Commingling your personal and business assets can create serious legal problems for your business. Find out why in this article.
If you are considering creating a revocable living trust in Kentucky, find out what you need to know to determine if this type of trust is right for you.
Estate plans are a great way to start the New Year off right. Whether you need to form a plan or need to review and update a current one, you should make sure it is done right. In 2020, resolve to get your affairs in order by executing a plan that is tailored to you individual circumstances so that you can better protect those you care about.
Probate is generally required in Kentucky when you have assets greater than $15,000. It is not required when you have less than that amount or you have assets that are jointly owned or are transferred automatically at death. Find out more about what type of estates must go through probate in Kentucky.
The purpose of the SECURE Act is to incentivize individuals to save more. In so doing, it makes substantial changes to certain retirement provisions. Individuals can now work longer and contribute to their retirement plan as well as delay the age in which required minimal distributions must be taken. Additionally, the new law provides small businesses certain credits and motivations to help their employees save.
If you are a real estate investor, considering forming a TIST. They are a great alternative to traditional business entities such as partnerships, LLCs, and corporations. This type of trust provides superior asset protection and allows the creator to have significant control over the investment of the assets within the trust. TISTs avoid the franchise and excise tax and no filing fee is required.
One of the primary issues in dealing with powers of attorneys is sibling rivalry. If you appoint a child as your agent under your power of attorney to the exclusion of your other children conflicts can arise. Here are some points in dealing with any potential issues.
The difference between a power of attorney and an executor is literally life and death. Check out this article to learn a bit more about the difference between these two important roles.
What happens when a member of an LLC dies? Does the ownership interest go to the other members? Does it go to the deceased member’s family? Does the company just dissolve? Take a moment to familiarize yourself with the law in Tennessee and how operating agreements can help determine distribution of ownership interests.
If you are considering starting a new business, limited liability companies (LLCs) have some key benefits that these entities have that are worth considering. Find out more in this article.
If you have created a living trust and are planning to move out of state, here are some key points to consider regarding the validity of your trust. Understand that moving to another state can have significant consequences as to the interpretation and administration of your trust.
It is not pleasant to think about disinheriting a child. Its heartbreaking. Its difficult. But it happens. When you are considering disinheriting a child, understand that it should be done cautiously. The impact of such an action on your relationships can cut deep. Here is an overview of the reasons a parent may choose to disinherit a child in Tennessee and what to consider before doing so.
Creating a power of attorney (POA) should be one of your first priorities when it comes to preparing for your future. If you are a newly wed, recently graduated, have experienced the death of a loved one, or are just worried about the future, strongly consider creating powers of attorney to appoint someone you trust to make decisions for you. Here are five reasons why you need to have powers of attorney in place.
If you are a beneficiary of an estate, you may have concerns about the fitness of an executor to serve. Maybe you are worried they are taking money from the estate and using it for their own benefit. Maybe they are not mentally capable of serving. Whatever your concerns are, understand that action can be taken to remove an executor if he or she is not fulfilling his legal duties.
Inheritance theft is not something we think about on a regular basis, but it is surprisingly common. Unfortunately, many of those that have ill designs on our estates and assets are close to us. Find out how to protect yourself and your family in this article.
When planning your estate, understand that transparency among your family will go a long way to helping your family understand your wishes and prevent controversy.
When a spouse dies unexpectedly, sometimes they have not prepared a will or trust. Maybe they forgot to update their estate plan when they passed away. When this happens, the surviving spouse can elect to receive a certain part of their spouses estate. Find out how this elective share works in this article.
If you are named as the successor trustee of a loved one's revocable living trust, you likely have many questions: How do I manage the trust? What about debts? What about closing the trust out? If you have these questions, take a moment and familiarize yourself with your responsibilities as trustee and how to handle these issues.
Powers of attorney appoint someone to make healthcare and financial decisions for you if you cannot make decisions yourself. But what happens when you need to revoke that power of attorney and remove the person you named as your decision maker from power. Find out the process in this article.
Here are four common mistakes to avoid when preparing your last will and testament or are considering your estate plan. Take a moment to read through this article to understand how these mistakes arise and how to sidestep them.