Kentucky Estates, Inheritance Law & Probate Funding

May 25, 2019 8:17 am Published by Inheritance Loans USA

If you are an heir of an estate in probate or trust in Indiana, you will want to make sure you are on the same page as your attorney – and be well aware of any new probate laws in Kentucky. Moreover, if you are motivated to receive rapid inheritance advance funding, with low inheritance advance or probate advance rates – you will want to choose your estate advance or inheritance cash advance funding company with great care.

Inheritance Advance Funding and “Probate Loans” in Kentucky

It just so happens that many Kentucky probate estate heirs and beneficiaries of trusts would rather get an advance on inheritance from their living parents, or single surviving parent, than wait a year or two for probate to be over. Yet when inheritance advance funding from both parents, or from a single surviving parent, isn’t possible due to the death of both parents – heirs of estates in Kentucky will often get an advance on inheritance, usually a large advance inheritance, from a so-called “estate loan” or “inheritance loan” company, as heirs and companies refer to it. An estate advance, or inheritance cash advance transaction, that heirs often (incorrectly) refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”. A lot of heirs will choose to get inheritance advance funding through an advance inheritance or probate advance company; usually a probate advance company with a good reputation – often one of the more established inheritance advance funding companies that have been funding inheritance money to heirs for decades. Many heirs will pick a 48 hour estate advance, or 72 hour probate cash advance; which is what most heirs view as the best inheritance advance funding option available – and generally that means an inexpensive probate advance – or inheritance advance funding from an extremely fast online inheritance advance company with nice low probate advance Rates, or as heirs often say “low inheritance loan fees”.
How Do You Gain Fast Access to an Inheritance Advance in Kentucky?
Although probate in Kentucky is slow… there are certainly ways to get inheritance money quickly, faster than a year waiting for probate to close. Inheritance cash advance funding is a generally fast process, and a simple process – as long as the estate has a reliable inheritance advance funding company working for them, with a mature probate advance staff helping them. My Inheritance Cash inheritance cash advance funding usually get heirs their inheritance money in a few days. Without up-front fees or hidden charges; no monthly payments or interest; and no credit report or credit score to worry about. And instead of waiting for 12 – 18 months or more to get access to inheritance money, Kentucky heirs typically only wait 2 – 3 days.
How Do You Get Approved For a Probate Advance, or What Heirs Incorrectly Refer to as an “Inheritance Loan” or “Probate Loan”?
Paperwork requirements for a probate advance in Kentucky are simple compared to paperwork requirements for an interest based bank loan. My Inheritance Cash provides inheritance cash advance assignments in fact, not interest bearing loans, although a lot of heirs and lawyers refer to inheritance cash assignments as inheritance loans, estate loans or probate loans… incorrectly. To get approved for a probate advance in Kentucky, heirs of estates in probate or trust fund beneficiaries need a valid Photo ID, documents proving status as a valid heir of a Kentucky estate, proof of inheritance assets – real property, liquid assets, or personal property, whatever it is… as well as the amount of advance inheritance money being requested by the heir as an advance on inheritance.
Which Kentucky Counties Allow Heirs to Get Inheritance Advances?
Kentucky allows inheritance cash advances or, as many heirs (incorrectly) refer to as “estate loans”, “inheritance loans” or “probate loans” – in every county in the state of Kentucky. Both discounted estate cash advances, probate advances with regular pricing, and 48 hour probate advances or 72 hour probate cash advances… for heirs of Kentucky estates and trusts; generally without much effort on the part of the heirs or beneficiaries.
How Do You Know If You Qualify for Inheritance Advance Funding in?
It is generally a simple matter to determine whether or not you qualify for inheritance cash advance funding, for a standard inheritance advance, probate advance or an estate advance in Kentucky, based either on probate property or liquid assets. Besides relevant documentation, you must be at least 18; be an heir to an estate in probate or trust, in the USA or Canada; with an inheritance of at least $15,000. Once you qualify, and actually receive advance inheritance money, you can use probate advance cash for any purpose.
These are many questions that heirs of estates in Kentucky ask before signing a probate advance or inheritance advance contract with an inheritance advance funding company, and one in particular is whether their inheritance advance assignment is actually a cash advance or an “inheritance loan”, or a “probate loan”. Probate advances are structured so heirs are able to get inheritance money quickly, usually in a day or two – a 48 hour or 72 hour probate cash advance is an average time-frame for My Inheritance Cash probate advances.
Is an Kentucky Inheritance Advance a Cash Advance Assignment, or is it “Borrowing Against Inheritance” as Many Heirs Refer to it?
Inheritance cash advance assignments in Kentucky are not interest based loans, so there is no danger of “recourse for non-payment”. Heirs getting advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not technically provide inheritance loans or probate loans to clients.

Inheritance Law in Kentucky

Kentucky is one of only a few states to implement dower and curtesy laws, as well as an inheritance tax.

Does Kentucky Have an Inheritance Tax or Estate Tax?

There is no estate tax in Kentucky, but certain persons will have to pay an inheritance tax, according to their class, as follows:

Class A: Spouse, Children, Grandchildren, Parents, Siblings Exempt from Inheritance Tax

Class B: Aunts, Uncles, Nephews, Nieces, Great-Grandchildren Exempt up to $1000, with rates from 6-16%

Class C: Cousins, Friends, Organizations, etc (any non-Class A or B) Exempt up to $500, with rates from 6-16%

This inheritance tax is only applicable to Estates of persons who own property in the state of Kentucky. It must be filed within eighteen (18) month’s of the decedent’s passing, with a 5% discount if paid entirely within nine (9) months. Installment plans may be available. Paying late may incur a fine (penalty tax).

Other Necessary Tax Filings

Also, Executors will need to attend to the following:

Final individual federal/state income tax, due by tax day of the year following the person’s death
Federal estate/trust income tax, due by tax day of the year following the person’s death
Federal estate tax, due nine months after the person’s death, with a 6-month extension available if requested before the end of said 9-mo period

As of 2018, this is required of individual estates that exceed a gross asset and prior taxable gift value of $11,180,000

Dying With a Will (Testate) in Kentucky

A valid (testate) will allows you to choose the allocation of your assets, property, etc after your death. To be valid in Kentucky, a will should be signed by both you and two witnesses, and also name an Executor to manage the Estate.

Dying Without a Will (Intestate) in Kentucky

Persons who die without a valid will in Kentucky will have their Estate distributed according to State Intestacy Succession laws. Though these laws are designed to split an Estate up between heirs/relatives, an Estate with no legitimate heirs will go to the State of Kentucky, known as escheat. Where there is no valid will, a Probate Court will name an Executor to manage the Estate.

In Kentucky, real property is any/everything considered real estate, such as land and the house on it. Personal property is, essentially, everything else, such as cars, furniture, and valuables.

Probate and Kentucky Inheritance Law

Probate is designed to deter fraud, and to ensure that assets/property are allocated within the decedent’s next of kin, whenever possible. In Kentucky, there are three forms of Probate, as follows:

Formal settlement, which has the most court observation, and can be expensive
Informal settlement, where the court maintains some level of oversight, especially when the distribution of assets/property is contested
Small estate, where Estates valued with less than $15,000 in personal property (no real property) can avoid Probate, given that a Small Estate Affidavit has been filed

Spousal Kentucky Inheritance Law

A relic of the past, Kentucky’s dower and curtesy laws protect a surviving spouse from intestacy.

Where there is a spouse, but no descendants, parents, or siblings, the spouse inherits everything.

Where there are (a) descendants, or (b) parents, or (c) siblings, the spouse inherits (1) 1/2 of the decedent’s personal property, (2) 1/3 of the decedent’s real property to use during his or her life, and (3) 1/2 of the decedent’s real property to sell or give away. As applicable, (a), (b), or (c) inherit (1) 1/2 of the decedent’s personal property, and (2) the remainder of the decedent’s real property.

In most scenarios, divorce makes an ex-spouse ineligible to receive an intestate share of the decedent’s property. Similarly, a surviving spouse found to have committed adultery, is ineligible to receive an intestate share of the decedent’s Estate, unless the surviving spouse and decedent were found to have lived together after reconciling their differences.

Inheritance Law for Decedents with Children in Kentucky

Where a decedent has surviving children and no spouse, the children are eligible to inherit the entire Estate, so long as they are the decedent’s biological children or were legally adopted by the decedent. Grandchildren are eligible in this class only if their parent (the decedent’s child), pre-deceased the decedent, in which case they are eligible to receive that person’s share of the decedent’s Estate.

Children born out of wedlock are eligible to receive a share of the decedent’s Estate, so long as paternity was proven and/or acknowledged by the decedent. Children born in wedlock are assumed to be the decedent’s. Similarly, children conceived before, but born after, the decedent’s death, are eligible heirs, so long as they are born within ten (10) months of the decedent’s death.

Certain assets (specifically, those that name a beneficiary) do not require Probate, such as:

Dower & Curtesy property
Retirement accounts, such as 401Ks, IRAs
Real property in joint-tenancy
Payouts for life insurance
Living Trusts
Transferable-on-death accounts (e.g., investment accounts)
Payable-on-death accounts (e.g., bank accounts)

Inheritance Law for Unmarried Persons With No Children in Kentucky

Kentucky’s Dower and Curtsy laws do not apply when a decedent was unmarried, as there is no spouse for whom to leave the Estate. Therefore, the Estates of unmarried persons who die with neither a spouse nor children/descendants will either (1) go to parents and/or siblings, as per statute, or (2) escheat to the State.

Other Kentucky Inheritance Law Scenarios

Non-citizens, illegal aliens, etc are eligible to receive their respective share of an intestate Estate.

In Kentucky, half-blood relatives (e.g., siblings) are entitled to half of the share that a full/whole-blooded relative would be. For example, the Estate of a decedent who leaves a surviving spouse, no children or parents, one full sibling, and two half siblings would be divided as follows:
Spouse: 1/2 of the decedent’s personal property, 1/3 of decedent’s real property to use during his/her life, and 1/2 of decedent’s real property to sell or give away
Full Sibling: 1/4 of decedent’s personal property, and half of the remainder of real property
Half Siblings: 1/8 (each) of decedent’s personal property, and 1/4 (each) of the remainder of real property

In Kentucky, Mandy Jo’s Law states the parents who electively abandon their children are ineligible to receive a share of that child’s Estate, unless (a) said parent resumes care of the child for as little as one year before his/her death, and/or (b) said parent followed court orders to pay child support during the decedent’s life.

Resources:

Click Here for a Kentucky Inheritance Advance or Probate Advance Representative

Inheritance loans are interest-free

If you are an heir of an estate in Kentucky, and are looking at inheritance funding as a fast source of personal funds from an inheritance advance, from inheritance lenders don\’t forget that inheritance loans are interest-free cash advances, not actual loans. Take note that both heirs and inheritance funding company reps are accustomed to calling inheritance funding and inheritance cash advances \”inheritance loans\” and \”probate loans\”… Remember that so-called estate loans, probate loans or inheritance loans are all just interchangeable terms for inheritance cash advance assignments, not actual interest based loans – and they impose no credit report, credit score or income requirements or qualifications on heirs or beneficiaries. So it would be wise for you and your attorney to be well aware of any new probate laws or inheritance laws in Kentucky that might affect your inheritance advance, or as heirs call them, probate loans or inheritance loans, which you want to bear in mind while making financial decisions… probate advances and so-called inheritance loans are interest-free, not actual interest bearing loans. And, if you are looking to receive inheritance funding, with low inheritance advance fees or probate advance rates – you will surely want to choose your inheritance funding company with great scare.

Inheritance Funding and “Inheritance Loans” are Interest-Free from Mom & Dad in Kentucky

It just so happens that many Kentucky probate estate heirs and beneficiaries of trusts would rather receive an advance on inheritance from their living parents, or a single surviving parent, than wait a year or two for probate to close out, to receive their complete inheritance. Yet when inheritance funding, so to speak, from parents or a parent isn’t possible for whatever reason – heirs of estates in Kentucky will often get an advance on inheritance from a so-called “estate loan” or “inheritance loan” company, an inheritance funding company, or inheritance lender, as heirs usually refer to it. An estate advance, or inheritance cash advance is an inheritance financing transaction that most heirs these days refer to as “borrowing against inheritance”, or getting a “loan on inheritance”. A lot of heirs will choose to get inheritance advance funding through an established advance inheritance or probate advance company; usually an probate advance company with a good reputation – often one of the more established inheritance advance funding companies that have been funding inheritance money to heirs for decades. Many heirs will opt for a 48 hour estate advance, or 72 hour probate advance; which is what most heirs view as the best inheritance advance funding option available – and generally that means an inexpensive probate advance – or inheritance advance funding from an extremely fast online inheritance advance company with nice low probate advance Rates, or as heirs often say “low inheritance loan fees”.
As Inheritance Loans are Interest-Free, How Do You Gain Fast Access to an Inheritance Advance in Kentucky?
Although probate in Kentucky is slow… there are certainly ways to get inheritance money quickly, faster than a year waiting for probate to close. Inheritance cash advance funding is a generally fast process, and a simple process, since inheritance advance funding and so called probate loans and inheritance loans are interest-free cash advance inheritance funding. As long as the estate has a reliable inheritance advance funding company working for them, with a mature probate advance staff helping them. My Inheritance Cash inheritance funding usually furnishes heirs with inheritance cash in just a few days. Inheritance advances and inheritance loans are interest-free cash advances not loans, so there are no up-front fees or hidden charges; no monthly payments or interest; and no credit report or credit score to worry about. And instead of waiting for 12 – 18 months or more to get access to inheritance money, Kentucky heirs typically only wait 2 – 3 days.
How Do You Get Approved For a Probate Advance, or What Heirs Refer to as an “Inheritance Loan” or “Probate Loan”?
Inheritance loans are interest-free assignments, so paperwork requirements are not invasive loan paperwork requirements, they are simple compared to paperwork requirements for an interest based bank loan. My Inheritance Cash provides inheritance cash advance assignments in fact, not interest bearing loans, although a lot of heirs and lawyers refer to inheritance cash assignments as inheritance loans, estate loans or probate loans… incorrectly. Let\’s not forget, that Inheritance loans are interest-free cash advance assignments, not traditional loans, therefore there are no loan requirements imposed on heirs, only requirements that validate estate assets and property, and inheritance liquid assets and/or real property shares. To get approved for a probate advance in Kentucky, heirs of estates in probate or trust fund beneficiaries need a valid Photo ID, documents proving status as a valid heir of a Kentucky estate, proof of inheritance assets – real property, liquid assets, or personal property, whatever it is… as well as the amount of advance inheritance money being requested by the heir as an advance on inheritance.
Which Kentucky Counties Allow Heirs to Get Inheritance Advances?
Kentucky allows inheritance cash advances without financial licensing in every county, since an inheritance advance or probate advance, and so called “estate loans”, \”probate loans\” and “inheritance loans” are interest-free cash advance assignments, not traditional loans.
How Do You Know If You Qualify for Inheritance Advance Funding?
As inheritance advances and inheritance loan are interest-free assignments, not loans, it is generally a simple matter to determine whether or not you qualify for inheritance cash advance funding, for a standard inheritance advance, probate advance or an estate advance in Kentucky, based either on probate property or liquid assets. Besides relevant documentation, you must be at least 18; be an heir to an estate in probate or trust, in the USA or Canada; with an inheritance of at least $15,000. Once you qualify, and actually receive advance inheritance money, you can use probate advance cash for any purpose.
These are many questions that heirs of estates in Kentucky ask before signing a probate advance or inheritance advance contract with an inheritance advance funding company, and one in particular is whether their inheritance advance assignment is actually a cash advance or an “inheritance loan”, or a “probate loan”. Probate advances are structured so heirs are able to get inheritance money quickly, usually in a day or two – a 48 hour or 72 hour probate cash advance is an average time-frame for My Inheritance Cash probate advances.
As Kentucky Inheritance Loans are Interest-Free Assignments, are Heirs “Borrowing Against Inheritance” as They Refer to it?
Inheritance loans are interest-free cash advance assignments in Kentucky, and so are not interest based loans with credit and cash flow qualifications, so there is no danger of “recourse for non-payment”. Heirs getting advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; but will not always remember that estate loans, probate loans and inheritance loans are interest-free assignments and not a loan transaction at all… However, it is extremely important for heirs to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not technically provide inheritance loans or probate loans to clients. Listen to what some of our clients say about us

Inheritance Law in Kentucky

Kentucky has dower and curtesy laws, as well as an inheritance tax.

Does Kentucky Have an Inheritance Tax or Estate Tax?

There is not an estate tax in Kentucky, but there is an inheritance tax for certain heirs, as follows:

Class A: Spouse, Children, Grandchildren, Parents, Siblings are completely exempt from Inheritance Tax

Class B: Aunts, Uncles, Nephews, Nieces, Great-Grandchildren are exempt up to $1000, with rates from 6-16%

Class C: Cousins, Friends, Organizations, etc (any non-Class A or B) are exempt up to $500, with rates from 6-16%

Kentucky’s inheritance tax pertains to Estates of residents and non-residents who own property in the state of Kentucky. The tax must be filed within 18 month’s of the decedent’s passing, with a 5% discount available if paid entirely within 9 months. Installment plans may be available. Paying late may incur a penalty tax.

Other Tax Filings

Executors will need to file the following:

Final individual federal/state income tax, due by the legal tax day of the year after the person’s death
Federal estate/trust income tax, due by the legal tax day of the year after the person’s death
Federal estate tax, due 9 months after the person’s death, with a six month extension available if requested in a timely manner

At the time of writing, this pertains to individual Estates exceeding a gross asset and prior taxable gift value of $11,180,000

Dying With a Will (Testate) in Kentucky

A valid will allows the decedent to allocate assets, property, etc as (s)he chooses. The presence of a valid will makes an Estate testate. To be considered valid in Kentucky, a will should be (1) signed by both the decedent and two witnesses, and (2) name an Executor to manage the Estate.

Dying Without a Will (Intestate) in Kentucky

An Estate where there is no valid will in Kentucky will be distributed according to Kentucky Intestacy Succession laws. An Estate with no legitimate next of kin will escheat, i.e., go to the State of Kentucky. A Probate Court will name an Executor to manage the Estate.

In Kentucky, real property is real estate, such as land and the house on it. Personal property is everything else, such as furniture, valuables, cars, etc.

Probate and Kentucky Inheritance Law

Probate is intended to deter fraud, and to ensure that an Estate is distributed to the decedent’s next of kin whenever possible. In Kentucky, there are 3 forms of Probate:

Formal settlement. The most court observation, often costly and drawn-out.
Informal settlement. The court maintains some oversight, e.g., when the distribution of the Estate is contested.
Small estate. Estates valued with less than $15,000 in personal property, with no real property, can avoid Probate. A Small Estate Affidavit must be filed.

Kentucky Inheritance Law for Spouses

Kentucky’s dower and curtesy laws were created to protect surviving spouses during intestacy.

Where there is a spouse, but no descendants, parents, or siblings, the spouse inherits everything.

Divorce makes an ex-spouse ineligible to receive an intestate share of the decedent’s property. Similarly, a surviving spouse found to have committed adultery is ineligible to receive an intestate share of the decedent’s Estate, unless the surviving spouse and decedent were found to have lived together after reconciliation.

Inheritance Law in Kentucky for Decedents with Children

When a decedent has surviving children but no spouse, the children are eligible to inherit the entire Estate, so long as they are the decedent’s biological children and/or were legally adopted by the decedent. Grandchildren are eligible heirs only if their parent (the decedent’s child), pre-deceased the decedent, in which case they are eligible to receive their parent’s share of the decedent’s Estate.

Children born out of wedlock are eligible to receive a portion of the decedent’s Estate, given that paternity was proven and/or acknowledged by the decedent. Children born in wedlock are assumed to be the decedent’s. Similarly, children conceived before, but born after, the decedent’s death, are eligible heirs, so long as they are born within 10 months of the decedent’s death.

Assets where a beneficiary is named do not typically require Probate, including:

Dower & Curtesy property
Retirement accounts, such as 401Ks, IRAs
Real property in joint-tenancy
Payouts for life insurance
Living Trusts
Transferable-on-death accounts (e.g., investment accounts)
Payable-on-death accounts (e.g., bank accounts)

Inheritance Law in Kentucky for Unmarried Persons With No Children

Kentucky’s Dower and Curtsy laws do not apply for unmarried decedent’s. Therefore, the Estates of unmarried persons who die with neither a surviving spouse nor descendants will either (1) go to the decedent’s parents and/or siblings, as per statute, or (2) escheat to the State of Kentucky.

Other Kentucky Inheritance Law Scenarios

Non-citizens, illegal aliens, etc are eligible to receive their respective share of an intestate Estate.

In Kentucky, half-blood relatives (e.g., siblings) are entitled to half the share of a full/whole-blooded relative.

In Kentucky, Mandy Jo’s Law states the parents who electively abandon their children are ineligible to receive a portion of that child’s Estate, unless (a) said parent resumed care of the child for as little as one year before his/her death, and/or (b) said parent followed court orders to pay child support during the decedent’s life.

Resources:

Click Here for a Kentucky Inheritance Advance or Probate Advance Representative

Click Here for Kentucky Inheritance Law : an Overview

Resources:

Click Here for a Kentucky Inheritance Advance or Probate Advance Representative

Categorised in: State Inheritance and Probate Law

This post was written by Inheritance Loans USA