Stites On Estates
Estate, Trust, and Tax Planning
Elective share statutes: hidden dangers for blended families - part 1
For many decades, when the estate tax exemption was much lower, a common perception was that estate planning centered on tax planning, reduction, and avoidance. This was never quite true: estate planning was always about...
What a single-member LLC can and can’t do to protect your rental property or business
It's become very common for entrepreneurs, landlords, and others to use single member LLCs in their business planning. The single-member LLC offers some advantages of a sole proprietorship, including flexibility and a single level of...
Tenancy by the entirety: a simple, important tool to protect your home from creditors
When a deal goes bad for a professional, entrepreneur, or business owner, it raises a concern that creditors may be able to take their home. But many Kentucky residents may already have protected that asset...
Protecting family wealth by adapting parents' estate plans for long term care insurance costs
For retired persons or couples with less than $1.5 million to $2 million in wealth, potential long term care costs are one of the greatest risks they face. Long term care costs can deplete parents'...
Preserving family harmony by providing exit opportunities from the family business – part 2
In our previous post, we used a case study of the hypothetical Widget family to illustrate the unintended discord families can face when the founder's descendants are "frozen in" to the family business. There are...
Preserving family harmony by providing exit opportunities from the family business – part 1
Every stage of the family business "life cycle" presents its own distinct challenges.Entrepreneurs commonly give tremendous energy and attention to growing the business during the prime of their own careers, and rightly so. Prudent business...
Per stirpes vs. per capita: what is the difference, and choosing what works best for your family – part 2
Our previous post on per stirpes and per capita discussed a case study for Don and Betty Draper's dysfunctional and very entertaining fictional family. Per stirpes or per capita distributions are important decisions, though, at...
Per stirpes vs. per capita: what is the difference, and choosing what works best for your family - part 1
"Per capita" and "per stirpes" aren't just Latin phrases estate planning attorneys use to try to look smart. They can produce very different results for the flow of family assets. Understanding the difference between the...