The business that you own may represent the vast majority of your personal wealth. It could also be evidence of a lifetime of career development and personal sacrifice. You naturally have specific intentions regarding your business. Maybe you want your loved ones to...
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Estate Planning
You should know about these 3 powers of attorneys
At some point in your life, you’ll plan your estate. Most people plan their estate later in life when they have more assets to consider distributing, which can discourage younger people from creating a will. Yet, wills aren’t just about asset distribution. You’ll have...
4 signs someone is a possible POA
If you’re working on your estate plan, one of the things you may have to do is select a power of attorney. You may need more than one, depending on what you want to add to your plan. For example, you may choose to have a health care power of attorney or to opt for a...
Naming an executor: 2 points to consider
Alongside drafting a will, one of the most important decisions you can ever make is choosing an executor for your estate. This is the individual who will “step into your shoes” when you pass on to implement your wishes and desires as outlined in your will. Given the...
Where to start with estate planning
Most people don’t have an estate plan. The average American doesn’t have one yet. They often know that they need an estate plan, but they still don’t develop one. One of the reasons that people sometimes give is just that they don’t know where to start. They believe...
How do you leave a lasting inheritance for young children?
Most parents want to focus on their children in estate plans. However, while your children are still young, you may not have all of the resources yet that you hope to provide for them one day. Additionally, they aren't in a position yet to manage financial resources...
Provide for your horses in your estate plan
Living in Kentucky, you have horses like many of your friends and colleagues. You want to set aside money to make sure they can be housed, fed and cared for appropriately if you are incapacitated or pass away because failing to do so could put your horse at risk of...
Making use of trusts in your estate plans
A will is the most widespread way of passing over an estate to beneficiaries. While it's still a useful part of planning for the future of your estate, you need to be aware of the other options at your disposal. Trusts are one of the lesser-known estate planning...
Would a discretionary trust be better than disinheriting someone?
Not all of your heirs are equal when it comes to handling their money. Most of them do fairly well with it, but you have one heir who does not. They often struggle with money problems, they tend to buy things that they don't need, they invest poorly and you generally...
Will your family be saddled with your debts when you die?
Today, most people will have some sort of debt when they pass away. If you have debt, you may wonder what will happen to it when you die. Will it be resolved, or will your family members have to take on the burden? Understanding your debt and what happens to it when...