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Lexington Probate and Estate Administration Law Blog

Protecting passwords and other sensitive information

Think about all of the things that you do online on a daily basis. If you are like most people, you have social media accounts, emails and online financial accounts. These certainly make life a lot easier to live. The issue is that when you pass away, your loved ones might not be able to access this information. Here are some important points to consider when you are ready to pass this information on.

One of the most convenient places to keep a copy of important passwords and other similar information is in a safe in your home. This is a low-tech solution to the issue of passing this information along. However, it is one of the best places since your loved ones will be able to access the information without having to jump through hoops.

Enforcement of Federal Electronic Logging Device Mandate to Begin

The Commercial Vehicle Safety Alliance (CVSA), a group designed to provide uniformity in the enforcement of trucking regulations by local, state, and federal officials, recently announced that it would begin the enforcement of the federal electronic logging mandate on December 18, 2017. Inspectors will begin issuing citations on that date to drivers that do not have an electronic logging device. The Federal Motor Carrier Safety Administration (FMCSA) required such devices in a final rule issued in 2015. Drivers who utilize the timecard exception or who operate vehicles manufactured before 2000 are among those exempt from complying with the electronic logging rule. There are numerous other exemptions as well.

Understand the importance of accurate valuation

We recently discussed how seriously you should take the valuation of an estate. This is a huge factor, especially when there are issues with will contests or claims against the estate. We understand that you might not understand exactly what you need to do. We are here to help you learn about estate valuations and develop a plan to get this taken care of.

There are many different types of assets that might need to go through the valuation process when it comes to an estate. One of these is real estate holdings. If this is a factor, you need to carefully consider the value. Many people think that the amount property was purchased for is a consideration here. That is a false assumption. The value is based on what the property will likely sell for now and what debts are being held against the property.

What should I know about real estate valuation?

When dealing with a probate issue, one of the things that you will have to find out is the value of the estate. There are many things that go into this. It is important for anyone who is involved with the estate to understand these points.

When you are dealing with real estate holdings, you need to understand a few basic terms that might come up. Here are a few frequently asked questions to think about:

12 Landrum & Shouse LLP attorneys named to 2018 Best Lawyers® list

Lexington, KY, United States, August 15, 2017 --Landrum & Shouse LLP is pleased to announce that 12 lawyers have been included in the 2018 Edition of The Best Lawyers in America. Since it was first published in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Best Lawyers has published their list for over three decades, earning the respect of the profession, the media, and the public as the most reliable, unbiased source of legal referrals. Its first international list was published in 2006 and since then has grown to provide lists in over 75 countries. "For more than a third of the century," says CEO Steven Naifeh, "Best Lawyers has been the gold standard of excellence in the legal profession." President Phil Greer adds, "We are extremely proud of that record and equally proud to acknowledge the accomplishments of these exceptional legal professionals."Lawyers on The Best Lawyers in America list are divided by geographic region and practice areas. They are reviewed by their peers on the basis of professional expertise, and undergo an authentication process to make sure they are in current practice and in good standing.

Gifts might help you reduce the value of your estate

Making sure that your loved ones get the most that they can out of your estate is a concern of many people. For some people, there aren't any huge considerations here because they don't have massive estates. The issue comes into the picture when you have to try to reduce the size of your estate so that a hefty portion of the estate won't go toward taxes.

When it comes to the size of the estate, federal taxes kick in for estates that are valued at $5.49 million or more. If your estate is at or near this, you might need to reduce the value. One legal way to do this is by giving gifts while you are alive. You have to make sure that these gifts are done in a legal manner.

The "White Collar" Exemption - Preparing for the Final Rule

Recent revisions by the Department of Labor (DOL) have left employers in a spin. Previously under the Fair Labor Standards Act (FLSA), salaried employees earning $455 per week with, generally speaking, administrative or executive positions qualified as exempt from wage and overtime protection, meaning that employers were not required to pay those employees overtime. In order to modernize this "white collar" exemption, at President Obama's urging, the DOL evaluated national wage rates and, utilizing figures from the nation's poorest region, the South, increased the minimum salary to qualify for the exemption to $913 per week, or $47,476, annually. Designed to go into effect on December 1, 2016, the Overtime Final Rule immediately prompted employers to evaluate the effect this salary increase had on their employees.

Funeral plans you make now can help your loved ones later

The last thing that many people want to think about is how they want their funeral to be when they pass away. There are a lot of things to consider if you are going to make funeral plans for yourself.

One thing to remember as you do this is that making your plans now can help your loved one in the days after you pass away. They won't be forced to make difficult decisions. Instead, they could just rely on the plans that you make now.

Understand the collection process when a loved one dies

When your loved one dies, you think that what they own is going to come to you. One thing that you might not be prepared for is that bill collectors might come calling. It is important for you to learn about what you can do if they do contact you.

Typically, heirs don't have to pay the bills of their loved ones who have passed away. Instead, the decedent's estate is responsible for paying the debts that have amassed. This means that you don't have to pay a penny out of your own pocket.

Learn your options when someone questions an inheritance

When a loved one dies and you know that you are supposed to get an inheritance from that person, you are likely waiting on it. The point isn't the money or the stuff. Instead, it is knowing that your loved one cared enough about you to leave you something. Unfortunately, some people opt to battle over inheritances, even when the person who is receiving the inheritance is clearly supposed to get it.

We know that this is a difficult situation for you to be placed in. You don't want to have to fight your loved ones who are left on this Earth for what your dearly departed loved one left you. Sadly, you know that this is exactly what is going to happen because you already found out that they are taking the matter before the court.

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