Blog
Advisor Spotlight: Rosalyn “Roz” Carothers
Posted on May 3, 2023
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
Posted on May 3, 2023
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
Posted on May 2, 2023
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
Posted on May 1, 2023
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
Posted on April 3, 2023
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
Posted on April 3, 2023
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
Posted on April 2, 2023
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
Posted on April 2, 2023
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
Posted on March 3, 2023
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
Posted on March 2, 2023
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
Posted on March 1, 2023
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
Posted on March 1, 2023
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
MEET LENA NEELY, PROBATE & TRUST PARALEGAL
Posted on February 3, 2023
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
Posted on February 3, 2023
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
Posted on February 2, 2023
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
Posted on February 1, 2023
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
Posted on January 6, 2023
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
Posted on January 5, 2023
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
Posted on January 4, 2023
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
Posted on January 3, 2023
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?
Posted on December 4, 2022
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
Posted on December 3, 2022
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
Posted on December 2, 2022
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
Posted on December 1, 2022
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
Posted on November 4, 2022
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
Posted on November 3, 2022
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
Posted on November 2, 2022
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
Posted on November 1, 2022
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
Posted on October 5, 2022
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
Posted on October 4, 2022
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
Posted on October 3, 2022
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
Posted on October 1, 2022
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
Posted on September 3, 2022
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
Posted on September 2, 2022
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?
Posted on September 1, 2022
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
Posted on August 31, 2022
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?
Posted on August 5, 2022
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
Posted on August 4, 2022
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
Posted on August 3, 2022
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
Posted on August 1, 2022
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
Posted on July 5, 2022
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
Posted on July 4, 2022
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
Posted on July 3, 2022
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
Posted on July 1, 2022
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
Posted on June 3, 2022
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
Posted on June 3, 2022
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
Posted on June 2, 2022
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
Posted on June 1, 2022
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
Posted on May 6, 2022
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
Posted on May 5, 2022
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
Posted on May 4, 2022
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
Posted on May 3, 2022
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?
Posted on April 4, 2022
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
Posted on April 3, 2022
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?
Posted on April 2, 2022
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
Posted on April 1, 2022
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
Posted on March 1, 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
Posted on March 1, 2022
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
Posted on March 1, 2022
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
Posted on March 1, 2022
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?
Posted on February 4, 2022
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
Posted on February 3, 2022
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
Posted on February 2, 2022
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
Posted on February 1, 2022
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?
Posted on January 6, 2022
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
Posted on January 5, 2022
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
Posted on January 4, 2022
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
Posted on January 1, 2022
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
Posted on December 7, 2021
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
Posted on December 3, 2021
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?
Posted on December 2, 2021
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
Posted on December 1, 2021
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
Posted on November 5, 2021
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
Posted on November 4, 2021
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?
Posted on November 3, 2021
“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
Posted on November 2, 2021
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
Posted on October 6, 2021
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?
Posted on October 5, 2021
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
Posted on October 4, 2021
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
Posted on September 3, 2021
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?
Posted on September 3, 2021
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?
Posted on September 2, 2021
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
Posted on September 1, 2021
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?
Posted on August 5, 2021
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
Posted on August 4, 2021
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
Posted on August 3, 2021
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
Posted on July 30, 2021
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
Posted on July 8, 2021
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
Posted on July 5, 2021
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?
Posted on July 1, 2021
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!
Posted on June 27, 2021
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?
Posted on June 5, 2021
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
Posted on May 30, 2021
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
Posted on May 27, 2021
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
Posted on April 22, 2021
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
Posted on March 28, 2021
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
Posted on March 24, 2021
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
Posted on February 26, 2021
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
Posted on December 3, 2020
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
Posted on October 13, 2020
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
Posted on October 9, 2020
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?
Posted on September 27, 2020
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