Happy Valentine's Day! From Gersh Law Offices to you.Share your...hugsheartcouragekindnesssweetnesscompassionhappinesslaughtersmile … [Read more...]
Let Our Louisville Trust Attorney Help Create Your Trust
Trusts are important estate planning tools that can be used both to avoid probate, as well as to minimize estate taxes. If you are considering creating a trust, you should first understand what a trust is. Trusts are essentially fiduciary agreements between the trustee and the grantor, or creator, of the trust. A fiduciary agreement basically means an agreement built on confidence. Our Louisville trust attorney can help you create the type of trust you need.The purpose of the trust … [Read more...]
Executor of a Will: What to Expect
If you have been named as an executor of a will 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 our estate planning lawyer explain those basic duties.The general steps in the probate processIn Kentucky, the probate process is begun in the district … [Read more...]
Child Suffering from Apert Syndrome Receives Life-Changing Treatment
Aiden Skees, a 9-year-old from Prospect, was born with Apert Syndrome. This rare genetic defect affects only around 50 children in the United States every year. Apert Syndrome is a defect in which the bones of the skull, face, and hands are fused, which prohibits normal growth and affects the shape of the head and face. Children like Aiden can benefit a great deal from a properly drafted special needs trust.The results of Aiden’s last surgery were life-changingAiden underwent his fifteenth … [Read more...]
Let Our Louisville Estate Planning Lawyer Draft Your Will
Even the most basic estate plans include a last will and testament. A simple will is relatively easy to draft if you understand the basics. Without a last will and testament, the decision as to who gets your property will be left to the laws of intestate succession in your state. If you have minor children, the court will also determine who will raise them if they are still minors when you die. Let our Louisville estate planning lawyer help you draft your will.The basic requirements for … [Read more...]
Using a Spendthrift Trust in your Inheritance Planning
More likely than not, you are already familiar with trusts. They are agreements between a trustee and the person making the trust (the grantor) that is based on trust and confidence. In creating a trust, you must first draft a trust agreement that will provide the trustee with the authority needed to manage the trust assets and distribute them to the named beneficiaries. These actions are taken only in accordance with the terms of the trust document. A spendthrift trust is just a special type of … [Read more...]
The Difference Between a Living Trust and a Durable Power of Attorney
There are many different estate planning options, all of which can help you achieve your goals in preparing for the future. A living trust and a durable power of attorney are two common examples. Clients are often confused as to the difference between the two estate planning tools. Let our living trust lawyers explain the similarities and differences between a living trust and a durable power of attorney.What is a Living Trust?A "living trust" is a particular type of trust that goes into … [Read more...]
Louisville Inheritance Planning and Taxes
Even though you may be receiving an unexpected inheritance, you may still have some valid concerns about what that means. The primary concern is whether you will be forced to pay taxes on that inheritance. Whether you will be required to pay inheritance tax depends on the applicable state law. Kentucky inheritance tax is something you will be required to pay. Here is what you need to know about Louisville inheritance planning and taxes.What is an inheritance tax?An “inheritance tax” is … [Read more...]
Louisville Living Trust Lawyers Explain the Benefits
Living trusts provide effective probate avoidance from which every estate can benefit. Many clients would prefer to avoid the long, expensive probate process. Through use of a living trust, while allowing you, the grantor, to continue to access and CONTROL your trust assets. Here are some of the most important living trust benefits.What exactly is a living trust?A “living trust” is a particular type of trust that goes into effect during your lifetime, as opposed to only becoming effective … [Read more...]
The Basics of the Probate Process in Kentucky
The purpose of the probate process in Kentucky is to settle the estate of a deceased loved one. The probate process involves winding 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.Initiating the probate processThe first … [Read more...]
