Kentucky Estates: articles on asset protection planning and issues
A decade ago, when the estate tax exemption was much lower, the irrevocable life insurance trust (or “ILIT”) was a component of many (or even most) tax-aware estate plans. It was common for physicians, attorneys, architects, engineers, and corporate executives to have insurance trusts, without necessarily knowing why that was so. Reassured by their attorneys […]
Willie Sutton is famous for allegedly answering a question about why he robbed banks with the brilliant retort: “Because that’s where the money is.” We can’t help but think of Sutton when we consider how commonly older, richer people become targets for economic exploitation. Potential exploiters are many: domestic help, caregivers, economically dependent children, profligate […]
For retired persons or couples with less than $1.5 million to $2 million in wealth, potential long term care costs are one of the greatest risks they face. Long term care costs can deplete parents’ assets, and also substantially reduce the eventual inheritances of adult children. Let’s consider these issues with a case study featuring […]
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 […]
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 […]
KYEstates’ prior retirement planning coverage has explored options for a $6 million asset base. With this post, we’re pleased to make our coverage applicable to a wider audience, and encourage readers not to worry quite as much about their own situations, even if they see this post on a bad day for the stock market. […]
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 […]
Regular readers know that KYEstates takes a keen interest in the cat-and-mouse game of asset protection. Before moving to Kentucky, your publisher lived in Massachusetts, and is, accordingly, a Red Sox fan. This was back in the Bill Buckner era, when being a Red Sox fan was an exercise in persistence, not success. So, your publisher […]
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 […]
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 help your Florida residency planning with our Florida v. Kentucky residency […]
As previously discussed in this post, KYEstates strives to provide fair and balanced coverage, so when we are biased, we will let you know. To that end, we previously warned readers that we are biased in favor of the taxpayer. (Apparently, when we made this (not-so-shocking) disclosure, the IRS noticed, because shortly afterwards we started […]