Kentucky
The Bluegrass State
Explore unique estate planning insights and considerations for residents in the state of Kentucky.
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What are some estate planning considerations unique to Kentucky?
Estate planning in Kentucky involves several unique considerations, such as the state's inheritance tax. Unlike federal estate taxes, Kentucky imposes its own inheritance tax, which varies depending on the relationship between the deceased and the beneficiary. Additionally, Kentucky recognizes both living trusts and testamentary trusts, which can be used to manage assets and ensure privacy. The state also allows for the creation of pet trusts, safeguarding funds for the care of pets. These tools are commonly included in estate plans to help Kentucky residents mitigate taxes and secure their family's future.