In descending order, by date published.
Unless you have made other provisions, such as a trust, your will is the way to make certain that your property is transferred or disposed of according to your wishes. Your will is also the document that allows you to designate who will be responsible for seeing that your wishes are carried out. This person is known as the executor of your estate. If you fail to make a will or some other legal document for the transfer of your property, Kentucky law will determine how your assets are transferred.
A trust is a legal entity that a person creates. It can be a flexible and useful tool in estate planning and can be designed in a variety of ways. A trust provides financial benefits for people and/or organizations designated in the trust document. The document also provides the details and instructions for the trust. The trust document should be written by a professional who has experience in writing trusts and who is familiar with current trust laws. The tax consequences of trusts should also be considered; trusts do not save money for your estate in all situations.
When a person dies, the value of his or her estate is subject to federal estate taxes. Estate taxes must be paid before the executor can transfer ownership of the property to the heirs. A professional accountant or attorney who specializes in estate planning can help you calculate your potential estate tax.
There are only three basic steps to settling an estate. But working on each step requires time and patience. Settling an estate is done in these three steps: 1. File a petition to probate the will and appoint the executor or fiduciary. 2. File an inventory of the estate. 3. Submit a final accounting of the estate's affairs.
Before you see an estate planning professional, do your homework. It will save you time and money if you prepare your legal documents ahead of time, and when your estate is settled. Take time now to put your estate planning information together in three-ring notebooks or folders. Clearly label everything, and let your family or executor know where to find the information at the time of your death. Keeping this information together will also make it easier for you to review it on a regular basis.
A glossary of estate planning terms.
With so much vital information stored online, the nature of estate planning has changed. Although you may still have many important documents in paper format, it is likely that much of your financial documents are digitized. It may seem obvious that important digital information such as online bank accounts should be addressed in estate planning, but other kinds of digital assets such as social media accounts, text messages, or even pictures stored in the cloud may have sentimental value for your loved ones. Email accounts and online retail accounts may house critical personal information that you may wish securely kept. Unfortunately, planning for these kinds of assets is typically neglected by individuals and their advisors. In order to ensure the safety and security of this kind of digital information, you will want to create a digital estate plan.
Many people fail to make plans to transfer their property and possessions at the time of their death. Some people think such plans are only for the rich. Other people think that they can plan for the transfer later and then never take time to do it. Some people think they do not need estate planning and that everything will be all right for their families when they die.
Attorneys who specialize in estate planning are the most likely legal professionals to be up-to-date on state and federal laws related to wills, trusts, and taxes. Choose one with estate planning experience to help assure that your plans are carried out correctly. If you are considering establishing a trust, choose an attorney who also has experience in writing trusts.
The term financial planner is appearing with increasing frequency in advertisements (including unsolicited mail and social media) and news articles. The alphabet soup of financial planning credentials may lead you to believe that someone is a financial planner when in fact he or she is not. Some people who call themselves financial planners are nothing more than salespeople for stocks, tax shelters, insurance, and other investments and have no special training in financial planning. It is important to do your research before hiring someone to advise you financially, or to allocate or invest your financial assets.
The Building a Healthy, Wealthy Future: Youth program includes a variety of activities and learning lessons that may be used by those in the traditional classroom setting, an after-school program, 4-H youth development programs, home school programs, or by other groups interested in learning more about health and personal finance.
Using the activity that follows in this publication, you can explain to your adolescent that being rebellious is not always a bad thing, especially if he/she can defy a negative behavior.
Take time now to talk with your adolescent about a household budget and the difference between needs and wants. It will help him/her understand how to allocate money later in life.
Helping adolescents balance the risks and rewards of their food and drink choices now can help them make wise health and financial decisions in the future.
Discussing your adolescent's decision-making process is important not only for him/her, but also to help you as a parent stay actively involved in the everyday decisions that he/she makes.
Communicating with your adolescent about household expenses and budgeting can help him/her begin to develop an understanding of how much it actually costs to live and to maintain a household.
Talking to your adolescent about goal setting can be an important first step in helping him/her visualize the future and the potential steps that need to be taken in order to turn a goal into a reality.