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What is a 529 Savings Plan?

October 27, 2020/in Uncategorized/by KT Williams

Did you know that a 529 savings plan is a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary? There are generally two broad categories of 529 plans: college savings plans and prepaid tuition plans.

Nearly every state has at least one 529 plan available, but you can invest in a 529 plan in almost any state. Be sure to research the options available to find the best fit for you. A 529 plan operates much like a Roth IRA. The contributions are after-tax, and it grows tax-free. Distributions for qualified expenses are not taxed. Qualified expenses include tuition, as well as books, room and board, and even computers. It can be spent on K-12 tuition, graduate or professional school, or even continuing education. Additionally, over 30 states offer full or partial tax deductions on state income tax for 529 plan contributions.

There are no annual contribution limits, and the lifetime contribution limits, which vary by plan, range from $235,000 to $520,000. There are no age or time limits, so they can continue to grow indefinitely, and they can be transferred to another qualifying family member easily. The owner, who contributes the money, maintains control of the account, rather than the beneficiary, so you can make sure that it is used for its intended purpose.

The value of the 529 plan can impact the student’s financial aid. This impacts both the federal aid, as well as, financial aid from universities and colleges directly. Another potential drawback is the 10% withdrawal penalty for non-qualified distributions. This penalty can be waived under certain circumstances, including:

  • A beneficiary dies or becomes disabled
  • A beneficiary receives a tax-free scholarship
  • A beneficiary receives educational assistance through a qualifying employer program
  • A beneficiary attends a U.S. Military Academy
  • The qualified education expenses were used to generate the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit (LLTC)

These distributions are also taxable as income, both federally and sometimes at the state level as well. 

To learn more about 529 savings plans and the potential benefits they can bring to your estate plan, please use our office as a resource. We are here to provide you with the answers you need and help you throughout the estate planning process. Contact us today to set up an appointment.

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When is it Time to Move into an Assisted Living Facility?

August 26, 2020/in Uncategorized/by KT Williams

Many of us may take independent living for granted. It may not be until we reach an age where living on our own becomes difficult that we even begin to consider the possibility of moving into an assisted living facility. When, however, is the right time to move into an assisted living facility? Let us discuss some clues that it may be time to make this transition. 

The decision to move to an assisted living facility can be such a big one and it can be, therefore, important to be honest in your self-assessment. If you do not think you can be objective about your circumstances, seek the advice of trusted friends or family. Having said that, it may be time to move to an assisted living facility if: 

  • You no longer drive and have to rely on others for transportation
  • You no longer participate in activities you once enjoyed
  • You no longer socialize as much as you once did
  • You feel lonely and/or isolated
  • You are having trouble managing routine tasks

It may also be time to move to an assisted living facility if you are having trouble doing “simple things,” such as: 

  • Making nutritious meals on a regular basis
  • Grocery shopping
  • Household chores (vacuuming, dusting and so on)
  • Yard work (mowing the lawn, raking leaves, shoveling snow, etc.)
  • Doing laundry
  • Showering, shaving, dressing, etc.
  • Keeping track of and taking your medications
  • You no longer feel safe at home

Finally, and perhaps most importantly, it may be time to consider relocating to an assisted living facility if you no longer feel safe living on your own. You may feel this way if: 

  • You recently fell and were injured
  • You have had more than one fall 
  • You have a new medical condition or an existing medical condition is getting worse
  • You do not have a personal alert system to summon help if you are incapacitated
  • You forget to turn off the stove and other appliances after using them
  • You are afraid to use certain household appliances
  • Your home is not equipped for aging in place

The bottom line is that your health and safety is important. There is no shame in admitting that you need help with things that once came easily or that you no longer feel safe living on your own. The right assisted living facility can provide you with a safe, secure environment where you can socialize with other residents and participate in activities you once enjoyed. 

Since making this move often has both financial and legal implications, it can be important to consult qualified professionals prior to making any commitments. As always, we are here to address any questions and concerns you may have about this critical step.

 

https://ktwilliamslaw.com/wp-content/uploads/2020/08/P42.Williams.BlogAugust2.jpg 450 800 KT Williams https://ktwilliamslaw.com/wp-content/uploads/2015/12/williams-law-logo-rgb-640px.png KT Williams2020-08-26 14:09:572020-08-28 14:12:27When is it Time to Move into an Assisted Living Facility?

3 Health Care Documents Every College Student May Need, Especially During COVID-19

August 3, 2020/in Estate Planning, Uncategorized/by KT Williams

Most parents are used to taking care of their children’s medical needs. They might even assume that they can continue caring for a child once he or she leaves for college. Did you know that this may not always be the case? In fact, parents who fail to secure certain health care estate documents may be in for a terrifying surprise in the event of an emergency.

Once a child reaches age 18, he or she is legally considered an adult. That means all bets are off as far as how parents may have previously dealt with their child’s health needs. Without certain legal documents, parents could be locked out of an adult child’s medical information and be prevented from making important health decisions. With COVID-19 surging and colleges expected to reopen in the fall, the risk of an infection and hospitalization makes health care planning imperative. 

Let us take some time to discuss three critical health care estate items to have in place for your college kid:

 1. HIPAA Release. Pursuant to the Health Insurance Portability and Accountability Act of 1996, or HIPAA, a person’s medical information must be kept private unless an authorization form grants access to specific individuals. The form, known as a HIPAA release, is essentially a permission slip for disclosing sensitive medical information. If a college student designates his or her parents, they can be kept abreast of important medical developments and communicate with their adult child’s doctors. Limiting conditions can also be implemented to certain information, such as mental health counseling or reproductive health records.

 2. Health Care Surrogate. While a HIPAA release can keep parents in the loop about important medical information, it does not provide the authority to make medical decisions on behalf of an adult child. That power would come from a separate document called a health care surrogate. This would allow the parent to make health decisions if the adult child was incapacitated or unable to make competent decisions. 

 3. Living Will. A living will is a form of an advance medical directive. It is a legal document that specifies the actions that should be taken under specific circumstances such as a terminal of end-stage condition. It specifies, specifically, what medical treatment should or should not be withheld.   

A college health emergency may be a nightmare scenario under any circumstance. With COVID-19 surging, however, particularly among young adults, securing these estate documents will help parents and students be prepared. Contact our office for help navigate these challenges. 

https://ktwilliamslaw.com/wp-content/uploads/2020/08/P42.Williams.BlogAugust1.jpg 450 800 KT Williams https://ktwilliamslaw.com/wp-content/uploads/2015/12/williams-law-logo-rgb-640px.png KT Williams2020-08-03 16:03:202020-08-03 16:03:383 Health Care Documents Every College Student May Need, Especially During COVID-19

Tips for Communicating with An Elder Adult with Alzheimer’s Disease

June 17, 2020/in Uncategorized/by KT Williams

Did you know that June is Alzheimer’s and Brain Awareness Month? Supporting public education and those impacted by Alzheimer’s Disease has never been more important. According to the nonprofit Alzheimer’s Association, more than 5.8 million seniors are currently living with the disease, two-thirds of whom are women, and the vast majority of care is provided by family members, friends, and other unpaid volunteers. 

As advocates across the health care, nonprofit, and legal communities gather to raise awareness and offer resources to those in need, let us take a moment to consider these tips for communicating with someone suffering from the disease:

  • Know what to expect. Alzheimer’s is a brain disease and the most common form of dementia. There is currently no known cure. Symptoms include memory loss, diminished problem-solving abilities, and poor judgment. Symptoms also worsen over time. Impacted seniors are generally able to function during initial stages of the disease, but, as it progresses, aging adults have trouble expressing thoughts and emotions. They may jumble their words, struggle with simple tasks, and exhibit unpredictable behavior. Late-stage Alzheimer’s typically involves around-the-clock care and can even be life-threatening.
  • Learn how to communicate. Communication is critical in any relationship, including with an aging loved one with Alzheimer’s. During the middle and latter stages of the disease, communication will become difficult, but do not get frustrated. Remember, he or she is not in control of what is happening. Try to speak slowly and use simple, clear sentences. Call the senior adult by name and remind him or her of who you are if there seems to be some confusion. Find different ways of saying the same thing when necessary and create a calm environment whenever possible. Above all, try to be patient and compassionate.
  • Learn how not to communicate. Poor communication can create stress for both the speaker and the struggling elder adult. Refrain from saying things like “Did you forget?” or “How could you not know?” It is important to meet Alzheimer’s adults where they are at and not punish them for their condition. Try not to talk as if he or she is not in the room. Refrain from using sarcasm or irony, and do not use patronizing language or “baby talk.”
  • Get legal documents in order. Following a positive diagnosis, family members should consider helping their elder loved one obtain a durable power of attorney. This will allow a trusted confidant to make legally binding decisions on his or her behalf. An advance directive and health care privacy release are also important legal considerations, as are any estate planning updates that would provide for long-term care and changing inheritance circumstances.

Having an elder loved one with an Alzheimer’s diagnosis can be overwhelming. We are here to help you by providing information and trusted legal support. If you or someone you know would like more information or guidance about related legal matters, contact our office today.

https://ktwilliamslaw.com/wp-content/uploads/2020/06/P42.Williams.BlogJune2.jpg 450 800 KT Williams https://ktwilliamslaw.com/wp-content/uploads/2015/12/williams-law-logo-rgb-640px.png KT Williams2020-06-17 16:41:242020-06-17 16:42:52Tips for Communicating with An Elder Adult with Alzheimer’s Disease

Being Thankful!

November 27, 2019/in Uncategorized/by KT Williams

The Business of Being Thankful

The Holiday season provides many of us with an opportunity to pause from work and spend time with our families and friends. Even if we don’t get as much time as we would like to relax or to spend time with others, hopefully we use it to reflect upon how much we value those people in our lives, even if they make us a little bit sideways sometimes.

In my work on estate planning and estate administration, I see a vast range of family dynamics. Some of them are unfortunate while others are just the opposite, filled with compassion, patience, and gratitude toward one another. As I reflect on all the things I’ve heard over the years, it seems one of the most common missing ingredients in the less unified families is “Thanksgiving.”

Thanksgiving Is An Attitude.

Thanksgiving is not just a holiday where we stuff ourselves. It’s an attitude that we can choose to have all year long. Some call it gratitude. We can practice gratitude, much like we might practice for a sport or for a part in a play or much like we might prepare for an important interview. Start small and think big picture. Approach the Thanksgiving table and each day with a fresh perspective, a fresh attitude.

Thanksgiving Is An Action.

Thanksgiving is also an action. While gratitude and thanksgiving may seem like they are purely emotional, our attitude is only one piece of the puzzle. Thanksgiving requires action, too. Perhaps, it’s a smile. Or a wave across the street or to a friend in a passing car. Maybe it’s a sincere sounding greeting of “hello” or “how are you doing” followed by taking time to listen for a response. Thanksgiving is an action, and it is infectious.

Putting The Attitude and The Action Together.

We must combine both our attitude and actions of thanksgiving to complete the thanksgiving puzzle. That’s when we find ourselves in the business of thanksgiving.

What are the things you are thankful for? If you have friends and family for whom you are thankful, tell them. Look for small things each day for which you can be thankful. Did someone graciously let you into traffic? Is the café near your office serving your favorite soup today? Did you get a great deal on something you wanted to purchase? Has it turned out to be an unexpectedly great hair day? Did the price of gas drop before you had to fill up? Each day we experience things for which we can be thankful. We just need to take the time and be intentional about doing it.

I Am Thankful!

I am thankful for my family. I am thankful for the opportunity to get to do something I love every day. I am grateful for each and every client I get to meet and serve. I am thankful for the wonderful staff in my office that assists me in serving our clients.

I cannot express enough gratitude to the friends and colleagues who refer us to others and who help spread the word about how my staff and I can help. I am thankful for the community that I call home. I am also thankful for the many surrounding communities that I serve. And I’m thankful that technology allows me to serve clients from all over our great state of Kentucky.

As I think about the things for which I am grateful (and the list could go on), I am hopeful that I show my thankfulness each day. And as you consider the things for which you are grateful, I hope you feel blessed and thankful, too!

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Milestones & Bucket Lists: Making Our Days Count

November 8, 2019/in Uncategorized/by KT Williams

This week, we celebrated a milestone birthday in the office. Brooke Clark turned 21. If you haven’t met Brooke, her smile welcomes you when you visit our office, and her voice greets you when you call. Her birthday started me thinking about other noteworthy points in our life. Perhaps, we look forward to a particular birthday: 16, 18, 21, and many others that follow. Or perhaps we look forward to a lofty goal: moving for college, a new job or promotion, marriage, starting a business, retirement, or leaving a legacy for our families.

Sometimes, we look forward to better days or a brighter future, especially if times seem difficult. Regardless, we should make each day count. How do we do that? Goal Setting and “Bucket Lists” can help. I’ve seen firsthand the importance of goal setting in the estate planning and elder law work that I do for people of all ages.

Goal Setting, Bucket Lists, And Taking Steps.

Do you have a bucket list? What are your goals? Each is a destination. It may be years away or merely days. But whether just a few days or many years into the future, you must map out how you are going to reach the destination. I realize that figuring out how we’re going to achieve our goals seems easier said than done. It is. We don’t have a crystal ball. We don’t know the future or what exactly the best path will be. And there may be some detours, roadblocks, and speed bumps along the way. But if you set the goal and create a map for getting to it, each step you take will bring you one step closer to reaching it. Your bucket list items are a prime example.

Vicki Gibson is another valuable team member in the office. We work side-by-side quite a bit, and, if Brooke isn’t here, it’s Vicki’s warm smile and pleasant voice that makes you feel comfortable when you visit or call.

Vicki recently returned from her own bucket list experience: an Alaskan Cruise. Wow! Hearing about the trip and seeing the beautiful pictures made me long for a similar trip. Yet Vicki admitted that her description and pictures failed to capture the feeling of the experience. The exhilaration. The breathtaking views. The crisp, sweet air. The flowing rivers, snowcapped mountains, whales, glaciers, and so many other things that words or pictures can’t fairly describe. If words can’t describe it, how do we understand what Vicki experienced? We must experience it, too.

Whether an Alaskan Cruise is on our list doesn’t really matter. The point is that much in our life is like Vicki’s experience on the Alaskan Cruise. We can’t understand what it is like without experiencing it ourselves. So what are we doing to experience the things that interest us and take us closer to achieving our goals?

There Will Be Obstacles To Overcome.

There will always be obstacles. Part of every experience and achievement is the journey. Very little good is experienced without some challenges along the way. And the obstacles or challenges can take many forms. Sometimes we may view our age as an obstacle, saying we’re too old or too young to have a particular goal or interest. But is that right or does our age simply add to the challenge?

Is it simply another obstacle to overcome in our journey to experiencing something special? Don’t let the challenges and obstacles keep you from working toward your goals. They merely make the path look more difficult, but you shouldn’t let them stop you from beginning your journey. The first step is the hardest. We all have reasons (obstacles and challenges) why we wait to take the first step. But we must take that step, or we’ll fail to make the most out of our days.

Maybe your goal is to start a business. Starting a business isn’t easy. It takes guts, vision, and the willingness to accept the outcome. Not all businesses succeed. But those who know success and have experienced the triumph of trying something new and special have also had to embrace the uncertainty of the future. They had to overcome the fear of what might go wrong. They had to boldly refuse to let the fear of those things stand in their way from trying something big, making something special, and seeing just how successful they could be. I’ve been there myself when I decided to start my law office. And I have been honored to help many clients with the legal aspects of beginning their new ventures.

We don’t have to look far to see others who are venturing out to realize a dream. Jessica Beaven and her husband are a perfect example. They’ve laid out the vision for a senior-living community, called Homeplace of Henderson, and they’ve taken steps to make the vision a reality. Of course, they could have simply kept their vision quiet and done nothing, always wondering what would have come of their dream if they had tried. Instead, they embraced the challenge of making something new and boldly forged ahead. Doing nothing may have seemed easier at the time, but the sting of regret from not trying would have been much worse. They are making their days count.

Make The Most Out Of Your Days.

While we may not have Alaskan Cruises in mind or a large-scale residential and commercial development as part of our goals, we have goals. What are they? Make a list of them. Then, write the steps or milestones to achieving the goals. But don’t stop there! Take the first step. It’s normal to be scared and to see the challenges instead of the opportunities that accompany them. Do it anyway. Don’t hold back. Whether you are just turning 21 or you are shopping for a senior-living community, make the most of your days.

https://ktwilliamslaw.com/wp-content/uploads/2019/11/pic-to-use.jpg 493 611 KT Williams https://ktwilliamslaw.com/wp-content/uploads/2015/12/williams-law-logo-rgb-640px.png KT Williams2019-11-08 14:19:532019-11-08 14:20:45Milestones & Bucket Lists: Making Our Days Count

Will Physicians soon be prescribing a “Smart Watch” to aging Americans?

March 15, 2019/in Uncategorized/by KT Williams

Seniors may soon have a Smart Watch strapped to their wrist – all in an effort to keep themselves healthier. For example, Apple has taken aim at the health market with its new Series 4 Apple Watch. It includes alerts to let you know if your heart is falling to dangerously low levels. The Watch is also equipped with technology to run an ECG. This is claimed to be a doctor-level benefit that may save wearers or their insurers hundreds of dollars by allowing the wearer to avoid an office or hospital visit. And the new Apple Watch can detect falls and offers the ability to call for outside help automatically. Falls are one of the most common causes of injuries among the elderly. Other manufacturers may have watches with similar or even more advanced features. Consumers should weigh their options when shopping.

A Smart Watch may be able to provide health benefits to its wearers. The extent of the benefits remains unclear. But, time will tell.

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