March 2010

Kentucky Legislative Update: HB 188 Passes Senate; Awaits Governor’s Signature

In welcome news for the Kentucky T&E Community, HB 188 passed the Senate unanimously yesterday.  (Status update here.)  KYEstates encourages Governor Beshear to sign the bill.  We’re on the verge of some welcome improvements to Kentucky’s probate laws.  (Thanks to Jim Worthington for alerting KYEstates to this good news.)  For detailed coverage of HB 188′s [...]

More→

Heirloom Stock + Predator Creditors = Family Limited Partnership Win for Taxpayer

KYEstates is pleased to share welcome news of a taxpayer win in Estate of Black v. Comm’r, 133 T.C. No. 15 (Dec. 14, 2009). Black involved (you guessed it) a family limited partnership, and prominently features all four Big Themes of estate planning: favored and disfavored Family members, really large amounts of Money, and correspondingly [...]

More→

Is the recession ending in Louisville?

KYEstates readers – you may find this Business First summary of the Fed’s most recent “Beige Book” interesting.  Although the detailed report contains mixed signals, overall, it does suggest that as we exit an unusually cold and snowy winter, we may also be starting to exit our Winter of Discontent, the Great Recession.

More→

An Early Springtime In Frankfort: HB 188 Advances in Kentucky Senate

KYEstate$ has previously reported on HB 188.  In an important development in Frankfort on March 4, HB 188 was reported favorably by the Kentucky Senate’s Judiciary Committee.  The bill has been placed on the Senate’s consent calendar, and prospects for its passage look reasonably positive.  The bill’s status report is here. Representative Tom Kerr was [...]

More→

Creditor Protection for Inherited IRAs

Asset protection sometimes involves aggressive strategies and exotic offshore locations (or more mundane domestic locations, like Delaware).  Don’t forget, however, that some of the very best asset protection involves a very ordinary account: the IRA. In re Nessa, 105 A.F.T.R.2d 2010-609 (Jan. 11, 2010), held that inherited section 408 IRAs transferred to another trustee remain retirement funds [...]

More→

Final Section 2053 Regulations (T.D. 9468): Save Ferris!

KYEstate$ readers are well aware that administration expenses and claims against the estate are deductible from the decedent’s taxable estate under section 2053.  This is economically significant, of course, because when an estate is taxable, the government effectively picks up 45% of the attorneys’ fees or claim. (Ah, yes, the faraway days of December 2009 [...]

More→

Breaking News: E.On Considering Sale of LG&E

KYEstates is an advocate for locally owned, locally headquartered businesses in Kentucky.  Significant news hit the wires this morning: E.On, the German parent of LG&E, is considering selling LG&E and KU.  Potential bidders include Duke Energy, PPL, AEP, and Southern Co.  

More→

Estate Planning for the Virtual World

Joel Schoenmeyer publishes “Death and Taxes – The Blog“, and recently posted on an interesting article in Wired Magazine titled “Managing Your Digital Remains”. To be sure, all entrepreneurs solve problems, but only the really excellent entrepreneurs can grow profitable companies by solving problems you, the potential customer, didn’t realize you had.  In this instance, several start-ups [...]

More→

Nonprofit Directors in T&E Community: Take Note of Incentive Funds

T&E Community – although KYEstate$ focuses on T&E law matters, when we learn information useful to our readers, we will pass it along.  Many KYEstate$ readers serve as directors of nonprofit boards, or work in fundraising or planned giving for nonprofits, and that’s why we think this Business First article will be interesting.  The article [...]

More→

Next Entries →