There are some rudimentary estate planning documents that can be a bit confusing if you haven’t seen them before and we would like to take a look at them here to clarify them.

The last will is a document that everyone understands as used to transfer assets. However, there are other wills used in the field of estate planning and one of these is the living will.

Living wills are highly recommended to anyone who wants to have a comprehensive plan for aging in place, but they have nothing to do with financial matters.

A living will expresses your preferences concerning potential medical procedures that may be available to you if you become incapacitated.  The central question for a living will is whether or not you would want to be kept alive via the use of artificial means under a circumstance where there is no hope for your recovery.

Living trusts on the other hand are used to asset transfer and are popular alternatives to last wills. The primary reason why many people prefer these trusts is because they facilitate the transfer of assets in a direct and timely manner outside of the often bulky process of probate.

To gain an in-depth understanding of the options available to you and obtain recommendations based on your unique situation simply take a moment to pick up the phone to arrange for a consultation with an Ashland KY estate planning lawyer.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

One of the primary reasons why it is a good idea to work with an estate planning lawyer when you are interested in creating a holistic plan for the future is because of the personalized service that they provide.

Every family is unique, and every individual has his or her own particular vision. Exactly what you want to accomplish may be different from the next person, and this is why there is no “one-size-fits-all” estate plan.

Another reason why personal attention is key is because of the fact that estate planning is a form of financial planning. Exactly what you have and how you have it positioned is going to impact how you should arrange for the transfer of your assets. And of course the realities of the federal estate tax are something to take into consideration if your assets exceed the exclusion amount.

One should also consider the difficulties that can arise during the probate process. Depending on your situation and the precise nature of your intentions your estate planning attorney may recommend a revocable living trust rather than a last will to avoid probate.

Incapacity planning is something else that you should address, and this requires the execution of specific legal documents.

When it comes to something as important as your legacy you need expert representation. The wise way to proceed is to develop a good ongoing relationship with an Ashland KY estate planning lawyer or northern Kentucky estate planning attorney who will gain an understanding of your situation and give you sound advice every step of the way.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

They say that if you give a man a fish he eats for a day, but if you teach a man to fish he eats for a lifetime. This is something that you may want to keep in mind when you are crafting your legacy.

You can provide financial resources to your loved ones, but there are cases when doing so can do more harm than good. If you were to provide a life-changing sum of money to a family member who has not yet completed his or her education this individual may have no incentive to do so. As a result, he or she may never realize the potential that lies within.

Making education available to your family members can provide you with some tax benefits while you extend a helping hand. You can pay the school tuition of students as a tax-free gift. While doing so you would be reducing the value of your estate for estate tax purposes.

Another interesting possibility is to make a younger family member the beneficiary of an incentive trust that includes stipulations regarding the completion of educational benchmarks.

Some individuals will reach beyond their families and create memorial scholarships in an effort to provide ongoing educational opportunities to members of the community.

Providing educational pathways can be quite rewarding. If you are interested in doing so the wise course of action would be to sit down and discuss your options with an experienced northern KY estate planning lawyer.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

You may be surprised to hear that it is likely that you will need living assistance at some point in time. According to the United States Department Of Health and Human Services 70% of Americans who reach the age of 65 will need help with their day-to-day needs eventually.

Many people will move into nursing homes or assisted living communities when physical challenges present themselves. This is a viable option, but these facilities can be extremely expensive. The national average for a year in a private room in a nursing home in 2011 was around $87,200. A yearlong residence in an assisted living community averaged just over $41,700.

An option that you could consider as an alternative to residing in a long-term care facility would be to modify your home to suit your needs while engaging the services of a home health aide. You could add handrails, grab bars, motion activated faucets, walk-in showers, and even elevators if necessary.

The cost of a home health aide sent out by licensed agency averaged $21 per hour in 2011, and depending on how much assistance you need this can be far more affordable than a stay in a long-term care facility.

The wise course of action is to be proactive about planning ahead for the eventualities of aging. If you would like to develop a cogent, intelligently-conceived long-term plan, take action right now to arrange for an informative consultation with an experienced Ashland, Kentucky elder law lawyer. The elder law attorney will evaluate your unique situation and create a plan that is carefully crafted to suit your needs.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Estate planning is best undertaken with the assistance of an experienced professional because there are many different ways to transfer assets to your loved ones. You are not restricted to a last will, and the optimal combination of estate planning documents will vary on a case-by-case basis.

Aside from the goal of preventing asset erosion, another thing to consider is the personal proclivities of the people who will be receiving inheritances. You may have mature and established family members who will be able to handle any money that they may receive responsibly.

But not everyone is a great money manager. There are those who spend irresponsibly, and, if you have someone who fits this description on your inheritance list, you may be concerned about how this individual will react to a significant influx of financial resources.

If you are in this position, one course of action is to create a spendthrift trust.

With these trusts, you make your heir the beneficiary and you appoint a different trustee. The beneficiary can receive distributions from the trust in accordance with your wishes, but he or she will have no access to the principal. And the assets in the trust are protected from creditors.

The trustee will manage the resources, and many people will choose a professional entity such as the trust department of a bank or a trust company to act as the trustee.

Spendthrift trusts can provide a solution to a delicate situation. To learn more about them, simply take a moment to pick up the phone to arrange for a consultation with an Ashland KY estate planning lawyer.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Northern Kentucky estate planning lawyers will often advise clients to consider creating a revocable living trust rather than relying on a last will to serve as a primary vehicle of asset transfer. There are a few reasons why these trusts may be preferable, but the benefit that most people seek from them is the ability to transfer assets to their loved ones outside of the probate process.

Probate is a process that takes place under the auspices of the probate court. There can be significant expenses that go along with this process including attorney fees, court costs, accountant fees, liquidation expenses, appraisal costs, and the executor’s compensation. All of this can add up to consume a very significant share of your estate.

In addition, probate does not happen overnight. It is a time-consuming process, and the rightful heirs to the estate do not receive their inheritances until it has been probated and closed.

If you do choose to use a trust, it is administered in a more straightforward manner. You select a trustee to handle the funds and beneficiaries who will receive distributions according to the terms that you set forth when you draw up the trust agreement. As the grantor, you may choose to serve both of these roles while you are still alive but name successors to assume them after you pass away.

The transfer of assets in accordance with the terms of the trust agreement is handled by the trustee in a timely and efficient manner upon the death of the grantor.

Should you be interested in the possibility of creating a revocable living trust, the logical first step would be to sit down and discuss the details with a licensed and experienced northern Kentucky or Ashland KY estate planning lawyer.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Individuals who spend time in the armed services often undergo hardships, especially when they serve during times of war. Without question, serving your country involves sacrifices, but you do get certain rewards as a show of gratitude. Some of these are relevant to the elder law community.

In addition to the retirement pension that veterans receive after 20 years of service, there is another pension that many people are unaware of that can really come in handy. This veterans benefit is called the Veterans Aid and Attendance special pension.

This pension is designed to provide financial help to veterans who have the need for living assistance. To qualify you must prove that you need help with your day-to-day needs and you must meet the financial and length of service requirements.

Because this benefit is intended for veterans who have some financial need there is an upper resource limit that varies depending on the circumstances of the individual. However, your personal possessions such as your home and your car don’t count toward this figure.

The length of service requirements are somewhat modest. To qualify for this special pension you must have served for at least 90 days in total with a minimum of one of these days taking place during a time of war.

If you are a veteran who is interested in devising a long-term plan for the future, professional guidance is key. The intelligent first step is to pick up the phone to arrange for a consultation with a licensed and experienced estate planning and elder law attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

When you think about a will in an estate planning context, the document that will probably come to your mind is the last will. This is the most commonly used estate planning tool, and of course its purpose is to direct the distribution of your assets to your heirs after you pass away.

The last will is not the only will that is utilized by northern Kentucky estate planning lawyers. An advance health care directive called a living will is also recommended. These documents have nothing to do with property transfers. They are used to record your preferences regarding medical procedures such as the use of life support.

If you were incapacitated and unable to communicate your wishes, the matter would be placed into the hands of your family who would be faced with an agonizing decision, and families can sometimes disagree about the correct course of action. By executing a living will you can avoid this possibility.

Another type of will to consider is an ethical will. An ethical will is not a legally binding document. It is used to communicate your final thoughts to your loved ones, and as the name implies traditionally ethical wills have been used to impart the ethical values of the author.

Sharing your wisdom with your loved ones via the creation of an ethical will is a meaningful act of giving from the heart. They have been utilized for centuries and they serve a very valuable purpose as a way to pass along moral guidance to succeeding generations.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

If you are up on the state of affairs with regard to long-term care expenses, you may be surprised to hear that you could be faced with a stifling series of bills during the latter stages of your life. The costs associated with assisted living have become exorbitant, and if you combine the average length of stay with the average expenses involved you may be looking at an expense that exceeds $200,000.

Medicare does not pay for long-term care, and you must consider this to budget intelligently. Fortunately, Medicaid will pay for long-term care, but there are strict eligibility requirements. There is an upper resource limit of $2,000 (for a single individual in Kentucky), but before you assume that you can’t qualify you should be aware that many of your most valuable assets may not count toward this figure, including your house and your vehicle.

In addition, let’s say that you are married and need long-term care but your spouse does not. The healthy spouse may keep half of the community assets up to a prescribed limit. This limit has been raised in 2012 to $113,640; in 2011 it was $109,560.

The rules and regulations surrounding the Medicaid program are somewhat complex and it takes particular knowledge to craft a plan that allows for the protection of assets while still obtaining Medicaid eligibility. The guidance of an experienced professional is key, and the wise first step is to sit down and discuss your unique situation with a licensed Northern Kentucky or Eastern Kentucky Elder Law attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

A surprising percentage of Americans do not have an estate plan in place. This is a figure that will fluctuate, but about half of the people in the United States are going through life without any estate planning documents.

A lot of people recognize the fact that they should have an estate plan in place but they simply procrastinate with regard to the matter. Let’s face it, thinking about passing away is probably on the bottom of your to-do list and it is understandable that you may think that you will have time to plan for it at a later date.

However, every one of us is going to die someday and you never know when that day will come. Every year tens of thousands of people under the age of 50 pass away so when you go through life without an estate plan you are really taking a gamble and it is your family being put at risk.

Since procrastination is so common, a failure to make ongoing adjustments is also a problem. Things in your life may change and make your existing estate plan obsolete, and there are societal changes that can call for revisions to your current plan.

The wise course of action is to schedule regular estate plan reviews so that your plan always reflects your current family dynamic and your current wishes. If you would like to arrange such a review, take action right now and contact a good your local Estate Planning lawyer in Northern Kentucky or Ashland, Kentucky, to set up an appointment.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.