When a loved one dies an executor takes over managing the estate. But many times the executor does not provide details of the management and progress of the estate. Beneficiaries are left in the dark. Can beneficiaries ask the executor to provide an accounting of the estate?
Simultaneous deaths of family members are some of the most common unforeseen events that can have substantial impacts on your estate plan. Failure to plan for those situations can create significant problems down the line. Learn how to best plan for simultaneous deaths in this article.
If you have a farm in Kentucky, you need a comprehensive estate plan to ensure that the farm is preserved after your death. Understand that estate planning for farms can be complex. Tax planning and directing who will control farm assets at your death is essential. Learn more about estate planning for farms in this article.
When we become ill or face life-threatening medical conditions, we want to be assured that our healthcare wishes are followed. Many times, we do not want to place the burden on a family member to make decisions for us. We may not even trust certain people to make proper decisions for us. Advance healthcare directives help ensure your decisions are heard and eliminate worry over who will be in charge if something happens to you.
The coronavirus pandemic is taking its toll, and some of our community members are contemplating bankruptcy. If you have an estate plan and are concerned about your assets if you go through bankruptcy, here are a few points to keep in mind.
During a time of crisis, writing your own will can seem like an attractive option. Handwritten wills, called holographic wills, have to meet Tennessee's state requirements for the will to be valid. Before you start drafting your own will, make sure you know what you need to include and how to make your will a valid legal document.
If you are seeking to prepare a traditional will, trust, or other estate planning document in Tennessee, understand that you must have a notary and two witnesses at the time you sign. Due to COVID-19, meeting with witnesses and a notary in person can be challenging. Fortunately, Tennessee has recently changed their law to allow the remote notarization and witness of wills and other such estate planning instruments.
As the coronavirus pandemic continues, the need to help small businesses in Tennessee and throughout the United States to survive this crisis is critical. First came the Families First Coronavirus Response Act, and now comes the CARES Act. Find out how the CARES Act can help your small business in this article.
If you live in Kentucky and are considering preparing a will, trust, or power of attorney, you must have a notary and witnesses. During this time of the coronavirus pandemic, finding those essential persons can be challenging. However, with the passage of a new law in Kentucky, estate attorneys are able to conduct document signings through remote online conferencing.
Kentucky is known as the horse capital of the world. Horses are loved animals, but they are also an investment to large extent. If you live in Kentucky and own horses, you need to decide whether you will care for them in perpetuity or sell the horses to boost the liquid value of your estate. Either way, the process is complex and to succeed to avoid probate, your estate plan must be specific and clear.
Whether you’re the owner of a new business or of a mature company, the need for succession planning is the same. The future of your business is only as successful as the plan you have in place. One way to ensure the safety and success of your business is to create a buy-sell agreement for your business.
For people with a significant amount of wealth, trusts are often an important and advanced tool used in an estate plan. But you do not have to have a certain amount of wealth in order for you or your loved ones to benefit. Many people use trusts like credit-shelter and irrevocable life insurance trusts to minimize taxes and avoid probate. But there are other -- though not as well-known but just as useful -- trusts available. In this article, we identify some of those trusts.
As a small business owner, you may be feeling the reality of the COVID-19 crisis right now. Rest assured there is at least some relief headed your way already and likely more in the coming days. These emergency actions could bring more relief to small businesses in and around Clarksville, Tennessee.
When you’re appointed as a successor trustee of a living trust, you have enormous responsibilities. The trustee must take charge of the legal and financial realms to ensure that accounts and properties are managed appropriately. In this article, we outline five rules to for a trustee to know for them to be successful in their role.
The coronavirus is a serious threat to our health, our economy and our personal finances. It's natural that in times like these, we think about safeguarding our loved ones and making sure they have what they need if something happens to us. But when unexpected challenges arise, decisions shouldn't be made rashly. Take a step back, analyze the situation. It is best to avoid making life decisions when rational thought prevail. Good estate planning should not be impulsive and reactive but proactive and strategic.
If you own an LLC, chances are your interest in the company is valuable. You want to make sure that those interests are passed on to your heirs and beneficiaries at your death. In this article, discover the best ways of passing on your interests in your LLC and whether you can name a beneficiary to your LLC.
Living wills are an important part of your estate plan. Having the right to choose your medical care means in part being able to decide whether you wish to have a machine hooked up to you to keep you alive. It can also also mean avoiding family conflict over what your healthcare wishes are at the end of your life.
The Secure Act is meant to help Americans plan for retirement. However, in many ways the new law is a tax increase. The Secure Act causes an acceleration of taxation of IRAs, hitting beneficiaries' pockets much sooner rather than under the old law.
Estate planning can be a complicated and daunting process. Even though we have more access to legal information now than ever, mistakes are still made. When thinking about your estate plan, keep in mind these 5 common mistakes and learn to avoid them.
When it comes to estate planning, a top priority for most of us is making sure our children are taken care of after we die. The hope is that our children are adults by the time we pass; unfortunately, we all know this wish is not guaranteed. If your children are under 18, strongly consider putting their assets in trust. In this article we explain why that is such a good idea.
One of the most important aspects of estate planning is determining who you want to be the beneficiaries of certain financial accounts. You want to make sure your hard-earned assets go to the ones you love, without delays and other problems arising. However, far too often, three mistakes are committed that can upset the purpose of your estate plan. Learn about those mistakes in this blog.
If you are planning your estate, you may be concerned about the best way to leave certain assets to a person with a disability. Special Needs Trusts are almost always the best solution to that problem. In this article we review the basics of how these types of trusts work.
When someone passes away, locating life insurance policies can be difficult, especially if the person who died was not very organized. This blog explains the process of locating the life insurance policies and provides some helpful tools to help find them.