Posted on September 5, 2023

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

Posted on September 4, 2023

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

Posted on September 3, 2023

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

Posted on September 2, 2023

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

Posted on August 4, 2023

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

Posted on August 3, 2023

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

Posted on August 2, 2023

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

Posted on August 1, 2023

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

Posted on July 6, 2023

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

Posted on July 5, 2023

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

Posted on July 3, 2023

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

Posted on July 1, 2023

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

Posted on June 2, 2023

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

Posted on June 2, 2023

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

Posted on June 1, 2023

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

Posted on May 31, 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Posted on December 3, 2020

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

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

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

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