Frequently Asked Questions About Estate Planning

What is an Estate?

An estate consists of all the property of the deceased, including assets and liabilities. Estate planning and administration refers to the handling of all the details of planning and administering the estate’s assets post death.

What is Estate Administration?

Estate Administration is the process of administering the deceased’s wishes while working together with the designated Executor of the estate. Process includes:

  • Identifying and gathering all the assets
  • Paying any bills, debts, taxes or other expenses
  • Asset distribution
  • Assistance with Probate Processing

What is Probate?

Probate is the legal process of reviewing an individual’s Will by the court.

What is a Will?

A Will or Last Will and Testament is a legal document that gives instruction on an individual’s assets, children and other factors post their death.

What Taxes Should be Paid After an Individual’s Passing?

In Kentucky there are typically 3 types of taxes that apply to the value of estate.

  • Kentucky Inheritance Tax on the Net Estate Left
  • Federal Estate Tax on Larger Estates
  • Income Tax on Assets or Deferred Income

Estate Planning

We assist individuals in structuring their asset ownership to maximize the enjoyment of their wealth during their lifetime, while maintaining control over their property and their person in the event of disability. We specialize in helping clients with young children, often using wills with trusts to manage the children's inheritance, and naming guardians in the will for their care if the need arises. We help clients transition their property to a surviving spouse, family members, friends, or charities, with a view toward minimization of taxes and expenses. Documents include revocable and irrevocable trusts, wills, powers of attorney, and living wills with health care surrogate designations.

Special Needs Trusts

We advise clients regarding the protection of assets for beneficiaries with special needs and disabilities, guiding them through the tax implications and government support issues.

Planning for non-traditional families

We provide estate planning for families with stepchildren, children from previous relationships, and non-married couples with the use of trusts, gifting, and prenuptial, postnuptual and cohabitation agreements.

Probate Administration

We advise and guide individuals and beneficiaries through the Probate process, whether intestate (without a will) or testate (with a will). We also are experienced in the handling of Will contest matters, breach of fiduciary duty actions, and property title disputes.

Guardianships

We counsel family members and other individuals on the advisability of seeking a guardianship or conservatorship for minors, the elderly or disabled. We represent and guide clients through the process of filing a petition for guardianships and conservatorships.

Business Law

Carrie and David both have undergraduate degrees in Business Administration. We provide clear, practical, and timely legal advice to businesses and their owners on a wide range of operational matters and complex legal issues. These include: reviewing, drafting, and negotiating numerous types of commercial agreements, assisting on business formation matters, and drafting and negotiating buy/sell agreements among business owners. We help clients create corporations, limited liability companies, S-corps, and non-profit organizations. In addition, we are experienced in the drafting of Bylaws, Articles of Organization, Operating Agreements, and Partnership Agreements. We have also handled many contract disputes.

Real Property Disputes

We are experienced in the handling of real property disputes, including adverse possession claims, boundary line disputes, and partition actions.

Litigation

We also handle litigation (law suits in court) in all of the above legal areas, including business disputes, lease disputes, will/estate claims, contract disputes, and injury claims.

Professional Associations and Memberships