DEVELOPING TRUSTS, ESTATE PLANS AND WILLS IN LOUISVILLE KENTUCKY

What is estate planning, and why is it so important for most individuals to have an estate plan? In 2017, the federal exemption for estate taxes is over $5.45 million per person and soon may exceed $10 million per person. Why should you be concerned about a Will, estate plan or a trust?

The estate planning and trust attorneys at Wimberly & Associates, PLLC serving the greater metropolitan Louisville area (and Kentucky) know the answer is actually quite simple: saving money, and peace of mind.

ESTATE PLANS SAVE A LOT OF MONEY

If you do not have an enforceable Will, or if you do not have an estate plan every asset you possess must pass through “Probate” upon your passing. The Probate Court here in Louisville is quite efficient, but it can still take more than a year to move a typical estate through the probate process, and the expense could be significant.

Probate costs are based upon the value of your assets, not the equity you are passing to your beneficiaries. In Louisville, the average price of a modest home is over $100,000. Remember, costs are based upon the appraised value, and not the equity in your home. Many firms charge over 5% of the appraised value of the estate (not the equity or real value) simply to take an estate through probate. The attorneys at Wimberly & Associates, PLLC can save you thousands of dollars, and save your beneficiaries a substantial amount of time, money and hassle.

A simple living trust avoids the time and cost of probate, and allows money, assets and real property to pass quickly and smoothly to your beneficiaries. Strategies that avoid probate save your loved ones a year or so of time and a substantial amount of money, and may keep your personal information out of the public record.

WHAT IS A LIVING TRUST OR REVOCABLE TRUST?

A living trust is a legal entity that protects your home and assets from creditors and external liabilities. Once your trust has been established, most or all of your assets are placed within the trust. However, if something happens unexpectedly, the maximum amount of your belongings and assets pass directly to your heirs and beneficiaries in a matter of weeks, and at a fraction of the cost of probate.

A Trust provides detailed instructions to the “trustee” containing your specific wishes for how your estate is to be divided, while passing title directly to the beneficiaries you’ve identified. Your wishes are carried out much the same as a Will, but in a much more private, faster and less expensive manner. The trustee carries “fiduciary” duties, and is usually required to follow your instructions to the letter.

A revocable trust simply means that you can change your mind at any time.

AN EFFECTIVE ESTATE PLAN SAVES MONEY AND PROVIDES PEACE OF MIND

We invite you to contact us, or call Wimberly & Associates, PLLC at (502) 208-1887. Our work together will help you to protect the money, home and assets you’ve worked so hard to build. Estate planning provides peace of mind, and allows you to clearly establish your intentions and wishes, and provide for the heirs and causes you care so much about.

Wimberly & Associates, PLLC – Your Lawyer for Life