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January 2017 Archives

What is date of death estate valuation?

Date of death estate valuation refers to the value of an asset or group of assets on the day that someone passes away. Date of death estate valuation is typically calculated using the "fair market value" of the asset at the time the person who owns it passes away. While it sounds simple enough, if you've ever sold something like an automobile, you know that fair market value is a subjective measurement, which is one reason that it's helpful to consult an experienced pro if you're trying to value your own estate or working as an estate administrator to handle tax matters.

STEPS FOR COMPLETING A SETTLEMENT WITH A MINOR

Kentucky law requires that all minor settlements be approved by a court. Court approval is needed no matter the amount of the settlement, the parties involved, and regardless of whether a civil action has been filed. Minor settlements and the administration of the estates of minors are governed by KRS 387.010 through KRS 387.330.

Know what considerations might impact your estate plan

Estate planning is a very personal matter that must be taken seriously. You shouldn't put off planning your estate just because thinking of your death isn't pleasant. Shockingly, around 57 percent of consumers in this country don't have an estate plan in place. The percentage is even higher for parents who have children who aren't yet 18 years old. Up to 69 percent of these parents don't have a will.

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