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Estate Planning Archives

Kentucky estate planning: Ensuring a smooth business succession

Most business owners probably have at least a vague idea of what should happen to their business after they let it go or after they're gone. But an idea that you don't detail in writing isn't likely to help you or your heirs in matters of business succession.

A trust can protect your assets from costly probate

A well-drafted will is a foundational estate planning document. Every estate owner should have a will. However, a will does not offer the full range of options for protecting your assets from the costly and time-consuming probate process. If your goal is to keep your assets and your loved ones out of probate, then creating a trust is a good decision.

Have you created powers of attorney yet?

A comprehensive estate plan should include powers of attorney. You can set up powers of attorney for an individual -- your agent -- to make financial or health care decisions on your behalf in the event that you become incapacitated by injury or illness.

Addressing tricky emotional issues in estate planning

In the simplest terms, estate planning is two-fold: numerical and emotional. Your estate has to be inventoried and accurately valued, and assets have to be distributed in such a way that limits the emotional burden placed on your heirs. This emotional aspect can be particularly tricky in some cases, and you may have to ask yourself some important questions to come to the right decision.

Wills and trusts: Protecting assets while avoiding probate

Many bases have to be covered in a comprehensive estate plan. Essentially, you're not only planning for the future, as if it's an unknowable set of circumstances; you're actually creating the future for you and your loved ones. By organizing your estate and drafting the appropriate documents now, you can reduce the number of unknowns and rest assured that your loved ones are provided for.

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