Frequently Asked Questions
Do you know what to do when you have a car wreck?
- Call the police if it more than a small dent or scratch.
- Wait for the police.
- Exchange information and make sure driver matches up with the owner.
- Get contact information of witnesses.
- Best to say nothing about accident.
- Tell police what happened.
- Get the name of the officer.
- Make notes and take pictures.
- Get medical attention if needed.
- Get the police report and call your lawyer.
- Follow up for medical care.
- Keep a diary of your injuries and follow up photographs.
- Get copies of all of your medical records and bills.
- Call Neal & Davis, PLLC at 502.633.6002 if you have been injured.
Why do you need a will?
The answer is to direct the assets of your estate. Not only can you designate your heirs but you can also make specific directions as to whom you want to inherit your property. There are also tax savings measures you can do in planning your estate.
What is a revocable living trust?
A trust established during the lifetime of the settler (the maker of the trust). The settler retains the right to income and principal and the trust can be amended or revoked prior to death. At death the trust assets are distributed as provided in the trust agreement. If the trust is properly drafted and funded, delays can be avoided, privacy is insured, probate may be avoided, and ancillary administration may be avoided. Many people are under the wrong impression that the trust avoids all taxes, etc. This is a myth. Although, helpful in some estate plans, the revocable living trust is not suitable for all. Call Neal & Davis, PLLC at 502-633-6002 for an appointment to discuss your estate plan.
What is a contingency fee?
A contingency fee is one in which you pay a percentage of the gross amount recovered in damages for you. The most common use of this fee is in personal injury and wrongful death cases.
Do you charge for an initial consultation?
It depends on the case. Many times we receive phone calls from clients who want answers to complex legal questions. We ask them to schedule an appointment so that we can adequately evaluate their legal position. Usually, initial consultations regarding personal injury and wrongful death require no charge and the cases are handled on a contingency basis. If we are asked to review contracts, do research on a particular matter, or evaluate a legal position, there is a charge for the consultation. We rarely give out information over the phone as we cannot get the full information we need in a one-time phone conversation.
Who pays for what in a real estate closing?
In Kentucky, the seller pays for the preparation of the deed, the transfer tax, real estate commission, and sometimes a partial closing fee. The buyer pays for recording fees, title examination, title insurance, preparation of mortgage and loan documents, and a closing fee.
Why do I need title insurance?
Title insurance protects you from claims against your property that may not be revealed by an examination of the public records. Specific riders for environmental concerns and other matters may be purchased. Many lending institutions require title insurance and at a small additional cost you can obtain an owner’s policy. It is a one-time fee.
What is a 1031 exchange?
This is a tax-free exchange of like-kind property, particularly useful in buying and selling real estate. We are proficient in this method and can advise you about this tax benefit. Call Neal & Davis, PLLC at 502-633-6002 for more information.
What is mediation?
Mediation is when a mediator such as a retired judge or another trained in mediation meets with parties in litigation. What is said in the mediation is confidential and may last several hours. The mediator listens to all sides of the issues and meets separately and together with the parties in order to resolve the dispute. Often the expense of litigation can be saved and the case is resolved. Mr. Neal has been certified as a circuit mediator by the Duke University Private Adjudication Center and by the Supreme Court of Florida. Call Mr. Neal for more information at 502-633-6002.