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May 2019 Archives

Kentucky Inheritance Tax: Planning and Paying

Beneficiaries of a will in Kentucky may be subject to the Kentucky inheritance tax. The inheritance tax is different from an estate tax--which was repealed in Kentucky in 2002--because it is paid by the beneficiaries rather than the estate. Whether a tax comes out of an estate or a legacy, however, most people making wills would prefer to avoid taxes on inheritance if at all possible. Only six states in the country impose an inheritance tax, and each state's tax is different. The taxes can be significant, and inheritance tax rates in Kentucky vary depending on the beneficiary and the amount of the bequest. Estate planning involving Kentucky property and Kentucky residents should be handled by an experienced Kentucky probate attorney to minimize or avoid taxes on inheritance.

Establishing or Changing an Irrevocable Trust in Kentucky

Trusts are an important tool in estate planning. While the concept of a trust has existed since ancient times, the governance of these agreements is ever-changing. Establishing an irrevocable trust in Kentucky can help you manage and distribute your property and wealth in a way that reduces tax burdens and assures the security of the assets you have worked hard to accumulate over your lifetime.

IRAs and Estate Planning: Using IRAs to Reach Specific Goals

Many factors affect how an Individual Retirement Account (IRA) fits into an estate plan. The rules for implementing a qualified IRA can be complicated, and while the tax consequences can be beneficial, they can also be serious if the account is not implemented correctly. In order to discover how to put IRAs and estate planning together, you will need to look broadly at your income, assets, and your retirement goals, and then work with a qualified estate planning attorney who knows your situation and your goals.

WV Right to Work Law Debate Extended Indefinitely

The Supreme Court of Appeals of West Virginia (WV) has granted a motion to stay the February 2019 ruling of a Kanawha County judge that found portions of the WV right to work law unconstitutional. The court's order did not include an opinion on the matter but extends the stay indefinitely. Therefore, WV remains a right to work state pending further proceedings.

West Virginia Opportunity Zones: Investment Opportunities Benefiting the Mountain State

One of the most innovative provisions of the Tax Cuts and Jobs Act (Public Law 115-97) is the creation of Qualified Opportunity Zones (Opportunity Zones or QOZ) and Qualified Opportunity Zone Funds (Opportunity Zone Funds or QOF) in all 50 states. Together, the Opportunity Zones and Opportunity Zone Funds function to encourage economic development and create jobs in distressed areas, both in rural and low-income urban communities. West Virginia Opportunity Zones and Opportunity Zone Funds provide tax advantages based on investment in the economic development of designated areas in the Mountain State.

International Estate Planning Issues Impact Families in the US and Abroad

As we often read or hear on the news, our world is ever-shrinking, and more of us are becoming global citizens every day. One of the areas that this impacts is wealth transfer planning. International estate planning issues can be complex an involve laws in the US and abroad on international estate planning at various levels of government. An experienced international estate planning attorney can help you navigate these challenges and more.

Avoiding WV Employment Discrimination Extends Beyond #MeToo

The #MeToo Movement has certainly grabbed its share of headlines, but sexual harassment is not the only form of workplace discrimination that employers must address. Being conscientious of all protected classes is critical to operating a workplace where employees are treated fairly and avoiding potential discrimination claims. There are a number of proactive steps that employers, large and small, can take to create positive, non-discriminatory work environments for all employees.
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