect to Louisville. It was not until the early 1900s, with the development of the railroad, that growth in the Prospect area became significant.
The Prospect Store
Considered the center of town, the Prospect Store, located on U.S. Highway 42, opened in 1911 and served the community for nearly 52 years. The Prospect Store was owned and operated by Joe Snowden’s family until the Five Star mini-mart purchased the land. According to some news reports published in the 1930s, the store sold overalls and steaks to farmers. At that time, three loaves of bread cost only a quarter.
Henry Wallace, a resident of the quiet town who owned close to 600 acres of land north of U.S. Highway 42, frequented the Prospect Store for several years. Not wanting to see the historic shop demolished, Wallace purchased the store for only a dollar and had it moved across the road to the property he already owned. Today, the building is still standing as the Rose Island Apartments.
Population growth in Prospect
The main reason for population growth in the Prospect area between 1910 and 1934 was the interurban train. The normal train route included hourly stops bringing products in from Louisville and transporting farm products to the market. Although the interurban train’s hourly service eventually stopped, a midnight run continued for a time until the service was discontinued entirely.
Why Prospect residents need an estate plan
To ensure that your assets will be protected and distributed according to your wishes at the time of your death, estate planning is necessary. If you don’t have an appropriate estate plan drafted by a Louisville estate planning attorney, then your family will be left to deal with taxes, expenses and other legal issues. Not having an estate plan also means that the decisions regarding your estate may be left to a judge, instead of you making those decisions for yourself, ahead of time.
The basic benefits of estate planning
If you want to be sure your family will be taken care of in the future and prepared for what happens after you die, you need a plan. Estate planning provides a way to be prepared for unexpected incapacity as well. Planning ahead should be an important goal for everyone, no matter how small you believe your estate may be.
Creating a plan gives you the advantage of identifying who you want to inherit your property when you die. A plan also helps you to reduce the potential estate taxes, which will ultimately benefit your family. In case you become temporarily or permanently incapacitated, your estate plan can provide the security you and your family will need when you are incapable of making decisions on your own.
Estate planning is not only for the rich
Contrary to popular belief, estate planning is not only for people who have a lot of money or assets. Estate planning actually protects anyone who has anything they want to leave behind for the ones they love. Even the smallest estate should have a plan in order to protect not only the assets but also the beneficiaries who you want to receive them. One of the main reasons to have a plan in place is that most middle class families will have a serious challenge ahead when the family’s breadwinner is no longer there to provide support.
Ensuring that your property will be distributed the way you want it to be
The main reason many people choose to create an estate plan is to be able to guarantee their property ends up with the loved ones they intend to have it. The reality is, if you don’t make these decisions now the court will eventually do it for you. If the court makes those decisions it could take years to complete and may result in unhappy family members.
If you have questions regarding estate planning matters, contact the Gersh Law Offices, P.S.C. for a complimentary consultation either online or by calling us at (502) 423-7023.