Readers, thank you for your patience. A tax season full of 1065s, 1041s, and 709s reduced posting frequency at KYEstates during the last two weeks. But we have been hard at work on something really good, something we hope will be quite useful. We’re proud to present our KYEstates Florida v. Kentucky residency planning chart. The chart allows advisors and clients to quickly compare and contrast key differences in creditor protection and taxes between the two states.
While Florida generally offers excellent creditor protection due to the homestead protections in its state constitution, it’s also interesting to note the protections available to Kentucky debtors under section 522(d) of the Bankruptcy Code (because Kentucky is an “opt-in” state). On the issue of taxes, however, it’s not even close (with the possible exception of property taxes). At least we know people choosing to live in Kentucky aren’t doing it for the money!
Congratulations to the entire T&E Community, particularly our accountant friends, on making it through a busy tax filing season! For readers taking a rest, enjoy it, and for those who aren’t, best wishes catching up on all the work that you set aside during the run-up to April 15.