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Posts from March 2019.

On September 27, 2018, in Northern Kentucky Area Development District v. Danielle Snyder, the Kentucky Supreme Court held that an employer is prohibited from requiring an employee to enter into an arbitration agreement as a condition of employment within the state. As a result of Snyder, Kentucky became the only state in the nation to prohibit employers from terminating or refusing to hire an individual who would not agree to sign an arbitration agreement. (Jacqueline Pitts, Senate passes bill clarifying Kentucky’s policies on arbitration agreement, KY CHAMBER BOTTOM LINE, (Feb. 21, 2019)).

In February, the IRS issued both final and additional proposed regulations detailing how estates, trusts and their beneficiaries can qualify for the 20% income tax deduction for qualified business income received from partnerships, S corporations and proprietorships under Section 199A of the Internal Revenue Code. 

In an unpublished Opinion rendered in late 2018 by the Court of Appeals of Minnesota, the Court rejected in their entirety the claims asserted by a grandchild of the Settlors of a 2007 Irrevocable Trust.  The grandchild, a minor acting through his father with no legal counsel, asserted a variety of strong claims against the Trustee of the Trust, a prominent bank.  The dispute arose after the Settlors made a decision to cease funding the Trust further after doing so for nine (9) years. 

Posted in Estate Planning

The Tax Cuts and Jobs Act enacted in 2017 increased the federal estate and gift tax exemption to $11.18 million per person, effective for the period of 2018 through the end of 2025.  This same law provides that, starting in 2026, the gift and estate tax exemption will decrease to $5 million per person, plus inflation adjustments. 

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