If you have been appointed as an executor for a loved one’s estate, it may be helpful familiarize yourself with the basic duties of an executor in Kentucky. While each state has its own laws governing the probate process and the duties of an executor, there are some basic responsibilities that are common to all probate courts. Let a Louisville probate attorney explain this important role.The general steps in the probate processIn Kentucky, the probate process is begun in the district court … [Read more...]
The Difference Between a Revocable and Irrevocable Trust
Trusts are a very valuable component of a comprehensive estate plan. What some clients do not realize is that there are different types of trusts from which they can choose. For instance, a trust is categorized as either a revocable or irrevocable trust. So, what is the difference and which one do you need to accomplish your estate planning goals?Understanding the basic purpose of a trustA trust is basically a fiduciary agreement between the trustee and the grantor -- that is the person … [Read more...]
What do Estate Planning Attorneys do?
A common question many people have is: what do estate planning attorneys do? Well, estate planning is an area of the law that deals with planning how you want what you own to be distributed after your death. It also addresses different ways you can plan for your future and that of your family. In that regard, estate planning attorneys can provide the advice you need to successfully navigate through all of your available choices, both financial and otherwise.What type of work does an estate … [Read more...]
Kentucky Cabinet for Health and Family Services Provides Resources for Seniors
The Kentucky Cabinet for Health and Family Services is an important resource for Seniors. It serves as the home to most of the state's human services and health care programs, including Medicaid, the Department for Community Based Services and the Department for Public Health. The Cabinet is one of the largest agencies in the state of Kentucky, with nearly 8,000 full and part-time employees.Some of the Services Provided for Seniors by the Cabinet Adult Day Care Home Care Medicaid … [Read more...]
Louisville Estate Planning Attorney Explains Why You Need an Estate Plan
In order 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, customized and tailored to your needs and objectives and drafted by a Kentucky estate planning attorney, then your family will be left to deal with taxes, expenses and other legal issues. Not having a quality estate plan also means that the decisions regarding your estate may be left to a judge, … [Read more...]
Probate Attorney Explains the Steps of Probate
Settling the estate of a deceased loved one is the purpose of the probate process, which involves wrapping 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.Starting the probate processThe first step in the Kentucky probate … [Read more...]
Mistakes to Avoid in Retirement Planning
The thought of retirement planning may be stressful, especially when it comes to making sure you have sufficient savings or income to have a comfortable retirement. Many clients are confused and concerned about when they should start saving and which method is the best for doing so. These are all reasonable concerns, but they should not be discouraged. With the help of your estate planning attorney, you can reach all of your retirement goals. But first, you need to be aware of these five … [Read more...]
Planning Your Retirement with an IRA
If you have not started on your retirement plan, it isn’t too late to start. The misconception that you can rely solely on your Social Security benefits when you get ready to retire could leave you with insufficient financial resources and a less than comfortable retirement. You need to have a plan in place that you can trust will meet your future needs. Retirement planning can take many shapes. Individual Retirement Accounts are one great way to start your plan.How an Individual … [Read more...]
Mistakes to Avoid in Kentucky Trust Administration
Being asked to serve as the trustee of someone's trust is an important responsibility. The role of the trustee is a key part of successful Kentucky trust administration. As trustee, you are the person responsible for making sure the provisions of the trust document are followed. Essentially, the trustee is the one who is ultimately responsible for managing the trust property and keeping accurate records of all transactions made in relation to the trust. Here are four common mistakes you … [Read more...]
The Need for a Healthcare Power of Attorney
A property power of attorney can be a very helpful estate planning tool because it provides a way for you to select a person you trust to manage your affairs if you are unable to do so. As the principal, or creator of the power of attorney, you have the authority to choose who you want to act on your behalf as your “agent” or “attorney-in-fact.” A durable healthcare power of attorney is probably the best option when it comes to making healthcare decisions should you become incapacitated.The … [Read more...]
