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Articles Tagged with probate

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

will

Prince performing in concert in Louisville, Kentucky. Photo by Bob Young.

News reports since Prince’s death have indicated he died intestate – which means without a will. It’s hard to imagine someone who had complex dealings with the music world and a sizable fortune not having this very basic legal document.

You’re talking about a guy who changed his name to an unpronounceable symbol in a contract dispute with Warner Brothers (finally settled in 2014) and put out albums under the symbol name – and never seemed to lose credibility or popularity because of it. His cool factor really has nothing to do with legal issues. As a fellow musician, I just stand in awe of anyone who has such a long, productive career and had such a strong fan base that lasted decades.

Think of the legality of changing your name to a symbol and continuing to produce records. It probably gave his business and legal advisors some heartburn. Lawyers were likely involved in many aspects of his musical career, determining usage rights, negotiating record deals, negotiating with booking agents for venues and many, many other things. He had employees certainly and probably more than one business entity. It was a complex life.

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2016.04.12 Rebecca Simpson - resizedWe’re pleased to welcome Rebecca Simpson, who joined our firm as a senior attorney on April 18, 2016. Rebecca was most recently an attorney for Kentucky Legal Aid. She ran for Warren County Family Court Judge in 2014. She will serve as an estate planning attorney, among other roles.

For ELPO, Rebecca will be practicing in estate law, family law and will offer mediation services. Her family law practice will encompass adoption, business valuation, child support, custody issues, divorce, parent relocation and property division, among other services. She will also provide mediation services in family law and estate cases.

Rebecca is a Bowling Green native. She graduated from Western Kentucky University with highest honors and earned a full academic scholarship to Brandeis School of Law at the University of Louisville. After graduating with honors from Brandeis law school, Rebecca began her legal career in Louisville, Kentucky where she focused her practice on family law and enjoyed a thriving private practice.

By Elizabeth J. McKinney, Attorney
English, Lucas, Priest and Owsley, LLP

woman-hand-smartphone-desk-pexelsWhen someone dies, there’s lots to do. It’s not quite as hurried as most think it is, but usually, within a week of the funeral, the heirs are starting the process of handling all of the paperwork that needs to be handled.

You can make this all much easier by getting together a packet of information for the executor of your estate and the attorney and professional advisor who has worked with you in making your estate plans. It’s best to start this process long before you think you need to do so, and to let your friends and family know where the documents are.

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

DeathtoStock_Wired4Most people don’t give much thought to who will be their estate executor. Often, the automatic choice is a spouse or a child. The person chosen is often the person closest to the person creating the will.

But this isn’t always the best strategy. As we know, and you have no doubt seen at some point in your life, emotions run high after a death, and items that were near and dear to the decedent’s heart become prized possessions, and sometimes, those items are worth a lot of money. A prized piece of art may have much more than sentimental value.

The executor of your estate may not be prepared to deal with all of these emotions, and if they’re someone close to you, they may find that they’re processing their own grief while trying to meet the demands of friends and family waiting to receive inherited items or money.

This is why we recommend that those creating a will take a long, hard, objective look at who they choose as the executor of their estate and really examine if the person they’ve chosen is capable of carrying out your wishes without creating long-term problems for your family and friends.

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

wills and trustsMany people believe that if you have a will, that document controls who receives every asset you own. But that’s not necessarily true. A will or other similar documents, such a trust, can dictate who gets most assets, but beneficiary designations for certain assets, such as 401(k)s and life insurance, as well as transfer on death or payable on death designations on bank or brokerage accounts, supersede that. Those accounts should be reviewed periodically, but particularly after a major life change such as a death or a divorce.

For example, if you change your will to indicate your new spouse should receive your assets after your death, as you probably should, but you didn’t change the beneficiary for your Individual Retirement Account (IRA), your ex could end up with the proceeds of that account, much to the surprise of your new spouse.  Most people set up those accounts and never revisit the information attached to it, which is where problems come in.

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Elizabeth McKinney

Attorney Beth McKinney at ELPO’s offices in Bowling Green, Kentucky.

Local attorney Elizabeth McKinney joined our firm on September 1 as a partner and attorney. She will work primarily in the areas of estate, probate, wills and taxation. We’re thrilled to have her on our team.

Beth has been an attorney for 20 years. She is also a licensed Certified Public Accountant, working as an accountant prior to her career in law.

Besides estate planning, wills, probate and taxation, Beth will work with business clients, such as corporations, limited liability companies and partnerships on a variety of business and corporate issues. She has advised numerous new business owners with respect to the choice of the entity formed for new businesses. In addition, she has represented business owners in the transition and continuation of closely held businesses in the preparation of asset purchase agreements, buy-sell agreements, shareholder or stock restriction agreements and other business succession planning matters.

Before coming to ELPO, Beth had her own solo law practice, but decided she wanted to come back to a law firm environment. “There are very experienced staff here and terrific attorneys,” Beth says. “This is where I want to spend the rest of my career.”

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marital status estateBy Nathan Vinson, Attorney

English, Lucas, Priest & Owsley, LLP

Facebook has a neat little box that you can check to indicate your relationship status. There are some options that are clear cut – or at least seem to be: married, divorced, single. There’s another option that’s becoming more popular as of late called “it’s complicated.” It’s a handy box to check when life is messy.

Unfortunately, though, there’s no “it’s complicated” box to check in legal documents. In the eyes of the law, you’re either single, legally separated or married. There’s no in-between for marital status.

The lives of Luther and Shirley Mills definitely fell under the “it’s complicated” category, and the Kentucky Court of Appeals recently ruled on whether or not the couple was legally married at the time of Luther’s death. At stake was Luther’s estate.

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

just married photoAs early as 2000, states began grappling with the issue of same sex marriage. Some states allowed unions. Some allowed marriage. Some didn’t allow either. Now, with the U.S. Supreme Court’s decision in Obergefell v. Hodges, all states must allow and recognize same sex marriages. So moving forward, what happens at tax time if you’re married in one state but live in a state that previously didn’t recognize same sex marriages?

The American Bar Association offered an online Continuing Legal Education seminar by attorneys Patricia Cain and George Karibjanian recently to help tax attorneys sort through some of the more difficult legal issues surrounding same sex marriage.

It’s been a mess, frankly, for same sex couples.

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