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Probate

Monday, January 11, 2016

Eileen Walsh published by American Bar Association

Eileen Walsh authored the article "HOW TO FUND LONG TERM CARE WITHOUT MEDICAID" in the December, 2015 publication of the American Bar Association Solo, Small Firm and General Practice Division.  This is the first time that this national publication has devoted the entire contents of its publication to the area of elder law.  Eileen Walsh is the only Kentucky attorney and author represented in  this elder law publication.     


Friday, January 8, 2016

Veteran's Aid and Attendance Benefit

The VA Aid and Attendance eligibility rules are expected to change in 2016 and possibly even in the next 30 days.  We urge you to act now and get informed on this important earned benefit.  Don't wait.   If you or a loved one are a veteran or a surviving spouse of a veteran you need to know about this benefit, which can be used to pay for much needed care needs.  

Elder Law of Louisville is part of a national group tracking the day to day developments of proposed VA changes.  Our attorneys can provide information in an individual consultation or we can speak to your group or organization.     


Monday, January 4, 2016

Elder Law in Ireland

Eileen Walsh was part of a 12 person delegation of U.S. elder law attorneys who traveled to Ireland in November, 2015.  The U.S. delegation met with Irish attorneys and judges as well as Irish aging experts.  The issues of quality of life and care for  older persons are concerns worldwide.  These issues are not unique to the United States and invaluable knowledge and insight was gained by Eileen through interacting with her Irish counterparts.   She would love to share her experience.  Please contact our office to schedule a date for Eileen to come speak to your group about elder law and Ireland.  And be sure and wear some green! 


Wednesday, November 12, 2014

Veterans Day 2014

We had a great time at the Louisville Veterans Day Parade!  My Marine Corp veteran father began his celebration the day before, as the USMC's 239th birthday was November 10th!  We at Elder Law of Louisville are privileged to work with our veterans and their families.  Thank you for entrusting us with your estate and veteran pension planning needs.           


Monday, November 3, 2014

Remember Our Veterans November 11th

At Elder Law of Louisville we are honored to work with many veterans and their families.  Our own fathers served in the United States Marine Corp and the United States Air Force.  Please remember to thank all of our military personnel who served and continue to serve our country.  We plan to attend the Veterans Day Parade in downtown Louisville, Kentucky at 11:00 a.m. on November 11th.  Please join us!   

Wednesday, January 25, 2012

"The Practical Bucket List" by Marie Brady in Today's Transitions Magazine

Be sure to read the Winter 2011/2012 edition of Today's Transitions for a terrific article by Marie Bradby, "The Practical Bucket List" for tips on how to organize your affairs.  Here is a link:  http://www.todaystransitions.com/


Thursday, January 6, 2011

What Does an Executor Do?

The executor (or if a woman, the "executrix") of an estate is the person who has accepted the responsibility of closing out the estate of someone who has passed away. Some estates are small, and the executor has only a few things to do. Large estates may need as long as a year or even longer to reach the point where inheritances can be distributed to the heirs.  Something to keep in mind that confuses lots of people: If you were the Power of Attorney for someone who is now deceased, this does not automatically make you the Executor of their estate. The Power of Attorney is designed to allow you to help a living person with the chores of daily financial and medical life. At the moment the person who appointed you passed away, your authority under the power of attorney ceases to exist.  The Executor of that person's Will is either named in the Will, or appointed by the Court if no one has been named.

Unlike what you see in movies or on TV, it is unusual in our practice to have a reading of the Will.  The Will is filed with the Probate Court and recording with the County Clerk's Office.  This makes the Will a public record for anyone to read. 
 
The actual distribution of assets to beneficiaries does not happen right away.  This is difficult for many beneficiaries to understand, but there is an initial 6 month period, generally referred to as the "creditor period" when the Executor is not allowed to distribute assets. 
 
In general, an eEecutor is responsible for:
 
1. Identifying and securing the assets of the estate. This can be as simple as putting a new lock on the door(s) to keep the contents secure, to searching for property, investments, insurance policies and other financial information. This can take many months if you are looking for property you are not certain about or if you must wait for statements to arrive so you can identify accounts. 
 
2. Establishing the value of all these assets. This means that except for very small estates or for things that have already been valued, such as bank accounts, the Executor will probably have to have the assets professionally appraised.
 
3. Paying legitimate debts of the person who has passed away from the assets of the estate. In the case of medical bills, it may be many months before all the bills have been accounted for. If there is not enough money in the estate to pay these bills, the executor is not personaly responsible to pay them. However, if there is not enough cash, but there are other assets with value, then the Executor will usually have to liquidate assets to pay the bills. In Kentucky, creditors have 6 months from the time the Will is filed in Probate Court (the 6 month creditor period discussed above) to come forward with their claims.
 
4. Completing all tax filings and pay required state, local and federal taxes from the estate. The Executor should also review or have reviewed the decedent's returns from the previous one or two years to be sure that taxes were paid properly. The IRS will certainly come back to the estate for any unpaid income taxes.
 
5. While all these details are unfolding the Executor continues to remain responsible for preserving the value of the estate. Property, boats and automobiles must be maintained. Investments must be managed. If assets must be sold, the executor manages the sale and decides how the proceeds are to be managed.
 
6. When all the legitimate debts and all the taxes have been paid, the Executor then distributes the remaining estate to the beneficiaries in exactly the way the decedent specified in his or her Will.  The Executor does not have the authority to make changes to how the estate is distributed, even if the instructions of the Will do not seem to be fair.

If you are the Executor of someone's Will, the best first step is to contact an attorney who practices "estate" or "probate" law for a short consultation. In Kentucky, there is no requirement that an Executor hire an attorney to assist with the estate.  There are many ways to retain an attorneys services, if desired, to accommodate the estate's budget, from a one-time consultation, to an ongoing consultation (you do the work, the attorney just tells you the steps), to full representation (where the attorney essentially handles everything).  Be sure that the attorney you consult is licensed to practice in the state where your relative passed away. Attorneys should be paid from the assets of the estate, not your own personal money. Be sure to reach an understanding about the exact level of service you want and the attorney's fees and billing process (flat fee, percentage fee, hourly fee) before you proceed.
 
With excerpts from www.eldercareteam.com.

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The attorneys of Elder Law of Louisville (formerly Walsh & Wilson, PLLC) assist clients in Louisville, Kentucky and surrounding counties of Jefferson, Oldham, Shelby, Spencer, and Bullitt. Our Office also serves Southern Indiana and the towns of New Albany, Jeffersonville, and Clarksville.



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