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...]
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...]
How a Divorce Affects Estate Planning
Whenever couples go through a divorce, emotional and financial strain can be overwhelming. Estate planning is likely the last thing either person is concerned about. However, it is highly recommended that you revisit your estate plan after you go through a divorce. By updating the provisions of your plan, you will avoid much of unnecessary stress and complication that you would otherwise have in the future. As most Louisville estate planning attorneys understand, estate planning after a … [Read more...]
