Many people dismiss trusts as only needed by wealthy people. However, they actually can be used to solve many different issues. An article from The Mercury titled “Planning Ahead: How do you know when you need a trust?” examines the different reasons for using trusts. Family Members with Special Needs. If your family includes a family member with special needs, … Continue reading Does an Estate Plan Need a Trust?
Category: Beneficiaries
What Does a Last Will and Testament Do?
Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy and ensuring that your beneficiaries receive what you want. The will can also serve to disinherit a family member, as explained in the article “Last will can both include and … Continue reading What Does a Last Will and Testament Do?
How Does a Trust Work?
You’ve worked hard to accumulate financial assets. You’ll need them to support your retirement. However, what if you also want to pass them on to loved ones? Trusts are used to pass assets to the next generation and have many benefits, says an article titled “Passing assets through a trust—What to know” from the Daily Bulldog. “Funded” trusts … Continue reading How Does a Trust Work?
Which Expenses are Paid by the Estate and Which by the Beneficiary?
Settling an estate can be complex and time-consuming—it all depends on how much “estate planning” was done. According to an article from yahoo! Finance titled “What Expenses Are Paid by the Estate vs. Beneficiary?,” the executor is the person who creates an inventory of assets, determines which expenses need to be paid and distributes the remainder of the estate … Continue reading Which Expenses are Paid by the Estate and Which by the Beneficiary?
Why Do You Need a Secondary Beneficiary?
A secondary beneficiary, sometimes called a contingent beneficiary, is a person or entity entitled to receive assets from an estate or trust after the estate owner’s death, if the primary beneficiary is unable or unwilling to accept the assets. Secondary beneficiaries can be relatives or other people, but they can also be trusts, charities or … Continue reading Why Do You Need a Secondary Beneficiary?
What are the Components of an Estate Plan?
Estate planning doesn’t have to be challenging. It’s also one of the most thoughtful steps you can take for the people you care about. Estate planning is the process of who will handle your estate and receive possessions after your death, according to an article titled “10 Essential Estate Planning Documents You Need” from The Street. There are … Continue reading What are the Components of an Estate Plan?
How to Protect Your Loved Ones from Being Disinherited
Even if you’ve updated your wills, power of attorney, trusts and documented your end-of-life wishes, you haven’t finished with your estate plan, says an article, “On the Money: Do not disinherit your loved ones” from the Aiken Standard. Forgetting to update beneficiary designations for retirement plans at work, IRAs, life insurance policies, mutual funds, bank accounts, brokerage accounts, … Continue reading How to Protect Your Loved Ones from Being Disinherited
Some of the Proposed legislation in Kentucky as of February 22, 2025 (4 of 4)
I am going to make 4 posts, as there are 128 bills pulled and updated out of the over 1000 bills proposed this term. These are currently just some of the proposed bills, this is not a complete list. You can find the current complete list at https://legislature.ky.gov/Legislation/Pages/default.aspx I will update the list throughout the … Continue reading Some of the Proposed legislation in Kentucky as of February 22, 2025 (4 of 4)
Top Benefits of Estate Planning
Despite the hard lessons learned during the COVID pandemic, surveys repeatedly show most Americans still don’t have an estate plan in place. According to the article “Five benefits of estate planning” from The Aspen Times, a comprehensive estate plan ensures your assets are distributed according to your wishes when you die, minimizes taxes on your estate and protects … Continue reading Top Benefits of Estate Planning
Why It’s Important to Update Your Estate Plan
When someone dies without having updated their estate plan for many years, the executors often face a difficult task of administering a disorganized and incomplete estate. At best, the executor needs additional time and resources to organize the estate. At worst, says an article titled “Estate plans require maintenance” from The Record-Courier, the decedent’s wishes and desired distributions … Continue reading Why It’s Important to Update Your Estate Plan