Kentucky Estates, Inheritance Law & Probate Funding

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.