February 2010

Kentucky 2010 Legislative Update 2 – HB 188 Offers Many Improvements to Kentucky’s Probate and Trust Laws

HB 188 passed the Kentucky House unanimously on January 21, and was referred to the Kentucky Senate Judiciary Committee on January 25.  The full text of HB 188, along with the report on the bill’s status, is available here.  HB 188 contains many improvements to Kentucky’s probate and trust laws, including:

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Welcome Readers of Wills, Trusts & Estates Prof Blog!

What a great day for KYEstate$!  Prof. Gerry Beyer has kindly written a post on his leading T&E blog to introduce KYEstate$ to the T&E Community nationwide.  We so appreciate visits from readers outside the Commonwealth.  Please come back often, and share your comments, feedback, and ideas.  WT&E Prof Blog readers – if you’re ever [...]

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Kentucky 2010 Legislative Update 1 – UPMIFA

We’re 36 days into the 60-day 2010 Regular Session of the Kentucky Legislature that began on January 5.  (For the legislative calendar, click here.) It’s a good time for KYEstate$ to begin reporting on the status of some of the bills that are relevant to our readers. After failing to pass both houses in the [...]

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Vermont Author's Heirs Snarled In Estate Battle

 At the The Wills, Trusts & Estate Prof Blog, Gerry W. Beyer recently wrote an interesting post on the fiduciary litigation in the estate of the beloved late children’s author and illustrator, Tasha Tudor.  KYEstate$ readers who read to their children, or who were read to as children, may recall some of her titles, including [...]

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Letter Ruling Provides Guidance on Inherited IRAs

KYEstates brings you PLR 200945011 (Nov. 6, 2009), a Letter Ruling that KYEstates can’t quite bring itself to really love, even though Natalie Choate surely does.  The Letter Ruling has both good news and bad news for taxpayers.  First, the good news: under the facts of the Letter Ruling, lump-sum, immediate income in respect of [...]

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Welcome Readers of Ohio Trust & Estate Blog!

Mike Bonasera of The Ohio Trust & Estate Blog graciously wrote a post about KYEstate$ after my telephone conversation with him today.  Mike is a great guy who was really generous with his time, and full of helpful, specific suggestions for making KYEstate$ the best possible resource for the Kentucky T&E Community. 

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Good News (As Far As It Goes) For Self-Settled Asset Protection Trusts

PLR 200944002 (Oct. 30, 2009) is an interesting development at the intersection of estate planning and asset protection planning.  The widely accepted back story to the Letter Ruling is that it relates to Alaska asset protection trusts, a topic dear to the hearts of renowned T&E leader Jonathan Blattmachr and his brother Doug, who just [...]

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Scylla and Charybdis: Valuation Discounts and Present Interests

The Petter case recently analyzed by KYEstate$ noted that valuation discounts are “a major goal . . . of contemporary estate planning” because they often “create the possibility of a more taxpayer-friendly valuation.” Petter cautioned, however, that valuation discounts are “often a major problem.”  It’s not surprising that the IRS would see valuation discounts as [...]

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Red Ink Families in a Red Ink Nation

You never know what will happen when the mainstream press tries to cover estate planning.  Sometimes, good intentions go astray.  Other times, many column inches provide relatively little insight.  Once in a while, something useful is shared with the general public.  KYEstate$ isn’t sure what to make of this New York Times article from February 18: [...]

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"Glom On" To This Good News About Defined Value Clauses and IDGT Sales

KYEstates strives to provide fair and balanced commentary. No, truly, we do. Image: U.S. Tax Court Website So, when we are biased, we’ll let you know. Please be advised that KYEstates is biased in favor of the taxpayer. For that reason, KYEstates is happy to report on the facts, arguments, and taxpayer victory in Estate of [...]

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