Comprehensive Protection Of Your Assets And Legacy Through Estate Planning

As we move through life, it becomes more important to plan for the future. Whether you are working to protect your assets for your loved ones or preserve your wishes, a knowledgeable estate planning lawyer can help you throughout the planning process.

At Hicks & Funfsinn, PLLC, we are a firm dedicated to helping individual, family and business clients in Lexington, Harrodsburg and throughout Kentucky. Whether you have already gone through the estate planning process or are just beginning it, our lawyers are here to guide you every step of the way. We provide you with the honest, straightforward advice you need to ensure that you and your loved ones are protected for the future.

Utilizing All Available Estate Planning Tools

The types of estate planning documents, designations and other tools that will be used to structure your estate are unique to you. We customize each estate plan based on your specific needs and goals for the future. Our firm can help you understand the benefits of:

• Wills
• Living wills
• Beneficiary designations
• Advance health care directives
• Powers of attorney
  • Medical powers of attorney
  • Powers of attorney for finances
  • Durable powers of attorney
• Guardianships
• Conservatorships

The use of these tools will depend on your estate’s size and how you want it to be handled. If you do not have minor children or disabled adult children, a guardianship would not be necessary. An advance directive can encompass both your living will and durable power of attorney designation. We are flexible and creative in our approach to designing your estate plan, ensuring that it suits your best interests now and going forward.

Succession Planning For Small-Business Owners

You have likely invested years of hard work to grow and maintain your small business. What will become of it if you suddenly pass away or simply want to retire? Business succession planning is a powerful way to ensure that your business can thrive even when you are no longer leading it.

A well-crafted succession plan includes several key aspects:

Identifying successors: Determine who will take over your role and other essential positions. This is often a family member or a long-time employee you trust, but it could also be an external candidate.

Training and development: Once potential successors are identified, it is important to prepare them for their future roles. This involves providing them with the necessary training and development opportunities to ensure they are ready to lead the business.

Setting clear goals and timelines: Establish clear objectives and timelines for the transition. This helps everyone involved understand the steps that need to be taken and the expected time frame for the succession process.

Legal and financial considerations: Address any legal and financial issues such as updating your will, establishing trusts or transferring ownership. It is important to consult with legal and financial professionals to ensure these aspects are handled properly.

Communication plan: Develop a communication strategy to keep all stakeholders informed. This includes employees, customers, suppliers and other relevant parties. Clear communication helps to maintain stability and confidence in the business during the transition.

Having a succession plan in place obviously benefits you as the business owner. It provides peace of mind knowing that your business will continue to operate smoothly and your legacy will be preserved. But succession planning also benefits your chosen successor(s), existing employees, clients and customers, and your family members. Our attorneys can guide you through the succession planning process, ensuring that your business and all who depend on it are protected.

The Probate Process

After someone dies, their estate needs to be handled and distributed to the proper individuals. Probate is the process through which the courts address, validate and distribute estate assets according to state law. This process proceeds whenever an estate has assets that are not specifically protected in the estate planning documents or if estate planning documents are altogether absent.

We understand how challenging life can be after the death of a loved one. Our firm is ready to handle the probate process and other estate administration issues for you so that you can focus on healing from your loss.

Questions Commonly Asked By Our Estate Planning Clients

Below are some of the questions our clients frequently ask. For more information about these topics or to discuss your specific estate planning needs, get in touch with our firm today. Schedule your free consultation by calling 859-286-7840 or sending us an email. Hablamos español.

What happens to my assets if I die without a will or estate plan?

If you do not have a will or other estate planning documents, your estate will go through intestacy. This is the process through which the courts determine how to distribute the estate assets and property when there is no will or estate plan in place, whom those assets are to be distributed to and what debts need to be paid. Your loved ones will have no say in how the estate is handled.

Having a will can help avoid some of the probate process. Your will can detail all the aspects of your estate and the beneficiaries to whom you wish to provide the assets upon your death. Your wishes are preserved in a will, whereas dying without one leaves it to the courts to decide.

Is it possible to avoid the probate process?

With the proper estate planning tools, it may be possible to avoid the probate process. Any assets or property that are not protected by a trust or other asset protection document will need to go through probate to ensure proper distribution. Therefore, taking the time to structure the protection of your entire estate may avoid probate. As the structuring must be done in the correct way to avoid probate, an experienced lawyer can advise you on the steps to achieve that goal.

What kinds of trusts are there? What benefits do trusts offer?

Contrary to popular belief, trusts are not just for the wealthy. There are many different types of trusts that are designed to achieve different goals, including:

• Revocable and irrevocable trusts
• Charitable trusts
• Special needs trusts
• Life insurance trusts
• Asset protection trusts

In essence, a trust is designed to protect your assets for either your future use or the benefit of a named beneficiary. In some situations, a trust can be a way of legally avoiding estate taxes. A trustee is named to handle the trust throughout the life of the trust through the distribution of the contained assets.

How often should I change my estate plan?

Many people never revise their estate plans once they are created. Though not everyone needs to make changes, it is important to revisit your estate plan whenever you experience a major life event, such as a birth, death or divorce. If you created your estate plan when you were younger and are now approaching retirement, it may be a good idea to review your plan with an attorney to ensure that all the provisions you included are still applicable.

Talk To Experienced Estate Planning And Probate Attorneys

We are here to answer all your questions and help you understand more about estate planning. To discuss your options with a lawyer at our firm, call us today at 859-286-7840 or contact us online. We offer a free initial consultation.