Frequently Asked Questions (FAQs)

KENTUCKY ESTATE PLANNING ATTORNEYS – FREQUENTLY ASKED QUESTIONS (FAQs)
Estate planning is no easy task. It involves complex legal consequences that are difficult to understand without the help of an attorney. The frequently asked questions (FAQs) below will help guide you by answering basic questions about estate planning. You will likely have more questions than are answered below, so you should contact an attorney specializing in estate planning. The law firm of Goeing Goeing & McQuinn has the skill necessary to help you with estate planning on all levels.

FREQUENTLY ASKED QUESTIONS (FAQs)
(1) Who should go through the estate planning process?
Everyone. No matter how small or large your estate may be upon your passing, it is imperative that you plan now so that your beneficiaries are protected upon. This involves the creation of wills and estates to ensure your assets are going precisely where you want them to go.

(2) When should I start the estate planning process?
Now. If you haven’t started estate planning, you should consider starting to do so as soon as possible. You never know when significant life changes can occur and you need to be prepared for any potential situation so that you, your family and your business are protected from negative consequences of a significant life event.

(3) What is probate?
Probate is the process of interpreting and validating wills, ensuring that a decedent’s creditors are paid, the distribution of assets to heirs and beneficiaries in accordance with the decedent’s will, and the process of resolving potential disputes regarding a decedent’s estate. See our probate practice area page for further information.

(4) What does an estate consist of?
Estates include, but are not limited to, the following: real estate, personal property, stocks and bonds, interests in a business, cash, life insurance death benefits, and retirement plans/IRAs.

(5) What does a well-rounded estate plan consist of?
A plan designed both by you with the help of an experienced estate planning attorney will consist of the following goals: the protection of assets, the reduction of taxes and other expenses, and the drafting of a last will and testament to ensure your assets are distributed to your heirs and beneficiaries according to your intent as written in the will. There are certainly other estate planning tools that may be beneficial to you, so you should discuss those options with an estate planning attorney.

(6) What is a trust?
A trust is an arrangement whereby the creator (grantor) of the trust delivers legal title of property to a trustee (in some cases the grantor is also the trustee) for the benefit of another. There are various types of trusts for different needs. See our trusts practice area page for further information.

(7) Do I really need a last will and testament?
You should seriously consider both the pros and cons of drafting a last will and testament. If you create a will during your lifetime, once you pass away, you are considered to have died “testate.” If you pass away without having a will, you are considered to have died “intestate.” In the case where you die intestate, Kentucky’s intestacy laws will kick in and determine who receives portions of your estate upon your passing. See our wills practice area page for further information.

(8) Can I go through the estate planning process without an attorney?
Yes. If you have done the research yourself and feel comfortable filling out boilerplate Kentucky estate planning forms, you can draft your own estate planning documents. However, you should see an estate planning attorney for a consultation to answer any questions you have so that you can be sure your estate planning documents are in compliance with Kentucky law.

(9) Should I involve family members in my estate planning process?
Because disputes tend to arise among family members when a loved one’s estate is being probated, it may be best to plan your estate on your own, however, if you feel comfortable having family members help you, then you definitely can work together with them to form the best plan possible to benefit your family upon your passing.

(10) What if I have a business I want to pass on to my heirs?
You should speak with our attorneys regarding business succession planning. This is a complicated process that involves a variety of factors to consider, such as tax planning, the protection of business assets, and your ultimate goals for your business’s future. See our business succession planning practice area page for further information.

(11) Are there any inheritance taxes in Kentucky?
Yes. Kentucky is one of only a handful of states that has the inheritance tax. The inheritance tax is broken down into classes and the closer in relation the beneficiaries are to the decedent, the more favorable the tax treatment. On a separate note, there is a federal estate tax that applies to estates that are valued at more than $5,250,000, as this is the amount that can be deducted from your taxable estate. See our estate tax planning practice area page for further information.

CONTACT OUR OFFICE TODAY FOR A FREE CONSULTATION
If you are considering drafting a will, setting up a trust account, donating to a charity, or any other estate planning matters, contact the law firm of Goeing Goeing & McQuinn today for a free consultation. Our four attorneys have helped thousands of Kentuckians with their estate planning needs. An estate plan is unique for every individual’s financial situation and depends upon the assets you currently have and the goals you have for the transfer of those assets in the future. To speak with one of our attorneys, call us today to schedule your free consultation. We can be reached at (859) 904-2045.