What to do with Mom’s China?

Written by Jim Worthington on December 16, 2018

Most wills have special provisions covering what estate and trust lawyers call tangible personal property. The best way to describe it is that it includes anything that is not permanently affixed to real estate and that can be touched. This isn’t a precise legal…Read More

Recent IRS Announcements: Inflation-Adjustments, Trust Deductions, and Anti-Clawback Proposed Regulations

Written by Jim Worthington on December 1, 2018

The IRS has recently issued three significant updates. They include a Revenue Procedure, a Notice, and Proposed Regulations.

The first, Rev. Proc. 2018-57, released Nov. 15, 2018, provides the inflation-adjusted numbers for various tax exemptions, limits, etc. Four major ones for trusts and estates matters include:

Giving Gifts to Charity

Written by Jim Worthington on November 18, 2018

Last week’s post discussed gift-giving in general with a promise to look more closely at gifts to charity. Gifts to charity aren’t governed by the gift tax rules but by the income tax rules. Essentially, giving to charity is deemed so socially valuable that Congress encourages it by allowing…Read More

‘Tis the Season: Giving Gifts

Written by Jim Worthington on November 11, 2018

As the year-end holidays approach, many of us are thinking about giving gifts to our family, friends, charities, and even our employees. Tax law has rules that affect this generosity.

In the tax law, a gift is marked by “detached and disinterested generosity.” The person who makes the gift,…Read More

Domestic Asset Protection Trusts

Written by Jim Worthington on November 7, 2018

DAPTs are trusts established under the laws of a state such as Delaware, Nevada, South Dakota, Tennessee, Ohio, or Alaska that allows self-settled spendthrift trusts. Historically, one could not protect one’s own assets from one’s own creditors by transferring them to a trust. Over the past 20 years, however, a number…Read More

Cybersecurity: Is Client Data Safe?

Written by Jim Worthington on October 14, 2018

October is National Cybersecurity Awareness Month and lawyers should be paying attention to the need to protect their clients’ data. In fact, the Kentucky Bar Association released Ethics Op. E-446 on July 20, 2018, affirming the lawyer’s ethical duty to do so. This opinion follows American Bar Association Formal…Read More

How often should I review my will and the rest of my estate plan?

Written by Jim Worthington on September 30, 2018

Clients often ask how frequently they should review their estate planning documents. The answer varies. One should review them after any major events in a family’s life, such as a birth, marriage, change of employment, retirement, divorce, or death.

After the birth of a child, it is very important to nominate…Read More