We often associate estate planning with the elderly because it involves planning for the end of life. However, this is not all that an estate plan can be used for. As a young adult, you probably do have the rest of your life ahead of you, but there is no harm in...
Estate Planning
Estate Planning
Estate planning etiquette: Discuss estate plan with loved ones
While estate planning is an important step towards protecting your legacy and loved ones, the prospect of talking about your demise can be unsettling. While this conversion may seem difficult to start, there is no doubt that it is one of the most important discussions...
Here are things you cannot include in your estate plan
Pretty much everyone understands the importance of having a well-written will, yet most people do not have one. If you die without a will (known as intestate), the probate court will intervene and a judge (whom you probably never met) will decide how your assets are...
Two options for leaving someone out of your will
It may sound very easy to leave someone out of your will. All you have to do is note that the assets are going to go to other beneficiaries and heirs. However, it is not always this simple. The issue that you create if you simply do not mention the person is that they...
Bringing up estate planning with your elderly mom and dad
There are some topics that are hard to tackle with your folks in Kentucky no matter how solid your relationship may be. One of those topics is estate planning. They may not realize how important it is to make arrangements for the distribution of their assets...
When can a will be rendered invalid in Kentucky?
A will is a legal document that speaks for you after your passing. It communicates how you wish to have your property distributed. It also names a guardian for your children if you pass on before they become adults. You can also use your will to leave specific...
Have you acted to protect your farmland for generations to come?
Many farmers believe that their profession is in their blood. They may have grown up on a farm or may have lived their whole life with a strong attraction to working outside. Whether you engage in crop production or animal husbandry, the farm where you work is likely...
Will your children’s marriages affect your family farm?
Whether you bought your acreage yourself or inherited it as a third-generation farmer, your farmland property represents your family's financial future and its heritage. You have likely invested substantially in the maintenance and improvement of your farmland and...
Why doesn’t everyone have an estate plan?
Almost everyone has assets to pass on. You don’t have to be rich to think about how you will transfer those assets to your children. Estate planning also gives you the chance to think about medical decisions, long-term care needs, and other health-related issues....
What to expect if you are the executor of someone’s estate
Being named as the executor (sometimes referred to as a personal representative) of someone’s estate in Kentucky or elsewhere can certainly be considered an honor. It typically goes to someone who is reliable, trustworthy, has integrity and is adept at dealing with...