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By Nathan Vinson, Partner

English, Lucas, Priest and Owsley, LLP

If you aren’t paying Kentucky sales tax on items you buy online, you will be soon – and you have the great state of South Dakota to thank for it.

By Nathan Vinson, Partner

English, Lucas, Priest and Owsley LLP

Tax law changes in 2018 were huge at both the state and national level. For this blog post, we’re parsing through the changes to the law that require sales tax to be collected on some services and “luxuries,” which was not required in the past.

By Elizabeth McKinney, Partner
English, Lucas, Priest and Owsley, LLP

paperwork-with-pen-300x225After you’ve completed your divorce, chances are, you want nothing to do with any more legal documents, courts or attorneys. It’s understandable. It’s a big process that can take a lot of time, and many find it to be exhausting.

But you do have one more step to do as soon as your divorce is complete: change your will. I cannot stress enough how crucial this is – and how much it needs to be attended to right away.

Most people create a will around the time their first child is born as a way of ensuring that their child’s welfare and their assets are protected. Typically, each spouse will leave everything to the other spouse. If you die, and your will is still in place from a time before you divorced, it will still be in force. Your ex will receive all of your assets. When a divorce becomes final, Kentucky law does automatically revoke the provisions of a will which provide for a distribution to a spouse, or appointment of the spouse as executor, trustee, or other fiduciary appointments.  Nevertheless, it is important to update your will after a divorce to designate who receives your assets, who serves as executor, etc. in place of the former spouse.

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By Sarah Jarboe, Partner
English, Lucas, Priest and Owsley LLP

lead paintLast month, news outlets reported that HGTV stars Chip and Joanna Gaines’ company would pay a $40,000 fine for violating the Toxic Substances Control Act (TSCA) Lead Renovation, Repair and Painting Rule (“RRP Rule”) on work sites. The fines are a result of an Environmental Protection Agency (“EPA”) review of the HGTV show, Fixer Upper, which showed workers on their renovation sites violating EPA regulations.

Magnolia Homes, the Gaines’ company, took immediate steps to rectify problems when first contacted by the EPA in 2015, the EPA said in a statement. Beyond the $40,000 fine, Magnolia Homes will spend $160,000 to abate lead paint in homes in Waco, Texas, where the couple and Magnolia Homes are based.

This large expenditure could have been avoided with good legal advice and sound work practices.

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By Heather Coleman, Attorney

English, Lucas, Priest & Owsley, LLP

Sweet summertime.  The sun shines bright, schools are out, and with no better time for a vacation, the roads and airports are jam-packed with travelers.  Whether scheduling a beach trip, a lake outing, or a mountain getaway, careful planning is necessary to nab the best spot to unwind from the stresses of everyday life.

Editor’s note: This is the second of two blog posts exploring probate: what it is, how it works and what Kentucky law has to say about this process. You can read the first in the series here.

By Leah Morrison, Attorney
English, Lucas, Priest and Owsley, LLP

Leah Morrison

Leah Morrison, attorney

Probate is one of those things that people universally dismiss as an unduly burdensome process. In fact, many clients tell me they need a will or estate plan so that they can avoid probate.

Outside of the small estate scenario that we explored in the first blog post, Kentucky law provides additional mechanisms for avoiding probate. Not everyone has a Will. Perhaps most often people do not want to write one because they don’t want to think about dying, or they plan to write one and simply put it off. Some purposefully choose intestacy. Even without any planning not all assets owned by the decedent are subject to the probate process. Probate assets include everything the decedent owned in his or her individual name.

These can include:

  • bank accounts;
  • brokerage accounts;
  • real estate held in the decedent’s individual name or in a tenancy in common;
  • vehicles;
  • furniture;
  • jewelry; and
  • an interest in a partnership, corporation, or limited liability company.

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By Rebecca Simpson, Partner
English, Lucas, Priest and Owsley, LLP

Rebecca Simpson

Rebecca Simpson

Another school year has nearly come to a close, and kids are eager for the fun and freedom of summer.

For parents, however, balancing work, camps, childcare and vacation can prove complicated and stressful. These complications and stresses weigh particularly heavy upon parents who are separated or divorced. Coordinating schedules can create tension and conflict, making summer planning an enormous challenge.

While every family situation is unique, and no simple solutions exist to resolve all of the complications that can accompany raising children in separate homes, these “Six Rules of Summer” offer guidance regarding issues that commonly arise during summer co-parenting.

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By Leah Morrison, Attorney
English, Lucas, Priest and Owsley, LLP

Leah Morrison

Leah Morrison, attorney

One of the most frequent reasons clients tell me they want to create a will, trust, or other estate documents is to avoid probate. People have come to see probate as an unduly burdensome process that can cost a lot of money and time, but in Kentucky, it’s not as bad as you might fear.

Before we delve into it, let’s take a moment to review what probate is. Probate is the legal process by which the financial affairs of a deceased person are concluded. It is a court supervised process in which assets are accumulated and distributed in accordance with the decedent’s will or pursuant to the statutory plan of descent, and debts are gathered for payment. Although, in Kentucky, the supervision provided by the court is often times very minimal.

While Kentucky’s probate laws are sufficient to ensure the deceased person’s assets are properly managed and distributed to the appropriate person, the requirements of the probate process are minimal enough that most people navigate it smoothly without incident.

The one thing, though, to know is that probate does make your will public. Your will becomes a public document that is recorded in the court system, and is available to anyone who wishes to view it.

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By Heather Coleman Brooks
Attorney, English, Lucas, Priest and Owsley, LLP

Heather Coleman Brooks

Heather Coleman Brooks

Death and taxes. Both inevitable, both made easier when a plan is in place. You deal with your taxes annually, but how often do you consider whether you have made the proper plans for your estate?

If you do not have substantial assets, you may be wondering if it is really necessary for you to have a will. To decide if it is right for you, consider what happens if you fail to make a plan.

In Kentucky, if you die without a will, your assets will pass according to the laws of intestacy. The courts will divide your assets among your heirs according to the priorities directed by Kentucky statutes. Sometimes, this has unintended consequences.

 

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By Nathan Vinson, Attorney and Partner
English, Lucas, Priest and Owsley, LLP

estate planWe’ve had lots and lots of questions about the new tax law passed by Congress and signed into law by President Donald Trump in late 2017. It is a large, complicated and sweeping bill that the average person may have some trouble deciphering, which is understandable. We wanted to tackle here what we see as one of the major benefits for those planning their estates: doubling the exemption for estate taxes.

If you’re looking to a solid guide to all of the tax law changes, read The Motley Fool’s take on it here.

In 2011, this base was set at $5 million, and it was indexed for inflation, meaning that you could leave up to $5 million (plus the adjustment for inflation) to your heirs and your estate would pay no estate tax. For tax year 2017, that amount was $5.49 million once adjusted for inflation.

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