When I read that Prince failed to leave a will or any known estate planning documents, I was shocked. The musician, who was notoriously hands-on with his music and its management, failed to prepare a plan for what would happen after his death. Prince left behind an estate estimated to exceed $300 million. While most of us will never accumulate that much money, we can still learn from Prince’s mistakes.Read More
On the downtown streets of Lexington, firm member, Amy Dougherty is well-known for her friendly smile and her speedy wheelchair. Read more about Amy: http://www.kentucky.com/living/article68609532.html
One of the most common things I hear from my estate planning clients is that they want to “avoid probate.” So, I’ve started asking them “why?” They tell me one of two things: first, they have heard that probate is expensive, or secondly, they don’t know why. In 1965, Norman F. Dacey published his well-known book How to Avoid Probate! Norman F. Dacey, while not an attorney himself, instructs the public to transfer everything they own into a Living Trust using one of the forms in the back of his book.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
Unique problems come with aging. Are your powers-of-attorney meeting your needs? What should they include and who should draft them? Article orginially published in the KBA's Bench and Bar Magazine.
By Carolyn L. Kenton & Amy E. Dougherty, BLUEGRASS ELDERLAW, PLLC
Robert L. McClelland, McCLELLAND AND ASSOC.
Monica M. McFarlin, Esq.
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