Specific Bequests and Kentucky Inheritance Tax: Be Careful About Your Requests

When drafting a will, people often make specific requests, leaving particular items to certain individuals or entities. After these specific bequests are fulfilled, the remaining assets are then distributed according to the will's residuary clause.
Many people who start making these special requests overlook the potential tax consequences, especially in Kentucky, where they might incorrectly assume no inheritance taxes will be due. This is not the case. Any bequest not given to a Class A Beneficiary is likely to incur some type of Kentucky inheritance tax. For this reason, it is wise to discuss any such bequests with your attorney before finalizing your will.

​To ensure your final wishes are fulfilled as intended and to minimize potential tax burdens on your beneficiaries, contact us today to review your estate plan.

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