What to do with Mom’s China?

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

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 ...
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Giving Gifts to Charity

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 ...
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‘Tis the Season: Giving Gifts

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 ...
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Domestic Asset Protection Trusts

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 ...
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Some Types of Irrevocable Trusts

Last week’s post discussed the differences between revocable and irrevocable trusts. This week, we turn our attention to types of irrevocable trusts. There are too many to describe here but some of the most popular follow:
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What’s the Difference between Revocable and Irrevocable Trusts?

The simplest way to explain the difference is that a revocable trust is one you can change and an irrevocable trust is one you can’t change. To be more precise, an irrevocable trust is one you can’t change easily. In ...
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Cybersecurity: Is Client Data Safe?

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

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 ...
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What Really Happens in Probate? Part Three

The preceding two articles talked about getting appointed by the probate court and marshalling the estate assets and paying creditors’ claims. This article will discuss paying taxes, paying the beneficiaries, and closing the estate. Estates must pay income taxes if ...
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