Showing 2 posts in Estates, Trusts & Wills.
Tax reform in 2017 increased the exemption against the federal estate tax from about $5,600,000 to about $11,200,000 for each individual ($22,400,000 in the case of a married couple) from now through 2025. This means that there are far fewer families with wealth subject to estate taxation. Read More ›
On April 7, 2014, Governor Beshear signed into law HB 78, which caused Kentucky to join 27 other states and the District of Columbia in the adoption of the Uniform Trust Code (UTC). Kentucky's adoption of the UTC makes the rules related to trust administration more similar to those in surrounding states (e.g., Ohio, Tennessee, West Virginia and Indiana, which have adopted various portions of the UTC in recent years), and it represents a substantial change to the trust law in Kentucky. In general, the UTC, among other things, (i) contains specific in-court and out-of-court procedures for terminating/modifying outdated or inflexible irrevocable trusts, (ii) more specifically defines the respective rights and duties of trustees and beneficiaries, (iii) provides statutory authority for the principles of virtual representation, and (iv) provides an extensive list of definitions applicable to the new Chapter 386B of the Kentucky Revised Statutes. Read More ›
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J. Christopher Coffman is a member of FBT focused on civil and criminal tax controversies. He has experience representing clients subject to IRS audits and federal criminal investigations before local and state taxing authorities and the U.S. Tax Court.