Posted by Fred Simon | Apr 26, 2024 |
When a mortgage payment isn't paid after the borrower's death, the lender will typically communicate with the borrower's estate or surviving relatives to address the unpaid debt. If no resolution is reached, the lender may initiate foreclosure proceedings, leading to the sale of the property at a public auction. The proceeds from the sale are used to pay off the outstanding mortgage debt, and any remaining funds may be returned to the borrower's estate or heirs. Surviving occupants may be evicted once the property is sold. It is important for family members to communicate with the lender and seek legal advice to understand their rights and explore potential solutions.
Posted by Fred Simon | Sep 03, 2022 |
In larger estates, successful estate planning may need to consider choosing the portability option to protect a surviving spouse's estate against owing federal estate taxes. This blog provides a short explanation of portability and how it can be used to avoid death taxes.
Posted by Fred Simon | Aug 27, 2022 |
Will contests are lawsuits filed to invalidate a person's Last Will and Testament for a number of reasons allowed under Kentucky law. There are specific grounds that must be alleged and required rules of pleading and procedure that must be followed to successfully present a case in Kentucky.
Posted by Fred Simon | Aug 13, 2022 |
If someone dies without leaving assets worth not more than $30,000, Kentucky law will permit the transfer of assets without opening an estate. Even though Kentucky does not authorize the specific administration of small estates, the exemption statutes do permit a surviving spouse or children to avoid probate by dispensing with administration.
Posted by Fred Simon | Aug 12, 2022 |
A fiduciary bond is a legal tool to protect beneficiaries from losses caused by the improper or unlawful handling of assets or property.
Posted by Fred Simon | Aug 05, 2022 |
Kentucky law has specific rules controlling when and how creditors may file claims against the estate of a deceased person. As part of his administrative duties, the personal representative must be aware of these rules and take actions consistent with the law.
Posted by Fred Simon | Jul 30, 2022 |
Are legal documents enough to prepare for the future? What should you do to organize your affairs?
Posted by Fred Simon | Jul 23, 2022 |
To be ready to speak with an attorney about probate, you should be prepared to answer several important questions. These are the most often asked questions and answers you will need.
Posted by Fred Simon | Jul 16, 2022 |
What can be done to protect my assets from creditors? One effective estate planning tool is through the use of an Asset Protection Trust.
Posted by Fred Simon | Jul 09, 2022 |
Sometimes people put off having a Last Will and Testament prepared because they don't know where to begin. Here are five simple questions that may help clarify what you may want included in your will.