FCS5-475: Understanding Cryptocurrency

Nichole Huff, Kelly May | Apr. 11, 2022 (Minor Revision)

Cryptocurrency--such as Bitcoin, Litecoin, Ether, or others--is a form of digital payment consumers can use to buy goods and services. It exists without tangible corresponding bills or coins, and it is not issued or backed by government agencies. At its core, cryptocurrency is essentially digital computer software. People or entities can transfer it online without the need for a bank or financial institution. The currency is stored within a digital wallet that consumers can maintain either online or offline using a hard drive or paper printout.

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FCS5-476: The Costs of Distracted and Reckless Driving

Nichole Huff | Apr. 11, 2022 (Minor Revision)

In a world that constantly demands our attention, it is all too easy to become distracted while driving. From smart phones to smartwatches, interacting with something in our car, listening to a navigation system, or letting our minds wander behind the wheel, the temptations we often face when driving are endless. While these actions may feel harmless in the moment, they have the potential to be costly, both physically and financially.

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FCS5-426: Estate Planning Part 6: Trusts

Nichole Huff | Apr. 7, 2022 (Revised)

A trust is a legal entity that a person creates. It can be a flexible and useful tool in estate planning and can be designed in a variety of ways. A trust provides financial benefits for people and/or organizations designated in the trust document. The document also provides the details and instructions for the trust. The trust document should be written by a professional who has experience in writing trusts and who is familiar with current trust laws. The tax consequences of trusts should also be considered; trusts do not save money for your estate in all situations.

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FCS5-465: Estate Planning Part 8: Planning Your Digital Estate

Alex Elswick, Nichole Huff | Apr. 7, 2022 (Revised)

With so much vital information stored online, the nature of estate planning has changed. Although you may still have many important documents in paper format, it is likely that much of your financial documents are digitized. It may seem obvious that important digital information such as online bank accounts should be addressed in estate planning, but other kinds of digital assets such as social media accounts, text messages, or even pictures stored in the cloud may have sentimental value for your loved ones. Email accounts and online retail accounts may house critical personal information that you may wish securely kept. Unfortunately, planning for these kinds of assets is typically neglected by individuals and their advisors. In order to ensure the safety and security of this kind of digital information, you will want to create a digital estate plan.

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FCS5-422: Estate Planning Part 2: Your Records and Personal Information

Nichole Huff | Apr. 7, 2022 (Revised)

Before you see an estate planning professional, do your homework. It will save you time and money if you prepare your legal documents ahead of time, and when your estate is settled. Take time now to put your estate planning information together in three-ring notebooks or folders. Clearly label everything, and let your family or executor know where to find the information at the time of your death. Keeping this information together will also make it easier for you to review it on a regular basis.

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FCS5-425: Estate Planning Part 5: Wills and Probate in Kentucky

Nichole Huff | Apr. 7, 2022 (Revised)

Unless you have made other provisions, such as a trust, your will is the way to make certain that your property is transferred or disposed of according to your wishes. Your will is also the document that allows you to designate who will be responsible for seeing that your wishes are carried out. This person is known as the executor of your estate. If you fail to make a will or some other legal document for the transfer of your property, Kentucky law will determine how your assets are transferred.

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FCS5-436: Estate Planning Part 9: How to Settle an Estate

Nichole Huff | Apr. 7, 2022 (Revised)

There are only three basic steps to settling an estate. But working on each step requires time and patience. Settling an estate is done in these three steps: 1. File a petition to probate the will and appoint the executor or fiduciary. 2. File an inventory of the estate. 3. Submit a final accounting of the estate's affairs.

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FCS5-428: Estate Planning Part 10: A Glossary of Terms

Nichole Huff | Apr. 7, 2022 (Revised)

A glossary of estate planning terms.

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FCS5-423: Estate Planning Part 3: Selecting Your Team

Nichole Huff | Apr. 7, 2022 (Revised)

Attorneys who specialize in estate planning are the most likely legal professionals to be up-to-date on state and federal laws related to wills, trusts, and taxes. Choose one with estate planning experience to help assure that your plans are carried out correctly. If you are considering establishing a trust, choose an attorney who also has experience in writing trusts.

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FCS5-427: Estate Planning Part 7: Federal and State Estate Taxes

Nichole Huff | Apr. 7, 2022 (Revised)

When a person dies, the value of his or her estate is subject to federal estate taxes. Estate taxes must be paid before the executor can transfer ownership of the property to the heirs. A professional accountant or attorney who specializes in estate planning can help you calculate your potential estate tax.