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...]
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...]
