Election Day 2020 is quickly approaching. Whether you’ve already voted or you plan to head to the polls on November 3rd, it’s good to think about how the outcome of the presidential election might affect your business. Luckily, both candidates have plenty of policy proposals that give us a hint about how the next four years might unfold for U.S. businesses.
Farmers face some unique challenges when planning for the future. Kentucky residents are often stunned to find out that their family farm can trigger federal estate taxes and a significant bill from the IRS and the Kentucky Department of Revenue. These taxes can cause splintering of the farm that you own. To avoid that, here are some practical tips that every farmer should keep in mind.
As part of your estate and asset protection plan, you probably think you’ve checked all the boxes. You may have a will, a trust, and even an end of life plan in place to protect your family and your estate. But have you thought about protecting your firearms? If you’re living in Tennessee, a gun trust may be a smart addition to your estate planning.
Planning for a special needs child is critical. Chances are they are receiving some sort of public benefits like SSI or Medicaid. If so, leaving an inheritance directly to that child can cause major issues. Learn about the importance of creating a Special Needs Trust in this article.
If you or a loved one is a veteran there are many benefits available to you by the federal government. One of these benefits is the Veteran's Aid and Attendance. Take a minute to learn about how this benefit can assist you or your family with daily living activities in this article.
If someone who owed you money passed away before paying you back, you’re probably wondering if you’ll ever see your money again. The good news is that Tennessee has a process by which you can collect on any debt owed to you by filing a claim against that individual's estate. Find out more in this article.
What happens when a loved one needs Medicaid and TennCare benefits to pay for nursing home care, but your loved one earns too much money in order to qualify for this government aid? There is a way to work around this problem through a Qualified Income Trust. Here's how it works.
From Prince to Aretha Franklin, this year has had many interesting probate issues among the rich and famous. Each of these issues present lessons for all of us. To learn more about how the probate process can go awry and how to avoid it, take a look at some of these biggest probate controversies of 2020.
Many businesses throughout Tennessee have been thrown into tumult thanks to the global COVID-19 pandemic, social unrest, and the resulting economic hardships. As we look forward to the latter half of the year, there are still many unknowns. In this article, we provide some helpful resources that can rebuild your business after this tumultuous summer.
It’s easy to feel overwhelmed when a family member dies. When it comes time to sort out the estate, the many different investments and properties can be hard to track—especially in an emotionally challenging time. Many people are worried about probate: the time it takes, the costs, the potential family fighting. But what’s the reality? In this article, we delve into some of the myths surrounding probate.
If you live in Kentucky and have a family member that is no longer capable of handling his/her day-to-day expenditures or paying the bills themselves, it may be time to consider a guardianship and/or conservatorship for that individual. Find out more in this article.
When someone dies without a will in Kentucky, state law control the distribution of assets. Many times, this distribution would not be what the deceased would want or prefer. In this article, we explain what happens to an estate should an individual die without having a will.
Financial experts have predicted that cryptocurrencies may dramatically increase in value over the next several years. If you are invested in these currencies, understand that they require unique considerations as they relate to your estate plan. Find out more in this blog.
If you have heard the term trust protector, you may wonder what exactly that means. How does a trust protector work with a trust? Simply put: The trust protector's job it to make sure that your wishes outlined in the trust you created are followed. Find out more in this article.
One of the most difficult things to hear is that your parent has passed away. Sometimes this loss can be exacerbated by the knowledge that you were cut out of the will. When this happens, here are a few things that you should consider before deciding to contest the will.
When making an estate plan or a will, you aren't necessarily thinking about the legal details your heirs will endure after you're gone. But if you want to get your assets to your loved ones as quickly as possible and as intact as possible, it's a good idea to think ahead and avoid these six mistakes.
If you are worried about protecting your assets from lawsuits and creditors, an asset protection trust may be a good solution. A Tennessee Investment Service Trust or TIST provides significant flexibility and creditor protection. Learn more in this article.
If you have investments or properties that have significantly increased in value over time a Tennessee Community Property Trust might be a great fit for your estate plan. This special type of trust can literally save you and your family thousands of dollars in capital gains taxes. Find out more in this article.
If you are going through a divorce take some time to update your estate plan. Chances are your life has changed dramatically and its important that your will, trust, and powers of attorney reflect these changes. Make time to remove your spouse as beneficiaries from your financial accounts and as beneficiary of your will or trust. After all, there is nothing worse than your assets going to your ex-spouse.
When it comes to a small business, you need more than a will for your estate plan. To avoid family squabbles and confusion at your death, you need a clear succession plan for your business. Find out more in this article.
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.