Remembering Our Beloved Colleague

Charlie Triplett — the original name partner in Triplett & Carothers — passed away recently and he will certainly be missed. His contributions to his clients and the legal community were abundant and noteworthy. “I first came to work with Charlie in 2008 and in 2018 we formed an official association to create Triplett &… read more

How To Pick an Executor

An executor is responsible for ensuring your assets are distributed according to your wishes — a responsibility that introduces an element of legal and financial exposure. So choosing an executor is a serious decision. The person you select should have strong skills in at least some, if not all, of the following. The potential executor… read more

Can a Home Equity Loan Pay for College Tuition?

One of the perks of owning a home is building equity, the difference between what you owe on your mortgage and what your home is worth. If your home is worth $340,000 and you owe $200,000 on your mortgage, you’ve built $140,000 in equity. You can borrow against that equity in the form of a… read more

For Members Only: Concierge Medicine

Concierge medicine, also sometimes called boutique medicine, is a health care arrangement whereby the patient pays a board-certified physician a monthly or annual retainer fee for specified services. It used to be available only to wealthy patients, but concierge medicine has become more affordable in recent years. The annual membership costs can run to $10,000… read more

How To Settle a Deceased Person’s Debts

Are you receiving bill after bill following the death of your loved one? If so, it’s important that you understand the rules of posthumous bills as well as your rights when it comes to paying your deceased relative’s debts. Are you responsible for your dead loved one’s debt? According to the law, family members are… read more

No Clothing Deductions — Except for Dinah Shore

Your boss tells all employees they have to wear a blue suit and white shirt to the office every day. Since it’s a requirement, you may believe this is a deductible work expense. But that’s not the case. The IRS would argue that you can wear that blue suit and white shirt when you’re not… read more

Original Medicare or a Medicare Advantage Plan?

If you’re in your mid-60s, you might find yourself contemplating a myriad of important life decisions. From when you should retire to whether or not you should downsize, there are many questions that you need to answer. Another very vital decision that must be made concerns how you will access Medicare. Not only do you… read more

Bourbon Balls Are A Derby Tradition

ON A PERSONAL NOTE … We are gearing up for Derby and that always reminds us to order our favorite bourbon balls.  We love this Southern delicacy from Sweet on You, a bakery specializing in scratch-made, bourbon-infused pound cakes, cupcakes, bourbon chocolate cookies and more. We hope you will enjoy this Derby tradition as much… read more

Harveys: Up To No Gouda

ON A PERSONAL NOTE … At Triplett & Carothers, we are certainly foodies, enjoying all the gastro culture available here in Louisville. We stumbled across Harvey’s Café-Bar-Cheese Shop recently and wanted to share our love of the modern Australian cuisine plus the amazing signature cheese plates and charcuterie boards. We appreciate Harvey’s tagline “Up to… read more

Should You Explore Phased Retirement?

Have you wished for something between full-time work and retirement? Phased retirement programs allow workers nearing retirement age to cut back on hours while keeping some pay and benefits. The pandemic opened bosses to flexible work arrangements. And now, a fierce hiring market and higher-than-expected retirement rates have motivated them to find ways to retain… read more

Examples of Common Email Scams

Most email scams end up involving requests to send money, cash checks, establish business relationships or requests for information. The names and details of these scams change over the years–some of them go back to the 19th century! But they keep coming back. Here are some typical scams; there are many variations. Nigerian Letter This… read more

Are You Ready to Downsize Your Home?

Downsizing to a smaller home — typically when you reach your sunset years — comes with several benefits. The big one? Owning a smaller home can provide financial relief. Your new, smaller home might come with a smaller price tag, which equates to a lower monthly mortgage payment and can help with an estate plan…. read more

What is the Corporate Transparency Act?

The CTA is a law that requires business entities it identifies as reporting companies to disclose certain information about the company and its owners to the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Under the CTA, a reporting company is a corporation, limited liability company (LLC), or other similar entity created by… read more

Caregiving and Retirement Savings

Over three-quarters of the respondents in Fidelity’s 2021 American Caregivers Study understood how difficult taking care of a disabled family member was. They insisted they had no other choice and that the decision was more emotional than practical. Their devotion still takes a toll on their stress levels and own retirement planning, though. At times, they… read more

Get Ready To File in 2024

The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It’s hoped taxpayers will find that the enhancements made by the IRS to the online filing… read more

Payroll Tax Rates and Contribution Limits for 2024

Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4% on the first $168,600. Medicare tax In… read more

How Often Should You Check Credit Reports?

Most mortgage lenders reserve their lowest rates for borrowers with FICO credit scores of 800 or higher. But what if your score is significantly lower? What are some reasons explaining why you are stuck with a FICO score of 620, 660 or 680? The answers can be found in your credit reports. You have three… read more

Volunteering in Retirement

There is no shortage of opportunities for those inclined to provide their time and effort for volunteering. These opportunities exist at every nonprofit organization for both retirees and younger generations. Define opportunities The first step is to work out what motivates you, what you want to do and when you will be available to do… read more

How To Choose Guardians

I say “Choose a guardian for your children,” and your knee-jerk answer is your parents or a very close friend. How about choosing alternates in case your first choice is unable to take on the role? What attributes do you want in a guardian? A married twosome—Seems like a stable arrangement, but divorce happens. Which… read more

Count Basie Orchestra Feb. 5th

ON A PERSONAL NOTE … The Legendary Count Basie Orchestra! Don’t miss this epic event on Monday, February 5th presented by my alma mater, the U of L School of Music. I’ll be there and I wanted to share the event details. “The University of Louisville School of Music proudly presents the 29th annual African… read more

Happy Holidays !

Wishing the happiest of holidays to all of our clients, colleagues and friends  … and a new year of peace, health and joy.

Teaching During Retirement Years

To find meaning in retirement, consider becoming a teacher. This change need not necessarily involve training young people to take exams in a traditional context. The activity can take place in a classroom one-on-one. From kindergarten to high school to college level, from leisure activities and hobbies to sports, all offer opportunities to enrich others’… read more

Start the Family Retirement Conversation

If you have not yet had a serious conversation with your children about your plans and hopes for retirement, you are not alone. According to a survey by GOBankingRates, 73% of over 1,000 respondents had never addressed it with their families. Why not? Money is often a taboo subject. Twenty-two percent felt it was not… read more

IRS Publishes Numbers for 2024

It’s never too early to think about taxes! The IRS has already issued numbers to help you understand what the 2024 tax situation will be like. Below is a summary. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single… read more

The Top Legal Concerns for the Elderly

You may have to make difficult decisions while you still have the mental and physical capacity to deal with financial, legal and health care issues. Personal and health affairs management, estate planning and administration, and long-term care and how to pay for assisted living or nursing home care are needs that must be addressed by… read more

What Are Key Trust Problems?

A trust is an estate planning document that disposes of your assets after your death. Trusts are an effective planning tool for those with detailed plans for their worldly goods. Will your trust achieve the purpose it was created for? Not if you make one of the following errors: Failure to fund. You have to fund… read more

How To Value Items In An Estate

If you’re the executor of an estate, part of your job is to oversee the valuation of assets. Finding out how much the estate is worth and how that value is distributed will determine your approach to probate, the allocation of the assets among the heirs and how much the estate will pay in taxes…. read more

Meet Scott Triplett

Scott became a lawyer in 2008, following in the footsteps of his father, and schooled to think like a lawyer. He is a member of the Kentucky Bar Association and his membership in the Indiana Bar Association is pending. Scott joined Triplett & Carothers in 2016 as a probate attorney after ten years with various… read more

Estate Planning Issues After 65

Your 65th birthday is a landmark date for many, as you plan for your senior years. There’s a lot to think about, and your decisions will be based on your income and savings and on your long-term goals. Below is a summary of the major issues. Sign up for Medicare If you enrolled in Social… read more

Small Businesses May Forgo Retirement Plans

The SECURE Act of 2019, followed by SECURE 2.0 in 2022, was intended to facilitate the implementation of retirement plans for companies of all stripes. A major goal was to reduce administrative burdens, particularly on small businesses, which should especially benefit from the extension of low-cost options and limited contribution matching. However, employees at smaller… read more

Should You Make a Large Home Downpayment?

Depending on the loan type, you can qualify for a mortgage with a downpayment that is as low as 3% of your home’s final purchase price. And for some loans — such as a VA loan or USDA mortgage — you don’t need any downpayment at all. But what if you can afford a larger… read more

Appreciation & Giving to Cardinals Marching Band

It was a great day for appreciation and giving in September when Triplett & Carothers made a donation to the University of Louisville Cardinal Marching Band (CMS). The firm’s ongoing commitment to the CMS holds special meaning for firm founder Roz Carothers who is a lifelong musician and received a degree in music from U… read more

Meet Shelby Bruce, Estate Planning/Probate & Trust Paralegal

Shelby has been a Paralegal with Triplett & Carothers since May 2022. She assists clients in all aspects of trust and estate administration from start to finish. She is known for her unswerving attention to detail in all legal matters. On top of handling probate matters, Shelby also assists Rosalyn Carothers with estate planning. In… read more

Decluttering the Muddle of Multiple Retirement Accounts

Streamlining and consolidating multiple old retirement accounts can help you organize your retirement finances. Most employees move around these days, typically switching jobs 12 times over the course of their careers and spending about four years on average with each employer. It is no wonder that some of them amass a jumble of retirement accounts,… read more

Appraising the Situation: Why the Home Appraisal Matters

During an appraisal, an appraiser will visit the home you are buying or the home you currently own. This professional’s goal is to determine how much the home is worth. Appraisers consider several factors when determining a property’s value, including the number of bedrooms and bathrooms; the home’s size, age and style; and the neighborhood… read more

Prepare for the TCJA Sunset — If You Can

The Tax Cuts and Jobs Act largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White House and who has control of the House and Senate at that time. Before you start planning, glean some understanding of what the TCJA does and… read more

Garage Sales: Clean Life, Clean Finances

Garage sales can be ubiquitous in some communities, as a driveway is suddenly populated with a fondue set that hasn’t been used in 20 years, an old power drill that still works, furniture exiled thanks to a major redecoration, and books that have been crowded off shelves. The owners make money from the sales and… read more

Inherited IRA Rules Altered by the SECURE Act

If you find yourself in a position where you recently inherited an IRA, you might feel as though you’re at a crossroads filled with many planning tasks pertaining to estates, finances and taxes. According to IRS regulations instituted in 2020 (with significant updates later), the majority of beneficiaries who inherit IRAs must withdraw their portion… read more

What Doesn’t Your Credit Score Take Into Account?

FICO credit scores range from 300 to 850, with most lenders considering a score of 800 or higher to be excellent. The most important factor in determining your credit score is your payment history. Certain monthly payments — such as those for your mortgage; auto, student or personal loans; and your credit card payments —… read more

Office Expansion Accommodates Growing Firm-Team-Client Base

We are excited to share that our office expansion is nearly complete; we have nearly doubled our space in our Louisville location to accommodate our growing firm, our expanding professional team and our active client base. Looking back … when we moved into this space in 2018, we purchased the first floor and leased the… read more

Do You Know Your Debt-to-Income Ratio?

Applying for a mortgage? Your debt-to-income ratio is a key number. Lenders care about how much money you spend each month on your credit cards, student loans and auto loans. The less of a financial burden your monthly debts are, the more likely you are to not miss any mortgage payments. What exactly is your… read more

Why Are There So Many Credit Scores?

Most lenders today rely on your FICO credit score to determine whether to approve your application for a mortgage and when assigning an interest rate to your loan. Generally, the higher your FICO score, the lower your interest rate. Most lenders consider a FICO score of 800 or more to be excellent. You can expect… read more

What Happened With the Debt Limit?

The issue of raising the debt limit has been resolved, at least until January 2025, and we can all breathe easier now that the United States can continue to pay its debts. Hopefully, in the future, Congress will find a way to eliminate this boondoggle or at least to work around it, as was done… read more

Meet Jessica Coon, Estate Planning Paralegal

Jessica joined our legal team in August 2022 as an Estate Planning Paralegal, bringing more than ten years of experience in the legal field. Known for her strong work ethic, Jessica assists clients with the preparation of their estate plans, including drafting trusts, wills, and health care powers of attorney and overseeing the signing meetings…. read more

Savers Can Sleep More Soundly at Night

Since the turbulent days of the Great Financial Crisis, the US banking sector has been relatively stable. Rock-bottom borrowing costs and a COVID-19 powered demand for digital services had kept inflows surging. But cracks began to appear, as rising interest rates took a toll, and customers pulled out deposits in classic bank runs from two… read more

You Deserve a Reward for Taking More Risk

Investors have a mystery to solve, as challenging as a tale by Dame Agatha Christie or Sir Arthur Conan Doyle: Why is it that returns from stocks have generally wildly outperformed those from bonds and other fixed income going back about a century? The enigma has been thoroughly researched for almost 40 years, yet economists… read more

Clawing Back Assets After Probate

Contesting a will can be an expensive and painful struggle. But suppose the will has already been probated (accepted by the court as valid) and the assets distributed to the beneficiaries? Then a challenge becomes exponentially harder, especially as the assets may have been sold or disposed of. New information might have come to light…. read more


Kim Weddington is responsible for assembling the client trust binders and the will folders for our estate planning clients. She is also the funding paralegal for funding trusts. She gets the work done for our clients with maximum efficiency. Kim graduated from the University of Kentucky in 1979, with a degree in elementary education, and… read more

Advisor Spotlight: Rosalyn “Roz” Carothers

Roz Carothers was recently profiled by the Community Foundation of Southern Indiana in its Advisor Spotlight. “Music was Rosalyn “Roz” Carothers first love. Classical, to be exact. Growing up in Louisville, she had a fascination with a variety of instruments that made up music’s sweet symphonic sound. The art of music was so alluring to… read more

Save for Retirement Now; Get a Tax Credit Later

A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver’s Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to… read more

Unretiring Is the New Retirement Path

Those who are at or nearing retirement age may require extra determination and energy to switch to a new career. While fellow retirees are making travel plans or enjoying additional family time, do you really want to commit to further education, retraining or even showing up at a workplace on scheduled days? Is it a… read more

Your Home’s Equity: Why It Matters

Every time you make a mortgage payment or if your home’s value rises, you build your equity. But what is equity? It’s the difference between what you owe on your mortgage and what your home is currently worth. An equity example: Say you owe $250,000 on your mortgage and your home is worth $350,000. You now… read more

Meet Cissina Tanner, Probate & Trust Paralegal

Cissina joined Triplett & Carothers in August of 2021. She frequently assists families with the Kentucky and Indiana probate and trust administration processes. Cissina establishes strong client relationships and firm clients find her easy to talk to. She graduated from Sullivan University in 2008 with an associate degree in Paralegal Studies, at which time she… read more

What To Do About Financial Noise

In 1965, two astronomers in Crawford Hill, New Jersey, were monitoring radio emissions from the Milky Way when an annoying hum interrupted their work. Was it coming from nesting pigeons who left droppings inside their antenna? In fact, the astronomers had been observing the cosmic background radiation of the universe. In financial markets, too, low-level… read more

Tackling Tough Health Decisions With a Health Care Proxy

Some of the hardest choices you will ever make involve coming to terms with your own illnesses or incapacity. It is normal to shy away from dwelling on terminal scenarios. Besides, beliefs and desires often evolve over time. If you were very sick, would you prioritize your comfort over prolonging your life? Whom would you… read more

How to Create a Family Mission Statement

A family mission statement is not just for family businesses and the ultra-wealthy. Any family looking to provide guidance for future generations can benefit from creating a written document that outlines their principles. The mission statement goes beyond intergenerational transfers of wealth. A broader examination asks this question: what can we do with our wealth… read more

Giving Back: Fundraisers for Cardinals Marching Band & School of Music

As part of the firm’s unswerving commitment to the University of Louisville, the Triplett & Carothers team hosted two 2023 fundraisers — featuring a watch-party, game night, give-aways and a silent auction — at the George J. Howe Red Barn in January and February. The January event raised over $1,700 for the Cardinal Marching Band… read more

Step-Up in Basis Rule is an Heir’s Best Friend

The step-up tax adjustment has been under siege for decades but has so far survived the onslaughts. The provision, which reduces capital gains tax for estates, has been controversial since the 1970s. Policymakers would still love to get their hands on the bonanza in tax revenues it represents. There is a counterargument: If the law… read more

Dead Hand Control: How Wills & Trusts Can Control Behavior

You may want to use your estate to influence your heirs in your absence. To a certain extent, this might be possible, but the process is delicate, and it requires well-designed structures. By exerting what is called “dead hand control,” people may condition bequests in their legacies by framing bequests around required or forbidden activities…. read more

Protect Your Digital Assets

Digital estate plans are effective ways by which you can successfully protect yourself online. They can help you safeguard yourself against identity theft and the illegal reception of monetary information regarding your business finances as well as private files, like insurance paperwork. When you run a business and your company has a digital footprint in… read more


Lena manages the trust and estate team covering all aspects of trust and estate administration. Her greatest joy is meeting with family members to assist them in the administration process for the transition of assets from the decedent to the beneficiary. She brings a vast wealth of knowledge and experience to our clients. She works… read more

How to Choose the Right Probate Lawyer

Maybe you have been named executor in a will. Or, for an added wrinkle, suppose there is no executor, or those named are either dead or unavailable. Compounding the problem, imagine you have decided the named executor is not up to snuff and must be replaced. First, you are under no obligation to retain the… read more

The Eternal Question: Standard vs. Itemized

With tax time coming, you will need to ask yourself: Do I itemize my deductions or do I accept the standard deduction? In brief, the standard deduction lets you lower your income by a flat rate. It makes the math easy and you don’t have to work your way through piles of records. However, you… read more

A Close Look At a Trustee’s Duties

Julius Caesar’s wife was not a trustee, but she was (rather unfairly) expected to act like one. When she rebuffed a man who had tried to seduce her, Caesar divorced her anyway on the grounds that she must never even be suspected of unseemly behavior: “Caesar’s wife must be beyond suspicion.” The highest ethical standards… read more

How To Create a Business Succession Plan

There is an unbelievable number of companies across a wide array of industries, which may lead you to believe that the creation of a succession plan must be a unique and one-off process. For instance, family businesses in particular carry distinctive cultures and reflect idiosyncratic histories in ways that might be challenging for outsiders to… read more

New Law Ushers in Major Retirement Changes

There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that… read more

Key Social Security Changes for New Year

According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. Why the big bump? As the SSA… read more

Brooks Alexander Expands The Triplett & Carothers Team

We are pleased to welcome Brooks Alexander to our firm as of counsel. Brooks brings decades of experience in estate planning as well as business succession planning to our clients, most recently working for 41 years at Middleton Reutlinger, which was one of Louisville’s best-known and oldest law firms. Brooks often helps clients with the… read more

Just What Is a Conservatorship?

While Britney Spears’ conservatorship case and her multimillion-dollar fortune were extraordinary circumstances, her legal condition is not uncommon: Over 1.3 million U.S. adults are living under guardians or conservators, who control about $50 billion of their assets, according to the National Center for State Courts. There is some confusion over distinctions between guardians and conservators…. read more

When Death Do Us Part

Unlike a unilateral will, a prenup is a bilateral agreement crafted between two people. Ideally, a prenup will be drafted in alignment with the corresponding will. However, in situations in which the two documents are in direct contradiction with one another, courts tend to prioritize the prenup over the will as long as the former… read more

When Smart Money Acts Dumb: Lessons from FTX

When the FTX exchange collapsed and filed for bankruptcy in November 2022, reverberations rippled across the cryptocurrency universe. Investors across the board lost millions, from venture capitalists, hedge funds, and large asset managers (known as “whales”) to tiny accounts of a few thousand dollars. Stunned observers are still piecing together what went awry and what… read more

Our New Team Photo, Sending Holiday Wishes for Health & Happiness

We celebrated year-end of 2022 with an updated team photo showcasing our attorneys and professional staff. These skilled, dedicated, and caring legal professionals work diligently to simplify the complexities of life and death decisions for our clients. We focus on explaining how an estate plan works and what actions should be taken during one’s lifetime… read more

401(k) and IRA Limits Rise for 2023

Understanding the Increase in Limits for the Coming Year The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit… read more

Know the Key Estate Planning Questions

Before you can create an estate plan, you need to answer the following questions: What makes up my estate? Your estate consists of all the assets you possess at the time of your death, including: Securities Real estate Interest in a business Personal property Cash Retirement plans and IRAs Life insurance death benefits What’s the… read more

Out-of-State Properties Can Be a Probate Headache

Probating a will can turn into a drawn-out process, and unfortunately, you can’t always avoid multiple probate processes. When a person dies and leaves property in one state to someone in a different state, it is typically necessary to obtain probate for each jurisdiction. On the other hand, if you plan ahead and take care… read more

Office Retreat Focuses on How Best to Serve Clients

There’s nothing like taking a day out of the office to focus on how to best serve our clients. Our team recently gathered for a full-day office retreat, let by renown facilitator Glenn Finch from Atticus, a national law firm coaching organization. The day included a dynamic exchange of ideas and a deep dive into… read more

White Flags: Signals of Market Capitulation

A chamade was a Napoleonic drumroll that signaled to the enemy that an army was ready to surrender or retreat. Modern equities investors follow their own market signals for capitulation, which describes the final gasp during the stampede to the exits when the pain of a bear market has become unbearable. Also called a washout,… read more

Homeowners’ Deductions for Property Taxes on Personal Residences

Deductible levies for itemizers include their payments for income taxes, sales taxes, real estate taxes, and personal property taxes. But those write-offs come with strings attached as to which ones qualify, when they’re deductible, and how much is allowable. You should be aware that the IRS sets traps for unwary homeowners. While the IRS says… read more

IRS Update on Student Loan Relief

In late September, the Internal Revenue Service sent out some new details on student loan relief, which was announced earlier this year. It has also provided links for further information. Meanwhile, opponents of loan relief are taking legal action to try to prevent it, although the administration continues to proceed. Who’s Eligible You are eligible if you have most federal… read more

Halotherapy Benefits Immune System, Life Balance and Energy

 This month, Reggie Garcia, Operations Manager and Client Concierge, visited the Louisville Salt Cave for our regular series “Better Health, Longer Life.” (We like to say that while our work at Triplett & Carothers often includes drafting estate plans to provide for disability and death, our goal is to put off using them as long… read more

Tax and Finance Tips for Seniors

The first tip is to always question where you are planning to get your advice from when it comes to tax and finance tips for seniors. There are a lot of scams out there — from incompetent and so-called experts to downright crooked “professionals.” So says Julian Block, an attorney and former IRS special agent. Be especially suspicious… read more

How To Store Your Will

If you opt to keep your will at home, discreet hiding places probably come to mind. Some popular spots include the back of the toilet water tank (always taped in a waterproof bag!), the freezer, the pantry, on a bookshelf, under floorboards, in a closet or even buried (in a can or jar) in the… read more

What Are the Top Trust Errors?

When you use a trust, you bypass probate, a lengthy legal process that validates your will, and you leave precise, legally binding instructions for how to distribute and potentially maintain your assets. Have a beneficiary with special needs who’s ill equipped to manage the inheritance? Bequeathing complex assets that require ongoing attention after you’re gone?… read more

Red Light Therapy Benefits the Body

Red light therapy is designed to help everything from reducing wrinkles to clearing skin conditions to relieving pain. It is known to improve mood and energy … all using specific wavelengths of light. Our own Operations Manager/Client Concierge Reggie Garcia recently visit Restore Hyper Wellness on Brownsboro Road in Louisville, working with Tatum and Joseph… read more

What Are Pour-Over Wills?

Pour-over wills are a way of ensuring that any assets that the trustor neglected to add to his or her trust, whether accidentally or on purpose, will be incorporated as part of the trust even after the execution of the applicable will. Essentially, a pour-over will grants supplemental protection for trustors because it requires assets… read more

Tax Breaks for Older Couples Who Sell Their Homes

Consider Irene, who recently became a widow when her husband, Henry, died. Like most married couples, they held the title to their home in joint ownership with the right of survivorship. In plainer language, this means that co-owner Henry’s death results in his loss of all ownership in their dwelling. Surviving co-owner Irene automatically acquires all… read more

Blended Families and Estate Planning

A blended family can be a blessing. However, it does mean you have to take special care with your estate plan — although you want to take care of your spouse and stepchildren, you don’t want to inadvertently cut out your biological children. Take the following steps: Check your beneficiaries. Who is the beneficiary of your… read more

Kentucky Flood Relief

The Kentucky Bar Association, along with the Bar Association’s Young Lawyers Division, and a variety of other agencies came together in December to prepare a Disaster Recovery Resources page on the Kentucky Bar Association website.  The page has information on services available to citizens of Eastern Kentucky. The Bar Association is taking steps to aid… read more

Estate Planning: Know the Basics

When beginning your estate plan, your first task will be to inventory what you own. You may be surprised by all the tangible and intangible assets you have. Estimate some values, but obtain an appraisal on your home and statements from financial accounts. You will then need to work with a lawyer to prepare a… read more

What are the Top Aspects of a Will

Having a legal will with an independent executor and clearly identified beneficiaries can lessen the stress and emotional upheaval that stem from your death. Problems can occur when property beyond personal belongings is involved. Troubles abound as well should your will name unlikely beneficiaries or a large number of beneficiaries. Consider the Following Key Points… read more

How to Pick a Guardian for Your Child

How could someone possibly choose with ease the person who will fill the role of guardian for their children? The gravity of the decision is enough to weigh anyone down, and sometimes it’s distressing enough to prevent people from finalizing their wills. But something that might calm you down is the reminder that you can… read more

Benefits of Floating & Sensory Deprivation

June’s adventure in our Better Health, Longer Life series took our operations manager/client concierge Reggie Garcia to a floatation therapy spa. (We like to say that while our work at Triplett & Carothers often includes drafting estate plans to provide for disability and death, our goal is to put off using them as long as… read more

Oxygen Therapy for Better Health, Longer Life

Our Better Health, Longer Life feature this month is all about oxygen therapy. While our work at Triplett & Carothers often includes drafting estate plans to provide for disability and death, our goal is to put off using them as long as possible! “Mild Hyperbaric Oxygen Therapy (mHBOT)” involves breathing concentrated oxygen in a pressurized… read more

Mock Obituaries Help You Achieve Future Financial Goals

Take a moment to think about what your obituary would look like. How long would it be? What would it say about you? Like many other people, you may want to be remembered as someone who provided for yourself and your family. If that’s the case, think about what you might be doing currently that… read more

Top Estate Planning Questions

Can’t shake the feeling that you should be contemplating estate planning, but you have too many questions, so you put it off again? Want some answers before you have to navigate complicated situations? Here are some questions and answers: What’s the difference between a will and a trust? Wills become effective after death, while some… read more

Estate Planning During the Pandemic

For many people, their reason for starting the process of estate planning is family. Estate planning is the best way to set up your family for success in the aftermath of your death. While it is not fun to think about preparing your own estate, death is an inevitable part of life, and it’s better… read more

How To Pick a Trustee

When you’re making your estate plan, you can choose between many types of trusts. But whichever kind you choose, you’ll have to select a trustee to oversee your and your loved ones’ assets. Understandably, this important decision may give you pause. You need someone who will act in your heirs’ best interests. Many people start… read more

Finding a Part-Time Job in Retirement

What do you want to do when you retire? At first, many people answer, “As little as possible.” Or perhaps they decide to take a few trips they’ve been putting off. But in many cases, the novelty of sleeping in every morning wears thin after a few months or years. In many other cases, they… read more

What to Know About Credit Scores

Your credit score represents your creditworthiness. A good credit score can help you start a business or get a car loan. However, it also affects many facets of your financial life. Get on the path to stellar credit with these two tips: It’s not a complex process, but it is absolutely vital for your financial… read more

How to discuss plans for death

Roz Carothers was recently interviewed by Erica Sloan from  Well+Good, a digital multi-media organization that decodes and demystifies what it means to live a well life, inside and out. From the article … Death comes along with an emotional and logistical cascade of concerns for those close to the person who passed. While working with… read more

Do You Need Umbrella Insurance?

Umbrella insurance is a type of personal liability insurance that applies to a broader range of situations than conventional business insurance. It’s for those who may find themselves liable for a claim larger than what their homeowners or auto insurance will cover. If you own a boat, umbrella insurance picks up where your watercraft liability… read more

Consider These Tips for Early Retirement

Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62 years old for people whose highest level of education is a high… read more

Probate: What Is It Anyway?

Probate is a series of legal processes that dispose of a decedent’s estate. Like most legal processes, it can be imposing. But there are ways to make it easier and possibly even skip it altogether, if you prepare in advance. Probate includes taking note of a will or trusts, inventorying and appraising any property, and notifying… read more

Cryo+Lounge Offers Deep Freeze for Wellness

Our health and wellness feature this month is all about cryotherapy. It’s described as a “non-invasive application of subzero air to help the body in the recovery process from pain, swelling, and inflammation.” Our client concierge and operations manager Reggie Garcia signed up for the 10-day package at Cryo+Lounge on Shelbyville Road where he literally… read more

IRS Presents Filing Tips for 2022

The IRS is encouraging taxpayers to make sure they’re well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments, and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year. Changes to the… read more

Travel Tips for the Elderly

One reason people look forward to retirement is because they’ll have time to travel. If you’ve only had enough vacation time for a few long weekends a year before, it’s exciting to be able to plan out a real weeks-long vacation. But travel is different when you’re older. Health and safety concerns that you never… read more

Student Loans — Your Options

Planning for college for yourself or a child? If you can’t pay cash for your education, part of your planning process will be finding loans, but there’s more than one kind of student lender. You’ll have to look at federal student loans provided by the government and at private student loans from banks, credit unions,… read more

Going Strong: Strength Training for Better Health, Longer Life

Our health and fitness focus for this month is all about strength training.  Benefits found in strength training include making you stronger, decreasing falls and  lowering your risk of injury. Beyond the obvious, it helps burn calories more efficiently, decreases abdominal fat, and improves heart health. Basically, there’s something for everyone in strength training. Both… read more

Should You Refinance for a Shorter Term?

As interest rates are still at all-time lows, you’re probably thinking about refinancing your mortgage. When you refinance for a shorter term, you save on interest and pay off your home sooner. Sounds good, but taking out more debt is never a simple proposition. Here are some considerations: Can you afford a higher mortgage payment?… read more

How To Find A Caregiver

What do you do when you or a loved one can’t get through a day without help? It’s a problem most families face sooner or later, and it’s a thorny one. One option is to have an adult child move in with the care recipient or vice versa so that there’s always someone on hand… read more

Filing the Final Tax Return

As a survivor, executor, or administrator of an estate, you are obligated to file an income tax return reporting all the deceased’s income up to his or her date of death. You will need to be aware of all the credits and deductions the deceased is allowed as if that person had been alive to… read more

Unlocking Your Body’s Flexibility: Better Health, Longer Life

During the month of January, Reggie Garcia checked out the Stretch Zone. His first visit jump-started his day — even before coffee — leaving him awake, revived, and alert. The certified fitness and therapy professionals use a process that includes three segments, gradually increasing the level of stretch while communicating with the client about how… read more

What Is the Innocent Spouse Rule?

Sometimes, marriage can stymie the financial life of even the savviest person. You go along living your life, working, eating, sleeping — and suddenly you discover that your household paid far too little in taxes. What’s worse, you signed the joint return. Now what? You can request innocent spouse relief to walk away from paying… read more

How to Handle Common Trust Problems

A trust is an estate planning document that disposes of your assets after your death. Trusts are an effective planning tool for those with detailed plans for their worldly goods. Will your trust achieve the purpose it was created for? Not if you make one of the following errors: Common Missteps Made in Creating Trusts… read more

How To Plan Your Funeral in Advance

No one likes to think about his or her own funeral, but it’s something everyone will need. You can let your family and friends concentrate on mourning by making your own arrangements and last wishes known. Advance arrangements are called “pre-need funeral planning.” Pre-need planning enables you to make such choices as to whether you… read more

Introducing: Better Health, Longer Life

  While our work at Triplett & Carothers often involves drafting estate plans to provide for disability and death, our goal is to put off using them as long as possible! We’re excited to share our new (occasional) series called Better Health, Longer Life where we’ll look at a variety of tools and techniques to… read more

U of L Music School Fundraiser Features Bourbon-Tasting, Silent Auction & Music

Saturday, December 4th was the night we gathered our School of Music Alumni Council and the Friends of the School of Music to sponsor our annual bourbon-tasting fundraiser, this year at Ricky B’s Club Café. (Roz Carothers is President of both the School of Music Alumni Council and the Friends of the School of Music.)… read more

What To Know About Special Needs Trusts

If you need to provide for someone who’s physically or mentally disabled or chronically ill but don’t want to jeopardize his or her public assistance disability benefits, creating a special needs trust is a popular strategy. Usually, such programs as Social Security Supplemental Security Income, Medicare, and Medicaid impose an income or asset ceiling. However,… read more

What Is a Conservatorship — and Who Needs It?

Recently, singer Britney Spears testified in court about the 13 years she has spent in a legal structure called a conservatorship. In vivid testimony, she described her father and lawyers seizing control of her rights to make personal, financial, and legal decisions. How can this happen to an adult with a successful career, and why… read more

How To Choose a Good Place To Retire

When you retire, your needs change. That’s why many people decide to move to a new city at that point. Perhaps you want to move somewhere you’ve always loved but never lived because there were no jobs in your field nearby. Once you’re serious about moving, the first step is research. Before you decide on… read more

How To Be An Executor

If you’re named the executor or personal representative in a will, you’ll be the final administrator of a deceased person’s estate and have many details to manage. The following estate executor checklist can help you more easily navigate the process while making sure none of your duties slip through the cracks: You’ll find that being… read more

The Big Myths of Financial Planning

Every day, you make choices about your finances that affect your long-term happiness. But if you’re like most people, you never had any formal education in money management. You’ve had to seek out advice and resources as you go. And unless you’ve been very lucky, you’ve found it contradictory or downright nonsensical. Let’s debunk some… read more

Succession Planning 101: What Is Your Exit Plan?

“What is your exit plan?” Business owners should start asking themselves this question on the day they open their doors. But they don’t. There are many reasons for this, beginning with the hope that the business will never fail. Even in the rare businesses that do last, however, there inevitably comes a day when the… read more

Roz Carothers Interview: 3 Estate Planning Mistakes to Avoid

Firm founder and principal Roz Carothers was recently interviewed about common estate planning pitfalls for Next Avenue. Tips in this article address joint ownership of bank accounts, multigenerational bequests, and what happens when a spouse or adult child remains in the home. Next Avenue is public media’s national journalism service for America’s booming 50+ population…. read more

When & How Often to Review Trusts

You don’t necessarily create a trust and just forget about it. You may revise a revocable trust whenever your circumstances change. Perhaps you want to add a beneficiary. A trust can be revoked or amended at any time as long as you, its creator, are mentally competent. Having an updated trust will reduce the chances… read more

The Spousal Lifetime Access Trust: A Near-Perfect Tool?

A spousal lifetime access trust (SLAT) is an irrevocable trust that authorizes the trustee to make distributions to a spouse if a need arises. It can be designed to benefit one’s children, grandchildren or future generations. A lifetime gift tax and a generation-skipping tax exemption can be used to shield contributions to the trust and… read more

How To Give Money to Adult Children

Giving money to your adult children is a great way to help them achieve something they might not be able to accomplish on their own. The idea is to improve the quality of life for your heirs, once you’re sure that your own needs are taken care of. Your gift has the potential to be… read more

5K to Benefit U of L School of Music Set for October

We are happy to announce that Triplett & Carothers will again sponsor the annual Friends 5K walk and run to benefit the University of Louisville School of Music, the beloved alma mater of firm owner Roz Carothers. This year, the walk/run has again gone virtual. It’s set for Saturday, October 16 – Sunday, October 31,… read more

Living Trusts: What Are They?

A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has fiduciary duty to manage the trust prudently for the trust’s beneficiaries. Most significantly, it lets you skip probate. Unlike a will, a… read more

What Papers Do You Need To Save?

Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some… read more

Build Financial Habits When You’re Young

Basic financial education is rarely a required subject in school, leaving young adults clueless about how to manage their money, apply for credit and stay out of debt. To remedy this, states are now adding personal finance courses and/or economics in high school. While this should help going forward, for everyone who is out of… read more

Do You Need an Irrevocable Life Insurance Trust?

In most cases, when people decide it’s time to invest in life insurance, they either go through their employers or purchase a policy directly from an insurance company. However, families can also purchase a policy inside an irrevocable life insurance trust to exempt the proceeds from the estate tax. When you create an ILIT to… read more

What A Will Should NOT Do

Making a will is the primary way to transfer ownership of your belongings after your death. You’ll often hear that a will should be a comprehensive list of your assets so that they can be found quickly and easily without your estate undergoing probate. But there are some things you can’t or shouldn’t include in… read more

IRS to Recalculate Taxes for Unemployment Break

Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes. Because the change occurred after some people filed their taxes, the IRS… read more

Reggie Garcia Featured in Courier Journal For Weight Loss & Fitness Regimen

Congratulations to our Operations Manager/Client Concierge Reggie Garcia who was featured in the Courier Journal in July for his weight loss and commitment to fitness. “Reggie Garcia lost 55 pounds during the Covid-19 pandemic. His ultimate goal is to safely take off 65 pounds. His cycling and triathlon training has been a part of his… read more

How To Divide an Estate Among Heirs

The death of a family member can bring up tough questions. If the deceased owns a house and land, which of their heirs will get them? Or should they be sold and the money divided up? These are pressing questions when two of the heirs are saying they have fond memories of the old place… read more

The Non-Financials of Retirement

Ever known people who couldn’t manage to retire? They quit their jobs the moment they turned 65, but a few months later, they were back and working part-time at the same desk. If anyone asked, they would sigh and say, “I just can’t sit in my recliner and watch baseball all day.” If you’re in… read more

Estate Planning: Necessary for Singles?

If you don’t have a will or trust, and you don’t have a spouse or children at the time of your death, who gets your assets? The answer varies from state to state, but usually, they go to your “first-degree relatives” — that is, your surviving parents and/or siblings. If you don’t have any first-degree… read more

Speed Knows No Age. Congratulations Tri-Loco Seniors!

Triplett & Carothers is proud to congratulate the Louisville Chapter of the Tri-Loco Triathlon Club and, in particular, three senior members for their recent triathlon achievement in the 70-74 age group: Barry Rowe, first place; Jim Maginnis, second place; and Johan De Jong, third place. The law firm has been a title sponsor for eight… read more

What Is Your Financial Personality?

What are your attitudes about money? Start by seeing which of these five categories you fit into: Saver. Savers save because having money makes them feel secure. They are wired to save rather than spend. When they do spend, especially on big-ticket items, they want to be sure they are getting a good price. At… read more

All About Power of Attorney

A power of attorney or POA is a legal document giving one person, called the agent or attorney-in-fact, the power to act for another person, called the principal. POAs often are considered when planning for long-term care. You could be appointed as power of attorney whether or not you are an attorney — you could… read more

Trusts: Not Just for the Wealthy

Trusts aren’t reserved just for the wealthy — they’re for a variety of people and can solve many estate-planning problems. To begin with, plenty of people have estates worth a couple of million without realizing it. When you include life insurance, retirement plans, a residence, checking accounts and other investments, you’d be amazed. You may… read more

Jewelry Drive Helps Students “Purchase” Mother’s Day Gifts

As a member of The Woman’s Club of Louisville, Roz Carothers participates in the organization’s initiative to collect jewelry that members and friends no longer want or need. Just before Mother’s Day,  donations  are taken to Engelhard Elementary School for the students to “purchase” a gift for their mother or caregiver. The students pay 25… read more

T&C Team Volunteers with U of L Alumni for “Eagles at Rest” Project

The team at Triplett & Carothers joined the U of Louisville Alumni and the Office of Community Engagement — in collaboration with the Cultural Center, the Multicultural Teacher Recruitment Program, and the African American Alumni Council — to participate in the Eagles at Rest Project and restoring Greenwood Cemetery. “Beyond our legal work, our firm… read more

COVID Crisis for Singles: Authorize Your Trusted Agent

In this era of COVID, with more people getting sick, we have had several situations where our clients, often singles as opposed to couples, need to give friends and families (trusted contacts) or investment advisors their “power” to make business or healthcare decisions. But we can’t just turn over that information without express authorization. (The… read more

Important Change for Married Couples to Avoid Capital Gains Tax

This past summer, the Kentucky Legislature passed a law allowing a trust to be set up as a community property trust. This is important because community property gets a different tax treatment which is beneficial for assets having a low-cost basis. Ultimately, it’s a wonderful planning opportunity to avoid capital gains tax. Let’s look at… read more

Wishing You A Bright Star-Filled Holiday

Sending greetings of the season to all of our clients, colleagues, and friends from your team at Triplett & Carothers.

Trusted Advisors See Indicators That Estate Plans May Need Review

Although some consider estate planning to be a solely legal discipline, proper planning involves collaboration with many professionals such as financial advisors, insurance professionals, accountants or CPAs, and spiritual advisors. To implement a comprehensive solution for our clients, it is crucial that the entire team works together when designing the perfect financial and estate plan…. read more

COVID-19 Checklist for Parents: 7 Things You Need To Do Now

The coronavirus pandemic has made life unpredictable. One day your child is in school and the next day your child is at home doing schoolwork remotely. The health of children and families has become even more uncertain as some schools open for in-person instruction. No one can know for sure whether they will get sick… read more

How might the upcoming election impact your estate?

We have never experienced a year like 2020 with the difficulties presented by COVID-19 and the resulting volatility in the financial and employment markets. As the 2020 presidential and congressional elections approach, the potential for change in the White House and in Congress raises additional uncertainty as to how estate, gift, and income taxation laws… read more