Tuesday, January 24, 2017

Time For Some Estate Plan Changes?

By: Laurie Valentine

Keeping up with the details of life and changes in our lives takes more time than most of us give it. For many of us, we are so busy watching and planning around the changes occurring at work or school we don’t take time to consider changes that may be occurring in our day-to-day lives and the impact of those changes on planning we have done.

Estate planning is one area of personal planning that doesn’t get a lot of “revisiting”. Your estate plan---your will, power of attorney, health care advanced directives, and beneficiary designations---should be reviewed on a regular basis to make sure it continues to accomplish your planning objectives. Your plan should also be revisited when there are changes in your life and/or that of your family---marriages, births, deaths, divorces, change in state residence, changes in financial status.

Focus on the following as your review your plan:

Fiduciaries. Are the persons you’ve named to serve as executor under your will or successor trustee of your living trust still willing and able to serve? Are you and your spouse still comfortable with the persons you have named to serve as guardians for your children? Is the person named to act under your power of attorney still willing and able to do that?

Beneficiaries. Have there been deaths or births not considered when you had your will or living trust prepared? Have you or one of your beneficiaries married or divorced since then? Do you have an ultimate beneficiary(s) named to receive your estate if all of your family dies before you?

Death Benefits. Are beneficiary designations of life insurance, retirement or IRA benefits coordinated with the plan of distribution under your will or trust?

Assets. Has the value of your estate changed?

Laurie Valentine is COO and Trust Counsel for the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky Only); KYBaptistFoundation.org

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Tuesday, January 10, 2017

Why Do You Need A Will?

By: Richard Carnes

Jane Bryant Quinn, a nationally known personal finance commentator, was asked why a person needs a Will. Ms. Quinn answered with the following common sense reply: “You own stuff; you will die; someone will get your stuff.” This response is certainly a good reason to have a personal Last Will and Testament, but there are several additional reasons for preparing your personal Will:

· To be a good steward – a good estate plan reduces death taxes and probate expenses, leaving more for you to pass to your family and charitable causes at your death.

· To avoid the “Will” the state has written for you – Kentucky’s “Intestate Succession Statute” – the state’s plan of asset distribution may not meet your family’s needs or accomplish your estate planning objectives.

· To retain input - Making a Will allows you to determine who will get your “stuff” (your assets) and how the recipients will receive your “stuff” at your death.

· Making a Will allows you to designate whom you want to be appointed as guardian for your children if both parents die before your children reach age 18.

· Making a Will assures smooth administration (probate) of your estate at your death.

· Making a Will allows you to name an executor who will handle the tasks of determining what you own at death, paying your final debts and expenses, managing the assets in your estate, preparing all required tax returns and distributing your assets as your Will directs.

The Kentucky Baptist Foundation’s “Estate Planning Mistakes and Solutions” seminar can provide more answers about why you need a Will. Contact Richard Carnes at richard.carnes@kybaptist.org to schedule this one hour, free seminar at your church.

Also, if you have questions about Christian estate planning strategies or want to request a private estate stewardship consultation, please contact the Kentucky Baptist Foundation’s trust counsel, Laurie Valentine at laurie.valentine@kybaptist.org or call the Foundation’s toll-free number (866) 489-3533.

Richard Carnes is president of the Kentucky Baptist Foundation, P O Box 436389, Louisville, KY 40253; toll-free (866) 489-3533; KYBaptistFoundation.org

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.