During the most recent legislative session, Kentucky’s General Assembly adopted part of the Uniform Power of Attorney Act (UPOAA) in Kentucky House Bill 11. Read more to hear about why the law was enacted, when it goes into effect, and what it does.Read More
Occasionally, a client wants to disinherit a family member. This could be for a variety of reasons: the family member does not need the money, the family member is a bad apple, or there is someone else who needs the inheritance more.
There is a popular misconception that the client must leave these disinherited individuals an inheritance of $1.00. Such a bequest is completely unnecessary and could actually cost your estate.Read More
The main way most American families save for the future is through private retirement savings plans such as 401(k)s and IRAs. These plans offer the opportunity to designate a beneficiary upon the death of the account holder. These designations allow the account assets to bypass probate and pass directly to the named beneficiaries. Often, individuals make these decisions when initially setting up the account and never reconsider them.Read More
Whether it is Alzheimer’s disease, dementia, Huntington’s, ALS, MS or another illness, when a family member has been dealt a life-altering diagnosis, it changes the way you must plan for the future. A family with a person who has received such a diagnosis should seek legal advice as soon as possible. Even if the individual with the diagnosis is cognitively impaired, it does not mean that they cannot be a part of the planning process. Many times, the impaired individual can be actively involved.Read More
Elder law involves some traditional estate planning – wills, trusts, and powers-of-attorney. But an elder law attorney uses these devices to fulfill a client’s goals for the future while considering the costs of long-term care.Read More
Inter vivos gifting should feature prominently in the estate plans for our middle class clients who may have accumulated considerable wealth. The old limits of gifting $10,000 (now $14,000) to each family member every year is not useful if the family’s goals are to transfer wealth without taxation and to protect assets from expenditure for nursing home expenses. Because of changes in the tax code, a person may gift $5.3 million in one transaction and still experience no federal gift tax liability. Kentucky has no gift tax. Middle-class folks won’t ever see the federal limit and should not think of gifting in terms of the annual gift limit. If a person is trying to preserve assets from nursing home expenditures, then large gifts that occur earlier than five years before a person’s need for nursing home assistance is the goal as such gifts will invoke no Medicaid penalty. However, for clients who have done no planning, and now have a family member residing in a nursing home, inter vivos gifting can still be beneficial.Read More