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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…. 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… 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