Kentucky Estate Planning And Administration Law Blog
Why are wage garnishments useful for collection efforts?
When someone owes a significant amount of money to another party, various tactics may be used to collect the balance. It often begins with simply contacting the debtor to inform them of the issue—perhaps the debt was merely overlooked or forgotten, and they will pay...
3 important steps that limit risk when starting a business
Starting a business comes with a significant degree of risk. A substantial percentage of new businesses fail in the first five years. Even companies with unique offerings can be vulnerable due to litigation or sudden changes in operational costs. Aspiring...
What qualities should you look for in a health care surrogate?
One of the things you need to do when estate planning is to name a health care surrogate. This is someone who will make health care decisions on your behalf if you lose your ability to decide for yourself. They will follow the instructions included in your living will...
What happens if you can’t find a loved one’s original will?
It’s not uncommon for a testator to make several copies of their will and put them in the hands of loved ones for safekeeping. However, that original document is the one that ultimately needs to be submitted to the probate court. What happens if you can’t find it?...
Does Kentucky require notarization for wills?
Simply putting personal wishes in writing isn't enough to create an estate plan. Testators have to ensure that their documents comply with state law and that their loved ones know where to find their documents after they die. Some people write their own wills by hand,...
2 ways to review your estate plan
It’s important not to neglect your estate plan. Simply drafting a will and other estate planning documents is a great first step, and the earlier you do it, the better. Many people put it off, waiting until retirement or until they gather more financial assets....
How to run a cost-benefit analysis on business debt collection
Unpaid invoices can quickly spiral into a huge financial crisis. You could send payment reminders over and over, make collection calls or even withhold goods and services. However, these techniques are not always effective. At this point, filing a debt collection...
When can a Kentucky estate be affected by estate tax obligations?
The personal representative or executor of a Kentucky estate has many responsibilities to fulfill. They must secure and properly manage estate resources until they liquidate or distribute them. They need to communicate with those who have an interest in the estate,...
Should you split your estate plan evenly between your children?
If you are a parent about to make your estate plan, you might be wondering whether you should split things evenly between your children. One recent report found that this is what two-thirds of parents do. While this is what the majority of parents do, you are under no...
Do children inherit their parents’ debts?
When your parents pass away, you know that you may inherit their assets. The estate plan will help to determine how these should be divided. For instance, if your parents pass away with $10,000 in a bank account, they may instruct that you split it between yourself...