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 […]
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.
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 […]
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 […]
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 […]
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.
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 […]
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:
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 […]
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 […]
Mike Bonasera of The Ohio Trust & Estate Blog graciously wrote a post about KYEstates 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 KYEstates the best possible resource for the Kentucky T&E Community.
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 […]