A durable power of attorney (DPOA) is a legal document that grants someone the authority to make decisions on your behalf. The person you choose, called your agent, can manage financial or healthcare matters if you cannot make decisions yourself. This document remains...
A History Of Growing Trust In Kentucky
Estate planning
How does succession planning fit into estate planning?
A business is often one of the most valuable assets in an owner's estate. Without a clear succession plan, disputes, financial instability, or unexpected legal challenges may arise. Including succession planning in an estate plan ensures a smooth transition and...
How does the SECURE Act affect retirement account inheritance?
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed how people inherit retirement accounts. These new rules impact estate planning, so individuals must adjust their plans to meet financial goals. End of the stretch IRA Before the SECURE Act,...
The difference between testamentary and living trusts in Kentucky
Trusts provide a legal means for managing and distributing assets. In Kentucky, two common types of trusts are testamentary trusts and living trusts. Both serve important purposes but work in different ways. What is a testamentary trust? An individual must create a...
Can you name a pet as a beneficiary in Kentucky?
When planning your estate, you may wish to provide for your pet’s well-being after you pass away. Many pet owners explore the idea of naming their pet as a beneficiary. However, in Kentucky, the law categorizes pets as property, preventing them from directly...
What transactions are in the decedent’s gross estate in Kentucky?
When a person passes away in Kentucky, their estate must go through the probate process. This process includes determining the value of the decedent’s gross estate. The gross estate encompasses all the assets owned by the decedent at the time of death, which will be...
What is the ‘5 or 5 Rule’ in estate planning in Kentucky?
Estate planning is an important process that distributes assets according to your wishes after you pass away. One rule often used in estate planning in Kentucky is the '5 or 5 Rule.' This rule is particularly relevant for those who have set up trusts as part of their...
Signs you may need to contest your loved one’s will
Losing a loved one is difficult, and handling their will as a part of the estate planning process can add to the stress. It may be helpful to understand some key signs that a will in Kentucky should be contested. Sudden changes to the will If your loved one made...
Special estate planning tips before you get married a second time
Marriage is a significant milestone in one's life. For some people, it happens more than once. When you enter into a second marriage, it helps to consider the unique estate planning implications. Kentucky's intestate succession laws Kentucky follows intestate...
Estate planning for your online and digital assets
From social media accounts to digital files, a digital footprint is becoming increasingly important. Therefore, you should consider not only our physical belongings but also our online presence when planning for the future. Inventory your digital assets Are you one of...