‘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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What Really Happens in Probate? Part Two

Last week’s article covered admitting a will to probate and getting appointed by the court. Once the personal representative is appointed, what does he or she do? The first step is to go online (during the week as the website ...
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What Really Happens in Probate? Part One

Recent articles have discussed how to use trusts to avoid probate and what happens in Kentucky when you die without a will. It is now time to describe the probate procedure itself. Because probate involves too many steps to cover ...
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What happens in Kentucky if I don’t have a will?

We’ve learned that the Queen of Soul herself, Aretha Franklin, died without a will. For those of you wondering what that means for her family, the answer to that question depends on where she was a resident when she passed ...
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