Success StoryEstate Planning



Estate Planning

Author: Amanda Hardy

Planning Unit: Breckinridge County CES

Major Program: Estate Planning

Plan of Work: Building Strong Financial Behaviors

Outcome: Initial Outcome

Regardless of net worth, estate planning is important to protect, and help ensure, your personal and financial goals are realized after death. Unfortunately many people fail to properly plan for transfer of their possessions and property at the time of death.  A properly executed estate plan can reduce family stress, reduce federal and state tax obligations, and allow the estate to be settled in an expedient fashion saving both time and money. Many individuals perceive estate planning as complicated, costly, and unpleasant; thereby, leaving possibly leaving their family, farming operation, or small business at risk. To address this need, the Henderson County Extension Office hosted an Estate Planning workshopEmphasis was on the estate planning process, including steps to develop an estate plan, establishing goals for an estate plan, specific estate planning tools (Power of Attorney, Trusts, and Wills), the probate process, insurance, funeral planning and gift and estate tax laws.  At least 25 consumers participated in the workshops.  Participants were surveyed following the classes.  Statistically significant mean increases in knowledge were reported on three knowledge areas measured: 1. How to manage/address current estate planning issues facing my family, farming operation, or business; 2. Identifying estate planning strategies; and 3. Confidence in handling estate planning or specific financial matters.  Additionally, 100% planned to create at least one specific estate planning goal, in addition to 100planning to implement at least one strategy in regard to estate planning and plan to take action toward implementing at least one estate planning strategy as a result of participating in the program. One participant stated, “We have a will but our executor died. Through this class I realize the will we had was not what we needed.” Another said, “I will take action within the month to get more organized and begin communication.”   

 

 






Stories by Amanda Hardy


Healthy Cooking Classes

about 4 years ago by Amanda Hardy

Healthy Cooking participants do hands on cooking, get to meet and talk to others about cooking, lear... Read More


Estate Planning

about 4 years ago by Amanda Hardy

Regardless of net worth, estate planning is important to protect, and help ensure, your personal and... Read More


Stories by Breckinridge County CES


It Takes All of US

about 4 years ago by Carol Hinton

According to the USDA, Kentucky has the 4th largest number of farms in the United States with 55% of... Read More


Grow It, Wear It, Eat It

about 4 years ago by Carol Hinton

According to the USDA, Kentucky has the 4th largest number of farms in the United States with 55% of... Read More


Stories by Estate Planning


Estate Planning

about 4 years ago by Jane Proctor

During a persons lifetime, resources and assets are accumulated. Many people fail to make plans to t... Read More


Achieving Estate Planning Goals

about 4 years ago by Linda Brown-Price

In Kenton County with a population of 166,051 with 14.1% over 65 years of age, many are beginning th... Read More