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Estate Planning Archives

Getting help to start your next business endeavor correctly

In the past few weeks, we've discussed a lot of issues related to estate planning and preparing for the end of your life and the passing on of your assets. While it's never too early to handle such decisions or begin to prepare, we know that you might be at a stage in your life where other legal concerns are loaming. One of those concerns might be how to form your own business.

Have you considered your end-of-life celebration?

We often tout the benefits of considering your end-of-life decisions now. Whether that looks like setting up a health care proxy so someone can make decisions on your behalf during an emergency or creating a will so your wishes regarding your assets are carried out, we think estate planning is important. One thing that goes along with this type of thinking for many is preplanning end-of-life celebrations.

Retirement planning around your inheritance is a mistake

It is incredibly tempting for anyone who has wealthy parents to have "great expectations" for his or her future inheritances. In fact, many Kentucky residents have such great expectations that they completely neglect the need to plan for their retirements, and they put their financial security on the line, betting on the hope that they will one day receive a sizable inheritance that will make up for their won lack of retirement savings.

Did Prince really have no will?

As millions of people around the world are still reeling from the sudden death of music icon Prince and his cause of death is still being determined, now comes news that he reportedly didn't have a will or perhaps any kind of estate plan in place. Therefore the fate of his multi-million estate is now up in the air.

Don't put off your estate planning

The one thing in life that you should not put off is your estate planning. We all think we have at least one more day, but if you listen to the news, you should know that accidents happen every day. Not only should you prepare for your family's well-being after your death, but you should also be prepared for an unseen event that could leave you incapacitated. In the latter instance, others may end up making decisions for you if you have not made them in advance.

Following David Bowie's lead

David Bowie, legend and rock star, might live on in more than just his music or his colorful performances. Bowie passed away from a bout with liver cancer just two days after turning 69. Well known across the world for being one of the great pop artists, he had just finished releasing "Blackstar," his latest album.

Why create a trust for your heirs?

There are different reasons why people create trusts instead of just having a will. Some people create a living trust so they can still control their assets and property while they are living, but can also take advantage of tax breaks or to avoid having their assets go into probate. Many people see wills and trusts as something only for the wealthy or those with a high net-worth. However, trusts are not just for the wealthy. There are many other reasons why you might have a trust, other than to transfer high-value property or assets.

Blunders in health care planning can be detrimental

Estate planning attorneys are constantly reminding clients to revisit their estate planning documents often, especially when a change in their life occurs. When it comes to health care planning, not creating or revisiting your living will or power of attorney could be the biggest blunder ever. Take the recent incident of Lamar Odom, for instance.

Selecting a guardian for your child

One of the most common things that you and your spouse may want to avoid doing when creating a will is selecting a guardian for your children. But it is also the most important thing you can do. Do you really want a judge who doesn't know your children to be the one to appoint a guardian if something happens to you?

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