July 30, 2025 – Richmond, KY – Elder Law Guidance, The Elder Law Practice of Scott E. Collins, PLLC, is excited to announce a new chapter in the firm’s journey. As part of our continued growth and commitment to better serving our clients, we will be officially closing our Harper Square office at 2130 Lexington…
Shield your assets, secure your future: trusted Medicaid protection solutions. Understanding Medicaid Asset Protection Trusts: Secure Your Assets While Qualifying for Benefits Planning for long-term care can feel overwhelming, especially when you want to safeguard the assets you have spent a lifetime building and at the same time qualify for Medicaid. At Elder Law Guidance, we…
Asset Protection and Elder Law Long-term care costs have risen sharply in recent years, making asset protection an urgent concern for many families. Without a plan, you risk depleting a lifetime of savings on care expenses, leaving little for yourself, your spouse, or your heirs. While the high costs of long-term care may seem unavoidable, strategic options…
Understanding the Importance of Asset Protection Protecting your parents’ assets from nursing home costs is a significant concern for many families, involving both financial and emotional considerations that can shape your family’s future. Nursing home care can be extremely expensive. Without proper planning, these costs may quickly drain a lifetime of savings, leaving your parents…
What Is an Inherited IRA? An inherited IRA is a retirement account that a beneficiary receives after the original account holder passes away. These accounts allow the beneficiary to continue benefiting from tax-deferred or tax-free growth, depending on whether the original account was a traditional or Roth IRA. However, inherited IRAs are subject to specific withdrawal rules…
What Is Survivorship in Kentucky? Survivorship is a legal concept that determines how jointly owned assets are passed on when one owner dies. In Kentucky, if property is held with a right of survivorship, the surviving co-owner automatically inherits the deceased owner’s share without going through probate. This can significantly simplify the transfer of ownership, reduce…
A special needs trust refers to a legal tool that allows a person with a disability to keep assets in a trust while still qualifying for needs-based government benefits like Medicaid. This type of trust is designed to hold money or property for the benefit of a disabled person without counting those assets against eligibility…
When someone dies without a will in Kentucky, their estate is handled through a legal process called “intestate succession.” This means the state’s laws decide who receives the person’s property, including money, real estate, and personal belongings. Kentucky also has specific inheritance tax rules that apply in these situations, depending on the relationship between the…
The Kentucky Homestead Exemption is a property tax benefit for homeowners 65 years of age or older or permanently disabled. This exemption reduces the taxable value of a qualifying homeowner’s primary residence, lowering the property taxes they owe each year. Managing a fixed income and dealing with rising costs can be challenging as people age. The homestead…
Securing Your Family’s Future with a Trust Trusts play a crucial role in estate planning, providing a structured way to manage and protect assets both during and after a person’s lifetime. Whether designed for asset protection, minimizing estate taxes, or ensuring financial security for beneficiaries, a properly funded trust ensures that wealth is passed down according…