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.
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.