Probate is a process under which a decedent’s estate is administered, claims against the estate are resolved and property is distributed to the heirs. It can be lengthy and costly. However, not all property goes through probate. The following types of property bypass the probate process altogether. Continue reading
The Wall Street Journal reports that Twitter’s initial public offering documents reveal how the firm’s elite are using clever estate planning tools, such as GRATs and LLCs, which could considerably reduce federal estate taxes payable by their estates. Note that there are a variety of estate planning tools that may be used by almost anyone — not just the super-rich. Continue reading
Estate planning documents often use the Latin terms per stirpes and per capita when dealing with the distribution of an estate’s assets. Per capita (literally “by heads”) distribution means that each member of a class takes an equal share. Per stirpes (literally “by stocks or root”) diswilltribution means that distribution takes place by right of representation, meaning that children take the place of a parent that died before you. Under the Kentucky statute, when someone dies intestate (without a will), their descendants receive a per stirpesdistribution. Continue reading
Retirement can be either an exciting time in one’s life or frightening period of financial instability. If you are not adequately prepared for the future, you’re taking a huge gamble. Proper retirement planning helps you maintain your pre-retirement lifestyle and perhaps allows you to retire earlier than anticipated. To get started, talk to a Louisville asset protection attorney. Continue reading
Welcome to the legal blog of Brightwell Elder and Probate Law. The firm has two offices, one in Louisville, Kentucky and one in New Albany, Indiana and helps clients with a variety of elder law, estate planning, and probate matters.