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Does a New Year Mean a New Kentucky Estate Plan?

The New Year is an exciting time for all of us. It is a time for us to come together as a family and decide what we will accomplish in the year ahead. From planning to achieve new health goals, financial objectives, or simply spending more time with loved ones, creating our goals for ourselves and our family members is an important process to undertake during the start of the year.

As you think about the new year, however, do any of your goals, either for yourself or for your loved ones, contemplate your Kentucky estate plan? What about elder law planning? Are you prepared to address the uncertainties that may arise now, or in the distant future, with regard to a potential need for long-term care in or outside your home? 

Unfortunately, we find that there continues to be a trend in America that your Kentucky estate plan can be completed once, and then never revisited. This is not the truth. Things can change, both in your life and in the laws that govern our state and nation. You need to have your estate plan at the forefront of your mind at all times, and periodically updated.

Let us share a few examples of why your Kentucky estate plan may need to be updated in the New Year:

– Deaths and births

– Divorces

– Remarriages

– Bankruptcy and creditor issues

– Job changes

– Disability

– Retirement

– Health care challenges

These are just a few of the reasons why you may need to update your estate plan.

Bear in mind, that most estate plans do not contemplate elder law planning or significant long-term care planning. Traditional estate planning does contemplate both life and death decisions, including who should be your decision maker in the event of your incapacity. Elder law planning, however, can ensure that if you were to need skilled nursing home care at any point in the future, you and your loved ones would be able to afford it. 

We know this article may raise more questions than it answers. Kentucky estate planning, and long-term care planning, are both things that you and your loved ones need to be prepared for now and in the future. We encourage you not to wait to contact our office and schedule a meeting with our attorney to learn more today.