Recent Developments – State Law

One Small Latin Phrase Can Turn Your Heirs Into Mad Men (and Women)

Mad Men Season 4 has ended, and we’re all trying to evaluate whether or not Megan is a good idea. That’s the truly significant question, but it’s a long time until Season 5 begins, which means that the T&E Community needs to get back to business as usual, even on a Sunday night like this [...]

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Your Single-Member LLC: Not A Mighty Fortress

The tar balls are hitting Florida’s beaches, but the state’s courts aren’t yet clogged with oil spill litigation.  With some time on its hands, the Florida Supreme Court is still able to issue advisory opinions, including its June 24 decision in Olmstead v. Federal Trade Commission, 2010 WL 2518106 (Fla. 2010).  Olmstead may not be as important [...]

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In re Woods – a Cautionary Tale for Kentucky Lenders

Although litigation is society’s mirror, it’s a mirror that reflects only with a certain lag time. Now that we are three years into the housing bust, and over two years into the Great Recession, the published case law is finally beginning to suggest that yes, we have had a credit crisis. That’s not surprising. Today’s [...]

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A Hurricane May Hit This House in the Keys, But Creditors Won’t…

KYEstates often dicusses asset protection developments, and we’re pleased to share a really fascinating Florida decision, Miller v. Kresser, — So.3d —, 2010 WL1779899 (Fla. 4th DCA 2010). Juan Antunez broke the news that this is surely a season of May flowers for asset protection planning. There won’t often be victories for pure judicial formalism [...]

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Creditor Protection Denied for Florida Debtor’s Inherited IRA

KYEstates has been following issues of creditor protection for inherited IRAs closely (see here and here), and we haven’t hidden the fact that on this issue, we’re biased in favor of the debtor. Before today, our series was tied at Debtor 1, Creditor 1. With today’s report, the score regrettably changes to Debtor 1, Creditor [...]

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Choice of Residency – Kentucky Home or Sunshine State?

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. [...]

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KYEstates Announces The “Glom On” Prizewinner; Kentucky Enacts UPMIFA

KYEstates issued a high-stakes challenge here in our discussion of the taxpayer FLP win in Estate of Petter v. Comm’r, T.C. Memo. 2009-280, 2009 WL 4598137 (U.S. Tax Ct. 2009).  We said: Count not your day a loss: you have now read the phrase glommed onto in a Federal court’s opinion.  Find that phrase in another [...]

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A Big News Day: Section 7520 Rate Stays Put, 10 Year GRAT Legislation, Gov. Beshear Signs HB 188!

KYEstates readers – this was a big day in the world of T&E.  Perhaps not epochal, but at least big. 1) Good news for procrastinators: although interest rates may be headed up, for April, AFRs are virtually unchanged from March levels, and the section 7520 rate has not budged.  For details, see Rev. Rul. 2010-11 [...]

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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 [...]

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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 [...]

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