Jeffersontown Estate Planning Lawyers
Everyone has personal and unique goals when it comes to estate matters. At John H. Ruby & Associates, we are committed to personalized estate planning and estate administration services. Our Jeffersontown estate planning lawyers offer hands-on attention to the professionals we represent to ensure that estate matters are handled efficiently in each case.
Estate Planning in Jeffersontown
Any estate planning attorney can develop a plan that reduces taxes. But can the attorney create a plan that accomplishes all of the client’s objectives? Our experienced lawyers can effectively help achieve that goal, especially for elaborate, high-end estates. We begin by understanding our client’s assets and flow of income as well as learning about their family and plans. This information allows us to identify the estate planning tools that must be used, including:
- Powers of attorney
- Trusts (qualified educational trusts, domestic trusts, dynasty trusts)
- Advance directives
Furthermore, our skilled Jeffersontown estate planning lawyers are also business and corporate law attorneys who can offer highly reliable business succession planning services. Besides developing estate plans, we can help update plans, which is especially crucial due to imminent changes in laws governing estate taxes. Estate plans that may have been acceptable two decades ago may no longer be useful today. We will evaluate the plan and make any required modifications.
Probate and Estate Administration
The attorneys at the law offices of John H. Ruby & Associates assist clients in the administration of the estates of their loved ones. We are skilled in navigating the complex probate process. In addition, we deal with all will contests and estate litigation that may manifest themselves. We also offer postmortem planning services, which involve developing planning documents after death and are similar to conventional estate planning services.
Documentation by our Jeffersontown, KY Estate Planning Lawyer
At John H. Ruby & Associates, our estate attorneys can draft documents that are individualized to your personal needs, such as:
Financial Powers of Attorney
These documents detail the person(s) you trust to act on your behalf when necessary, managing your financial matters if you become incapacitated.
Medical Powers of Attorney
This document gives legal authority to another person, often a relative, who can make medical care decisions on your behalf if you are not in a position to do so.
Assisted Living and Advanced Medical Care Directives
Both family members and caregivers alike appreciate these documents that outline your wishes for future medical intervention and health care.
Family Liability Partnerships and Limited Liability Companies
An FLP outlines a plan for dividing assets and control of a family business. Therefore, business owners can use this document to avoid probate delays and associated expenses.
Insurance Planning and Life Insurance Trusts
A life insurance policy can make generous provisions for heirs or cover contingency payment of funeral costs and other essentials, depending on the plan’s type and duration.
Business Succession Planning
Succession planning can mean the difference between a desirable transition and the calamitous loss of a precious asset.
Wills and Living Wills
Along with a will to distribute your property and make provisions for minor children, you may want to create a living will, which governs your medical care if you are in final-stage illness.
Revocable and Irrevocable Trusts
A “trustee” is designated in a trust to handle your assets for the welfare of one or more beneficiaries. “Revocable” and “irrevocable” are terms that relate to your level of control over the specific asset(s) placed in the trust.
The Importance of Estate Planning in Jefferson, KY
Estate planning offers various benefits, which explains why it should be a vital part of your life plans in Jeffersontown, KY. Some of these benefits are as follows:
If a person passes away without an estate plan, the will they leave behind will go through probate court in a costly and time-intensive process that is open to the public. All assets in the estate will have to be declared. On top of this, this information will be publicly available.
Additionally, the probate court governs the process until all issues related to your estate are settled, and all assets are assigned. While your estate is being settled, your surviving family may be put in the difficult position of not having immediate access to money to pay for expenses.
Efficient estate planning enables you to pass your estate to your loved ones in a confidential, inexpensive, and quick process that does not involve probate.
Provisions for Incapacity
Estate planning enables you to authorize someone you trust to act for you if you cannot handle your affairs due to incapacity or ill health. You may mistakenly believe that you do not require a document to authorize this step, but the process is not automatic. Your loved ones will ordinarily need to petition a court to declare you legally incapacitated, which is often a lengthy, expensive, and avoidable process. Estate planning allows you to make provisions for this event.
Avoid Burdensome Taxes
At both the state and federal level, there are various estate and inheritance taxes that you need to be aware of. Along with an understanding of such taxes, there are methods to reduce or eliminate such taxes. Planning your estate early on can help you implement many of these strategies.
What are “Death Taxes”?
“Death tax” is a term that refers to estate taxes and inheritance taxes. The state and federal government can levy estate taxes against the net worth of the deceased’s estate. On the other hand, inheritance taxes are a type of state income tax for heirs.
In Kentucky, estate taxes will not impact many people as federal taxes only apply to multimillion-dollar estates (the present cut-off being $11,180,000). KY does not levy any state estate taxes. Also, KY waives inheritance taxes for a spouse, parents, siblings, or children. However, state taxes are assessed for other heirs.
Consult our Skilled Jeffersontown Estate Planning Attorneys Today
At John H. Ruby & Associates, our estate planning lawyers help clients develop unique, customized plans that will protect what is most valuable to them in the future. We will guide you every step of the way, ensuring that your plan is compliant and enforceable under KY law. Do not let an unanticipated event cause rifts and chaos within your family. Preparing now will enable you to be stress-free later in life.
With several years of experience, our Jeffersontown estate planning lawyers can help you develop estate plans that meet the desires and intentions of the planner. To speak to with one of our attorneys, call today at (502) 895-2626.