Genworth 2017 Survey Shows Rising Long-Term Care Costs in Louisville, KY

According to a recent blog post by Krause Financial Services, the results of the Genworth 2017 Cost of Care Survey show that the costs of long-term care continue to rise at alarming rates throughout the country, and especially in Louisville, KY. As Krause reports, “the average cost of a private nursing home room in the United States has increased from $92,376 to $97,455 a year, a 5.5% increase from 2016. This comes to $267 per day, or $8,121 per month.”  Likewise, “the average cost of a semi-private room in a nursing home rose 4.44% from 2016, increasing from $82,128 to $85,775.  Read More →

The Costs of Dementia: For the Patient and the Family

The Costs of Dementia: For the Patient and the Family A recent report from the Alzheimer’s Association states that one in nine Americans age 65 or older currently have Alzheimer’s. With the baby boomer generation aging and people living longer, that number may nearly triple by 2050. Alzheimer’s, of course, is just one cause of dementia.  Mini-strokes (TIAs) are also to blame.  So the number of those with dementia may actually be higher. Caring for someone with dementia is more expensive—and care is often needed longer—than for someone who does not have dementia. Because the cost of care in a Read More →

The First 100 Days and The New Health Care Bill: What They Mean for Seniors, Veterans and the Disabled

The First 100 Days and The New Health Care Bill:  What They Mean for Seniors, Veterans and the Disabled Much has been made of the first 100 days of President Trump’s administration, and of the American Health Care Act (AHCA). This bill was recenlty passed by the House as the first step to repeal and replace the Affordable Care Act (ACA). President Trump’s First 100 Days In his first 100 days in office, President Trump has signed 32 executive orders, 28 memoranda, 34 proclamations and 29 legislative bills passed by Congress, according to A few of those are highlighted Read More →

Problems with Online Legal Services

With technology and the internet playing an increasingly vital role in our everyday lives, many people have begun using services like LegalZoom or other online legal services to help prepare critical estate planning documents such as Wills and Trusts.  People see these services as a cheap alternative to expensive attorneys.  However, these services cannot replace the valuable legal advice and counseling that you get from an experienced estate planning attorney.  Worse, these services can give you a false sense of security.  When you prepare your own Will or Trust with an online service, you think you have taken care of Read More →

Planning for your Digital Assets

What was the name of your first Pet?  What street did you grow up on?  What was your mother’s maiden name?  These are just a few of the security questions that we all have to answer when setting up an account online, like an email account at Google, online banking, and similar online accounts. So here’s another question:  If you were disabled or deceased, would your family be able access your online accounts?  Would they know where to find your user names, passwords and answers to security questions? This is more than an academic question.  Your online accounts can have Read More →

Terminating Trusts under UTC

In my last post, I gave a brief overview of the new Kentucky Uniform Trust Code.  I specifically discussed two new provisions in the law, specifically that trusts no longer have to be registered with the court and that a parent can represent his minor or unborn children concerning a trust. In this post, I will talk about the ability of a court to terminate a trust upon consent of the beneficiaries. KRS 386B.4-110(2) provides that an irrevocable trust may be terminated if all of the beneficiaries consent to the termination and the court determines that continuation of the trust Read More →

Kentucky adopts Uniform Trust Code

Kentucky adopts Uniform Trust Code Kentucky has adopted the Uniform Trust Code as part of its statutory law.  This body of law becomes effective July 15, 2014. As its name implies, this law governs trusts.  Kentucky had statutes concerning trusts, but those statutes were outdated and not very comprehensive.  The Uniform Trust Code is designed to be an updated and much more comprehensive set of laws for how trusts are governed. It is a uniform code in that it is based on a set of statutes recommended by lawyers who serve on a committee that writes suggested laws for the Read More →

What is a Purpose Trust?

Most people are familiar with trusts that are used to make lifetime gifts, commonly referred to as “irrevocable trusts”, or trusts that are used to avoid probate, commonly called “living trusts” or “revocable trusts.” There are many other kinds of trusts, one of which is called a “purpose trust”. A purpose trust is created to carry out a specific non-charitable objective rather than benefiting individuals. For example, if you have a pet that you want to provide for after your death, you may leave money in a “pet trust”. Your pet trust is not for the benefit of individuals and Read More →
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Lowry & Lowry, PLLC
Attorneys and Counselors at Law
4175 Westport Road, Suite 106
Louisville, KY 40207
Phone: (502) 587-7754
Fax: (502) 416-1184