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June 2016 Archives

Be careful with art in your estate

Art is a volatile commodity. What one painting is worth today isn't the guaranteed value tomorrow, and that can make inheriting an art-heavy estate an adventure in valuation and taxation. According to reports, the Internal Revenue Service does look at estates that include art appraisals that come in above $50,000. When the IRS gets involved, it's not uncommon for them to request an adjustment in value that can result in higher tax liabilities.

Should you keep a large inheritance a secret?

The gift of an unexpected or large inheritance can be so helpful to a Kentucky resident's life. However, many recipients of inheritances have a lot of question about the best way to go about managing them. One common question that we hear relates to whether inheritance recipients should disclose to family and friends that they received the money.

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