Blog

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