Protecting Legacies With An Estate Plan
At Cooper & Cooper Law Offices, PLLC, we are passionate about helping individuals protect their legacies. We understand that planning for the future can seem like a grim experience, but it is something that we all have to think through.
Estate planning can help your family and loved ones understand your final wishes regarding your property and health care. This important step allows you to create a road map for them to follow when you are gone and can simplify the probate process.
Many people put off or forget about making an estate plan, neglecting important legal security. Using the tools, an estate plan often eliminates many of the questions and complications that arise after someone passes away.
When you decide it’s time to think about the future, our Elizabethtown estate planning lawyers can help you design a meaningful plan. Your plan can direct assets, control property, pay final taxes, list funeral arrangements, and designate a guardian for children.
Regardless of your estate size, making a plan will greatly benefit your loved ones. At our firm, we never hand out cookie-cutter estate plans. We will review your estate in detail, helping you decide what type of estate plan best fits your specific needs.
Our goal is to customize and personalize your plan as much as possible, ensuring that it effectively protects your estate.
Why Should I Create An Estate Plan?
An estate generally consists of bank accounts, stocks, life insurance policies, real estate, vehicles, collectibles, and other valuables. While not all estates will include these items, it is still helpful to create a plan. Even the smallest estates should have a legal document that identifies the family members or loved ones you wish to inherit your property once you pass away.
With an estate plan, you can also ensure that your assets and property are transferred to those individuals. You can also minimize the taxes that will be taken out of your property, allowing your beneficiaries to receive more of your property.
Estate plans can also eliminate the amount of time that your loved ones spend in court, through trusts or other tools.
Estate plans are not only for transferring property and assets but also for health care preferences. You can do this by including a living will or medical power of attorney in your plan. This allows you to specify what type of life-prolonging treatment or medical care you want to receive if you were to become incapacitated. You can also include what type of treatments you don’t want, such as surgery or certain drugs.
Estate Planning Frequently Asked Questions
Below are answers to some of the most common questions we receive about creating and maintaining effective estate plans.
What documents are typically included in an estate plan?
A comprehensive estate plan generally includes several key documents. These typically include a last will and testament that directs asset distribution, a durable power of attorney that allows someone to handle your financial affairs if you become incapacitated, advance health care directives such as a living will and health care power of attorney, and often one or more trusts. Depending on your circumstances, you may also need additional documents such as guardianship designations for minor children, business succession plans or specific beneficiary designations.
What happens if I die without a will in Kentucky?
Dying without a will in Kentucky means your estate will be distributed according to state intestacy laws. Your property will go to your closest relatives in an order determined by statute, regardless of your wishes. Your spouse will receive half of your estate, with the remainder going to your children. This process can be lengthy, costly and may not align with your intentions for your assets.
How do I choose an executor for my will?
Select someone who is trustworthy, responsible and organized. This person should have the time and ability to handle complex tasks and make difficult decisions. Consider their geographical proximity, as executor duties require physical presence. Always discuss your choice with the potential executor before finalizing your decision to make sure they are willing to serve.
Can estate planning help avoid probate?
Yes, proper estate planning can minimize or eliminate probate. Effective strategies include creating a revocable living trust, establishing joint ownership with rights of survivorship, designating beneficiaries on accounts and utilizing payable-on-death designations for financial assets.
What is the impact of federal and state estate taxes on my estate plan?
Federal estate taxes currently affect only estates exceeding $12.92 million for individuals. For most Kentucky residents, federal estate taxes are not a concern. Kentucky does not impose a state estate tax, though you may face taxes if you own property in other states.
How does estate planning differ for business owners?
Business owners need to address ownership transfer, management transition and business valuation in their estate plans. This often involves buy-sell agreements, life insurance to fund ownership transitions and specialized trusts. Proper planning helps ensure business continuity and minimizes disruption during transitional periods.
Let Us Create Your Custom Estate Plan
At Cooper & Cooper Law Offices, PLLC, we understand there is a vast amount of tools and options for estate planning, which helps us to create a custom plan that meets your needs. If you would like more information on creating a meaningful estate plan, call 270-561-6155 or fill out an online case evaluation.