A Decade in Review: KT Williams Law Celebrates 10 Years

January 24, 2025/in Business/by Ashley Marshall

It’s KT Williams Law’s 10^th Anniversary! What? 10 years . . . Hard to imagine it has been that long when it feels like only yesterday. Here is a brief recap.

The Beginning: We opened the doors on Monday, January 19, 2015, as a resource for those seeking expertise in Wills, Trusts, Estate Administration, Asset Protection, and Business Succession Planning. From a simple beginning, we grew steadily, blessed with a great team and support along the way. Family, friends, and community all contributed in massive ways, some obvious and others not as visible, but just as impactful. We remain thankful for all.

The Climb: Within a few months of opening, we added Vicki. What a tremendous asset. She served clients with her tender compassion, friendly face, and ever-expanding knowledge base. She has since retired, but her presence will always be felt.

As the demand grew, we could see that another staff member was necessary. Enter Brooke. She fit perfectly. And we found our groove together. We were humming along with a clear vision of what we could accomplish, then 2020 and COVID-19 arrived. We faced 2020 with the same uncertainty as everyone else in the midst of a pandemic that none of us saw coming. That year turned out a bit different than it looked in our heads when the year started. However, we were extremely blessed and continued to serve our clients near and far.

The need for what we do didn’t stop just because there was a pandemic, lockdowns, and new challenges. So we found a way to safely serve. There were many challenges and adjustments along the way during this period, but we persevered and even thrived. And in July of 2020, we were honored with the Henderson Family Magazine’s first award for Favorite Attorney in its “Best of Henderson” edition.

Looking at continued growth, we welcomed Attorney Jessica Larew in 2023 and a few months later added long-time educator, Jill, to support our expanding needs. From their start they each showed the character that makes KT Williams Law special: excellence with true care and compassion for the people they serve.

2024 brought many other changes to KT Williams Law. February brought another valuable addition to the staff, Shannon, which pushed us to four full-time and two part-time employees in our original office space. We were busting at the seams. So, in April, we moved into a larger space just down the street from the original. And in November, our growth continued with the addition of Ashley. We see a bright future ahead with Ashley on the team.

The Future:

As we move into 2025 and the beginning of the next 10 years, we are excited to see what will come next for KT Williams Law and for the individuals and families we serve. Anticipate new team members who are seeking a close-knit atmosphere in a workplace that champions hard work, excellent service, patience, and compassion.

Even with the many changes over these past 10 years, our foundation and focus remain each of the people we serve. Whether an individual, a family, an executor, a trustee, or a business owner, you are the lifeblood of KT Williams Law. You matter to us. And you always will.

NEW!!! Entity Reporting Requirements: Do They Apply To You? Probably.

January 29, 2024/in Business/by K.T. Williams

The recently enacted Corporate Transparency Act (CTA) imposes a host of new reporting obligations on entities, including corporations and LLCs. Only a few exceptions apply. And the penalty for noncompliance is severe (fines and jail time). This landmark legislation can’t be ignored without peril. And we’re here to help.

Primary Objectives

The primary goal of the CTA is to create a federal registry of the beneficial owners of various entities. This registry is maintained by the Financial Crimes Enforcement Network (FinCEN).

Entities Required to Report

The CTA casts a wide net, encompassing a range of entities that must comply with its stringent reporting requirements. These include:

1. Corporations: Both domestic and foreign corporations operating within the U.S. are subject to the CTA.

2. Limited Liability Companies (LLCs): LLCs, regardless of how small, are also required to report under the CTA.

3. Other Similar Entities: The Act extends to other legal entities created by filing a document with a secretary of state or a similar office.

Exemptions exist, but they won’t apply to most small businesses. For example, exempt entities are publicly traded companies, banks, credit unions, and entities that employ 20+ people and report $5 million in annual revenues in the U.S.

Reporting Requirements

Entities subject to the CTA must provide detailed information about their beneficial owners. A beneficial owner is defined as any individual who, directly or indirectly, exercises substantial control over the entity or owns 25% or more of the ownership interests in it. The information that must be carefully reported to FinCEN includes full legal names, dates of birth, addresses, and unique identifying numbers from acceptable documents (like a driver’s license or passport).

Compliance and Penalties

Failure to comply with the CTA can lead to significant penalties, including hefty fines and potential prison time. Therefore, it’s crucial for everyone to understand their reporting obligations and adhere to the deadlines set by the Act.

We’re Here To Help!

Navigating the complexities of the CTA can be challenging, especially for smaller entities that might lack the resources for comprehensive compliance. We offer the expertise and support necessary for accurate and timely compliance, thereby avoiding penalties and legal complications. Contact us for help or more information.

CPAs and Tax Preparers Deserve Our Respect in 2021 More Than Ever

March 12, 2021/in Business/by K.T. Williams

CPAs and tax preparers deserve our respect more than ever. They’ve faced COVID-19 with the rest of us and adjusted their practices to enhance public safety. And they’ve done it with a tax code that is changing more than ever. In just the last couple of weeks, long after tax returns started being filed, congress made changes that will affect many of those returns. Countless other returns, already being prepared, were affected as well. In an environment like that, delays are inevitable. Even now, a push to extend the tax filing deadline can be felt. Frankly, an extended deadline will be much needed relief for these weary tax workers who are putting in long hours and missing precious time with family. Clearly, they deserve our respect. They also deserve our patience. Thank you!

What is a 529 Savings Plan?

October 27, 2020/in Business/by K.T. Williams

Did you know that a 529 savings plan is a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary? There are generally two broad categories of 529 plans: college savings plans and prepaid tuition plans.

Nearly every state has at least one 529 plan available, but you can invest in a 529 plan in almost any state. Be sure to research the options available to find the best fit for you. A 529 plan operates much like a Roth IRA. The contributions are after-tax, and it grows tax-free. Distributions for qualified expenses are not taxed. Qualified expenses include tuition, as well as books, room and board, and even computers. It can be spent on K-12 tuition, graduate or professional school, or even continuing education. Additionally, over 30 states offer full or partial tax deductions on state income tax for 529 plan contributions.

There are no annual contribution limits, and the lifetime contribution limits, which vary by plan, range from $235,000 to $520,000. There are no age or time limits, so they can continue to grow indefinitely, and they can be transferred to another qualifying family member easily. The owner, who contributes the money, maintains control of the account, rather than the beneficiary, so you can make sure that it is used for its intended purpose.

The value of the 529 plan can impact the student’s financial aid. This impacts both the federal aid, as well as, financial aid from universities and colleges directly. Another potential drawback is the 10% withdrawal penalty for non-qualified distributions. This penalty can be waived under certain circumstances, including:

A beneficiary dies or becomes disabled
A beneficiary receives a tax-free scholarship
A beneficiary receives educational assistance through a qualifying employer program
A beneficiary attends a U.S. Military Academy
The qualified education expenses were used to generate the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit (LLTC)

These distributions are also taxable as income, both federally and sometimes at the state level as well.

To learn more about 529 savings plans and the potential benefits they can bring to your estate plan, please use our office as a resource. We are here to provide you with the answers you need and help you throughout the estate planning process. Contact us today to set up an appointment.

Being Thankful!

November 27, 2019/in Business/by K.T. Williams

The Business of Being Thankful

The Holiday season provides many of us with an opportunity to pause from work and spend time with our families and friends. Even if we don’t get as much time as we would like to relax or to spend time with others, hopefully we use it to reflect upon how much we value those people in our lives, even if they make us a little bit sideways sometimes.

In my work on estate planning and estate administration, I see a vast range of family dynamics. Some of them are unfortunate while others are just the opposite, filled with compassion, patience, and gratitude toward one another. As I reflect on all the things I’ve heard over the years, it seems one of the most common missing ingredients in the less unified families is “Thanksgiving.”

Thanksgiving Is An Attitude.

Thanksgiving is not just a holiday where we stuff ourselves. It’s an attitude that we can choose to have all year long. Some call it gratitude. We can practice gratitude, much like we might practice for a sport or for a part in a play or much like we might prepare for an important interview. Start small and think big picture. Approach the Thanksgiving table and each day with a fresh perspective, a fresh attitude.

Thanksgiving Is An Action.

Thanksgiving is also an action. While gratitude and thanksgiving may seem like they are purely emotional, our attitude is only one piece of the puzzle. Thanksgiving requires action, too. Perhaps, it’s a smile. Or a wave across the street or to a friend in a passing car. Maybe it’s a sincere sounding greeting of “hello” or “how are you doing” followed by taking time to listen for a response. Thanksgiving is an action, and it is infectious.

Putting The Attitude and The Action Together.

We must combine both our attitude and actions of thanksgiving to complete the thanksgiving puzzle. That’s when we find ourselves in the business of thanksgiving.

What are the things you are thankful for? If you have friends and family for whom you are thankful, tell them. Look for small things each day for which you can be thankful. Did someone graciously let you into traffic? Is the café near your office serving your favorite soup today? Did you get a great deal on something you wanted to purchase? Has it turned out to be an unexpectedly great hair day? Did the price of gas drop before you had to fill up? Each day we experience things for which we can be thankful. We just need to take the time and be intentional about doing it.

I Am Thankful!

I am thankful for my family. I am thankful for the opportunity to get to do something I love every day. I am grateful for each and every client I get to meet and serve. I am thankful for the wonderful staff in my office that assists me in serving our clients.

I cannot express enough gratitude to the friends and colleagues who refer us to others and who help spread the word about how my staff and I can help. I am thankful for the community that I call home. I am also thankful for the many surrounding communities that I serve. And I’m thankful that technology allows me to serve clients from all over our great state of Kentucky.

As I think about the things for which I am grateful (and the list could go on), I am hopeful that I show my thankfulness each day. And as you consider the things for which you are grateful, I hope you feel blessed and thankful, too!

Milestones & Bucket Lists: Making Our Days Count

November 8, 2019/in Business/by K.T. Williams

This week, we celebrated a milestone birthday in the office. Brooke Clark turned 21. If you haven’t met Brooke, her smile welcomes you when you visit our office, and her voice greets you when you call. Her birthday started me thinking about other noteworthy points in our life. Perhaps, we look forward to a particular birthday: 16, 18, 21, and many others that follow. Or perhaps we look forward to a lofty goal: moving for college, a new job or promotion, marriage, starting a business, retirement, or leaving a legacy for our families.

Sometimes, we look forward to better days or a brighter future, especially if times seem difficult. Regardless, we should make each day count. How do we do that? Goal Setting and “Bucket Lists” can help. I’ve seen firsthand the importance of goal setting in the estate planning and elder law work that I do for people of all ages.

Goal Setting, Bucket Lists, And Taking Steps.

Do you have a bucket list? What are your goals? Each is a destination. It may be years away or merely days. But whether just a few days or many years into the future, you must map out how you are going to reach the destination. I realize that figuring out how we’re going to achieve our goals seems easier said than done. It is. We don’t have a crystal ball. We don’t know the future or what exactly the best path will be. And there may be some detours, roadblocks, and speed bumps along the way. But if you set the goal and create a map for getting to it, each step you take will bring you one step closer to reaching it. Your bucket list items are a prime example.

Vicki Gibson is another valuable team member in the office. We work side-by-side quite a bit, and, if Brooke isn’t here, it’s Vicki’s warm smile and pleasant voice that makes you feel comfortable when you visit or call.

Vicki recently returned from her own bucket list experience: an Alaskan Cruise. Wow! Hearing about the trip and seeing the beautiful pictures made me long for a similar trip. Yet Vicki admitted that her description and pictures failed to capture the feeling of the experience. The exhilaration. The breathtaking views. The crisp, sweet air. The flowing rivers, snowcapped mountains, whales, glaciers, and so many other things that words or pictures can’t fairly describe. If words can’t describe it, how do we understand what Vicki experienced? We must experience it, too.

Whether an Alaskan Cruise is on our list doesn’t really matter. The point is that much in our life is like Vicki’s experience on the Alaskan Cruise. We can’t understand what it is like without experiencing it ourselves. So what are we doing to experience the things that interest us and take us closer to achieving our goals?

There Will Be Obstacles To Overcome.

There will always be obstacles. Part of every experience and achievement is the journey. Very little good is experienced without some challenges along the way. And the obstacles or challenges can take many forms. Sometimes we may view our age as an obstacle, saying we’re too old or too young to have a particular goal or interest. But is that right or does our age simply add to the challenge?

Is it simply another obstacle to overcome in our journey to experiencing something special? Don’t let the challenges and obstacles keep you from working toward your goals. They merely make the path look more difficult, but you shouldn’t let them stop you from beginning your journey. The first step is the hardest. We all have reasons (obstacles and challenges) why we wait to take the first step. But we must take that step, or we’ll fail to make the most out of our days.

Maybe your goal is to start a business. Starting a business isn’t easy. It takes guts, vision, and the willingness to accept the outcome. Not all businesses succeed. But those who know success and have experienced the triumph of trying something new and special have also had to embrace the uncertainty of the future. They had to overcome the fear of what might go wrong. They had to boldly refuse to let the fear of those things stand in their way from trying something big, making something special, and seeing just how successful they could be. I’ve been there myself when I decided to start my law office. And I have been honored to help many clients with the legal aspects of beginning their new ventures.

We don’t have to look far to see others who are venturing out to realize a dream. Jessica Beaven and her husband are a perfect example. They’ve laid out the vision for a senior-living community, called Homeplace of Henderson, and they’ve taken steps to make the vision a reality. Of course, they could have simply kept their vision quiet and done nothing, always wondering what would have come of their dream if they had tried. Instead, they embraced the challenge of making something new and boldly forged ahead. Doing nothing may have seemed easier at the time, but the sting of regret from not trying would have been much worse. They are making their days count.

Make The Most Out Of Your Days.

While we may not have Alaskan Cruises in mind or a large-scale residential and commercial development as part of our goals, we have goals. What are they? Make a list of them. Then, write the steps or milestones to achieving the goals. But don’t stop there! Take the first step. It’s normal to be scared and to see the challenges instead of the opportunities that accompany them. Do it anyway. Don’t hold back. Whether you are just turning 21 or you are shopping for a senior-living community, make the most of your days.

New Retirement Account Rules: Are You Ready For A Change?

May 31, 2019/in Asset Preservation, Business/by K.T. Williams

The U.S. House of Representatives just passed a bill to change many rules about retirement accounts, such as Individual Retirement Accounts (IRAs). The bill now heads to the Senate for consideration. Although the Senate may change the bill, the retirement account rules will be changed sooner rather than later. There is simply too much support for change. Evidence of that can be found in the fact that the bill passed the U.S. House of Representatives on a 417 to 3 vote. That is an overwhelming margin. With so much support behind changing the rules, very little can stand in the way. So lets explore the proposed changes. They may not all make it into law, but reviewing them will give us a sense of the changes we may face.

Later Age For Taking Required Minimum Distributions (RMDs)

The law currently requires that a retirement account owner begin taking minimum distributions from their retirement account by the time they reach age 70 ½. Otherwise, severe penalties will be imposed.

Under the proposed law, an account owner can delay minimum distributions until they reach age 72. This will allow those who do not need distributions for their living expenses to keep their retirement accounts intact longer. As a result, it delays the income tax that must be paid when distributions begin. And it means the retirement accounts will not be as depleted at the owner’s death, so larger retirement accounts pass to beneficiaries. This proposed change may be a good one. But there are other proposed changes that offset it.

Mandatory Withdrawal of Inherited Retirement Account Balances: 10-Year Rule

The law currently allows the owner of an inherited retirement account to take distributions from the account in a variety of ways. With few exceptions, the owner must take distributions from the account each year. But rather than use the age of the deceased owner to determine the amount of each distribution, the age of the new owner is used to determine the amount of each distribution. Because the new owner is typically younger than the previous owner, the distributions and resulting tax burden are smaller than they would be if using the previous owner’s age.

Under the proposed law, the owner of an inherited retirement account must withdraw the full balance of the retirement account within 10 years of inheriting it. The effect of this change could be huge. For example, it will force the complete distribution of the account over a shorter span than under current law. This means a higher tax burden created more quickly, especially if the distributions from the retirement account push the account owner into a higher tax bracket. Additionally, if the inherited account owner planned to pass the account to their own beneficiaries, the account will not exist if the owner lives at least 10 years after inheriting it. And, after the full distribution, the funds remaining will be much smaller because of the higher taxes generated from the accelerated distribution schedule (10-year rule).

What Should You Expect?

You should expect change. With the eye of legislators aimed at retirement accounts, it is simply a matter of time before changes occur, and the changes are likely to be large. Although these proposed changes may not become law, changes are coming.

The best way to protect yourself from surprises and higher taxes is to be proactive. Evaluate your retirement accounts at least quarterly. And stay informed about how the retirement account laws affect you and how they will affect the beneficiaries of the accounts. Lower taxes and better protection for you and your family are just a few of the benefits you get from being actively involved with your Estate Planning/Elder Law Attorney, financial advisor, and accountant. Estate Planning/Elder Law attorneys, like me, along with your financial advisor and accountant are your financial team. We are here to help you each step of the way. Contact us. And let your friends know we are here to help them, too.

Will Physicians soon be prescribing a “Smart Watch” to aging Americans?

March 15, 2019/in Business/by K.T. Williams

Seniors may soon have a Smart Watch strapped to their wrist – all in an effort to keep themselves healthier. For example, Apple has taken aim at the health market with its new Series 4 Apple Watch. It includes alerts to let you know if your heart is falling to dangerously low levels. The Watch is also equipped with technology to run an ECG. This is claimed to be a doctor-level benefit that may save wearers or their insurers hundreds of dollars by allowing the wearer to avoid an office or hospital visit. And the new Apple Watch can detect falls and offers the ability to call for outside help automatically. Falls are one of the most common causes of injuries among the elderly. Other manufacturers may have watches with similar or even more advanced features. Consumers should weigh their options when shopping.

A Smart Watch may be able to provide health benefits to its wearers. The extent of the benefits remains unclear. But, time will tell.