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...
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Estate Planning
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...
Can you prevent heirs from selling the farm when they inherit it?
Family farms often pass through multiple generations. The land that you live on now and have farmed for decades to support your family once belonged to your parents or grandparents. You dream of passing it down to your children or grandchildren, but you might worry...
Estate planning is nothing to be feared
You’ve spent years of your lives ensuring that your family is well. You care for your spouse and offer financial support whenever it is needed. You’ve made plans to ensure that your children can go to the college of their choice. However, there’s one thing you...
Important estate planning documents you need to update after marriage
When you get married, you and your spouse become “one,” right? You commit to be there for each other through it all – including during difficult times. This is straightforward. But is this the case with regards to the law? Many people think that once they get married,...
How do you address investment real estate in your estate plan?
Maybe you bought small parcels of vacant property outside of town anytime you received an end-of-year bonus from your employer. You might have many small parcels that represent a long-term investment in the land. Perhaps you have purchased multi-unit property or...