Estate Law

Estate Law

Here at McClure, McClure & Bailey, we offer services in estate law, probate, and elder law. We are located in Danville and help clients around Central Kentucky. Call us at 859-236-8888 to schedule a consultation with one of our expert attorneys.
Senior Couple Signing the Paper — Danville, KY — McClure, McClure & Bailey

Do You Need Estate Planning Services?

You may think that estate planning is essential only for older, wealthy individuals. In reality, if you have any family or other loved ones who depend on you, estate planning is essential — regardless of your wealth — to care for them when you are no longer able to do so.
Senior Reading the Last Will — Danville, KY — McClure, McClure & Bailey

The Basics

Estate planning is about more than just estate taxes. Your plans should also include guidelines and decisions that you make now about what will happen to you if you can not make financial and medical decisions for yourself in the future and what will happen to your loved ones if you pass away.

Without substantial assets, you may not care about estate taxes now. But as your financial success increases, you and your family will care a great deal about them in the future. Planning now prevents unwelcome financial burdens on your family should you die before making the arrangements to protect your survivors.
It’s better to plan without need than to have your family endure the financial and emotional stress resulting from your failure to properly plan. Estate planning isn’t for you… it’s for them.

Family Communication

In many families it is uncomfortable, even extremely difficult, to discuss money — especially in relation to the death of a family member. Open, honest communication with your parents (or children) is essential and will help prepare everyone in the case of the unexpected or the inevitable. Make sure key family members know where important documents are stored and that they are made aware of your wishes in relation to medical treatments and/or your living will stipulations.

Guardianship of Surviving Children

Your will not only dictates how your assets are to distributed, it can (and should) be used to designate legal guardians for your underage or special-needs dependents. If you do not specify this in your will, the courts will make these decisions for you. Your will should also name an executor (the person you want to oversee the estate until all assets are distributed). Choose someone who fully understands your wishes and is willing and capable of carrying them out.

Durable Power of Attorney for Finances

This document enables another person to handle your finances and your investments if you become unable to make decisions. Without this power of attorney, your survivors may be required to go to court each time they need to handle routine transactions on your behalf. Select a knowledgeable, financially capable individual such as an adult child, a family member, or a trusted friend. If you do not wish to ask one of these individuals to serve in this capacity, or should they be unwilling to do so, consider using your attorney or your accountant.

Living Wills, Medical Directives and Durable Power of Attorney for Health Care Decisions

These documents are invoked if you are unable to make health care decisions for yourself. A durable power of attorney for health care gives another person the ability and responsibility to make medical decisions for you. Your living will instructs health care providers and your family as to your wishes for treatments should you become terminally ill or unable to make decisions (like whether or not to resuscitate you). It also states your wishes about being placed on life support.

Retirement Account Beneficiaries

Carefully choose the beneficiary of your retirement plans and IRAs. The person receiving your retirement plan assets is usually determined by the beneficiary form you sign — not your will. Update these forms, should your situation change.

Experienced Estate Planning in Boyle County and Central Kentucky

Justin D. Johnson and Brian D. Bailey has the experience you need to plan your estate and to navigate probate. Estate laws are complex and the consequences of being unprepared are significant. While you may want to do some investigation on your own, use a qualified estate planning attorney to ensure you preserve the proceeds of your estate to serve those you leave behind, instead of leaving them to overpay estate taxes.

If you still have questions, call us. We have the experience to help you plan.
Last Will and Testament and a Pen — Danville, KY — McClure, McClure & Bailey

Probate

When someone passes away, there are many things to handle at once. Of course it is a time of grief, sadness, uncertainty, and confusion — but it is also a time when legal matters will need to be resolved. No matter what anyone may tell you, you will probably need the services of a lawyer. You can turn to your family lawyer or an attorney who has familiarity with probate and estate matters. Don’t worry – it is not too complicated or complex – most estates are simple and the fees minimal. But by all means, do hire a lawyer to assist you with the formalities and to avoid any complexities.

In the meantime, here are some things you will need to know…

The Vocabulary for Estate Probate

When a family member, loved one, or even a friend passes away, you may be confronted with becoming the “personal representative of ‘the Estate’.” This phrase has a special meaning to lawyers and the courts. If you are involved in probate, here are a few more terms you may need to know:

  • Decedent – A person who has died
  • Estate – What the decedent owned, property of all kinds and types
  • Executor – The personal representative, if the person died with a Will (Executrix, if female)
  • Administrator – The personal representative if the person died without a Will (Administratrix, if female)

The Cost of Probate

The high cost of probate is a common misconception. You pay two filing fees:
  1. One filing fee to the District Court (which has jurisdiction over probate matters)
  2. One fee to the County Court to record the Will (if there is one)
Your lawyer’s fee should be discussed with him/her at the time you retain their services. And, you should remember that the lawyer’s bill for services is an estate expense, it is not your personal expense!

Step-by-Step Through Probate

  • The Petition – With your lawyer’s help, you will prepare and file the original petition to open the estate.
  • The Order – This order (signed by a judge) will admit the will to probate (if there is a will) or will appoint the administrator (if there is no will).
  • Inventory – An inventory of the estates assets will be required by the court (within sixty (60) days of appointment), which is a specific inventory which lists each and every asset and its approximate Fair Market Value.
  • A List of Debts – You will also put together a list of debts owed by the estate to be paid by the estate. The personal representative is not personally liable for any of the decedent’s debts.
  • Taxes – You may also have to file one or more federal and state income tax returns, but your lawyer can best advise you on these matters. Unless the estate is huge, it will not owe any federal Estate tax. Unless the decedent’s beneficiaries fall outside of certain protected classes, the estate won’t have to file any Kentucky Inheritance taxes.

Probate Without a Will

If the decedent left no will, he/she is said to have died “intestate.” If there was a will, they are deemed to be “testate.” If the decedent died intestate, Kentucky has a specific statute which sets forth the order and precedence in which related persons inherit. Again, consult your lawyer.

Settling the Estate

An estate cannot be finally settled until six (6) months have elapsed from the date the personal representative was appointed. This is to allow for the filing of creditors’ claims. When it becomes appropriate, as determined by you and your lawyer, you will prepare and file a document titled “Final Settlement of the Estate of ……….” which sets forth for the court all of the financial matters dealt with in the handling of the estate.

Assuming the probate judge accepts this document he will enter an order accepting it, relieving you of all further responsibilities in connection with the estate, and closing the estate.

If you need the assistance of an experienced Estate Attorney in Central Kentucky, call us: 859-236-8888.
Elder and a Caretaker Holding Hands — Danville, KY — McClure, McClure & Bailey

Elder Law

Long Term Care Planning

Making the decision to place a loved one into a nursing home can be a tough decision for any family. On top of that, paying for such care can be a burden on any family regardless of the extent of their assets. Programs like Medicaid are designed to help families pay for the cost of nursing home care. Unfortunately, qualifying an individual for Medicaid can be a troublesome task. To qualify for Medicaid, an individual must be below a certain asset level. Thus, without proper planning or assistance, your loved one’s assets may be unnecessarily depleted.
Done correctly, long term care planning five years in advance of needing nursing home care can help protect an individual’s assets from Medicaid Estate Recovery. However, if your loved one needs to qualify for Medicaid sooner than five years, there can still be certain actions taken to maintain the quality of life for them. Navigating the numerous regulations to qualify a loved one for Medicaid is a difficult task for anyone to handle on their own. Justin Johnson has personal experience handling Medicaid issues and is more than willing to assist you with any questions you may have.

If you have questions about any Elder Law issue, or need an Elder Lawyer, contact us. We will be happy to help you.

For further information about McClure, McClure & Bailey in Danville, Kentucky, or to schedule a consultation, call 859-236-8888.

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