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Honors & Awards

JD Supra Readers Choice Top Author 2016

  • The Best Lawyers in America, 2013-2017 (Corporate Law)

  • AV® Preeminent Peer Review Rated by Martindale-Hubbell®

Admissions

Kentucky, 1991

Georgia, 1992

Tennessee, 2008

U.S. Tax Court, 1996

Education

Louis D. Brandeis School of Law, University of Louisville, Louisville, Kentucky, J.D., 1990

Emory University School of Law, Atlanta, Georgia, 1990-1992

Transylvania University, Lexington, Kentucky, B.A., 1986

Overview

Estate planning is one of the nicest things you can do for your family. It tells your family and the court system how you want your assets distributed upon your death. Be mindful that if you do not have an estate plan, even a simple will, your assets will be dispersed and the legal affairs of your estate will be resolved solely based upon Kentucky law. A well thought-out plan will not only attend to your legal needs, but will also address your personal concerns and goals.

Estate planning isn’t only for people with established families, a defined amount of wealth, or certain type of assets. Anyone with young children can have as much or more at stake if their estate plan does not provide for the care or protection of their children. For the single person or couple with complex tax planning needs, the urgency of formulating an effective estate plan may seem much more evident. 

My practice is concentrated in the areas of estate planning, business succession planning and asset protection. In developing an estate plan, I listen to you. Your goals and objectives, whether it be equalizing assets among children, transferring a business, or minimizing taxes, are my primary concern. My intent is to gain a full understanding of your particular requirements and desires. Appreciating the family dynamic is imperative to successful planning.

When planning an estate, I include considerations of lifetime gifting (and the Federal gift tax), incapacity, special needs planning, and  protection of assets during my clients’ lifetime, as well as end of life decisions involving living wills and other advance directives, so that the value of their assets and the wealth they have accumulated in their estate will be available for their benefit and the benefit of their family and loved ones.

What I enjoy most about estate planning and my area of practice is the client interaction. I am dedicated to each client I represent. By providing a comprehensive approach to the client's planning situation, I strive to ensure a mutual understanding, to maintain direct contact, and to obtain the results desired by my client.

REPRESENTATIVE MATTERS

  • Preparation of basic estate planning instruments, including wills, revocable trusts, durable powers of attorney for financial matters, durable powers of attorney for health care and living will directives.
  • Estate tax planning that secures the marital deduction, estate tax exemption, and charitable deductions.
  • Sophisticated estate planning for high net worth individuals, including structuring and preparation of limited liability companies, limited partnerships, grantor retained annuity trusts, qualified personal residence trusts and grantor trusts (including intentionally defective grantor trusts), along with all related documents
  • Succession planning for owners of closely-held businesses.
  • Preparation of irrevocable life insurance trusts and premium financing arrangements.
  • Charitable planning, including charitable remainder trusts, charitable lead trusts, supporting organizations, and private foundations.
  • Preparation of estate tax returns and gift tax returns, as well as all documents related to the administration of trusts and estates.
  • Achieve and maintain close personal and professional relationships with clients.
  • Currently responsible for clients located in Kentucky, Ohio, Georgia, Delaware, South Carolina, North Carolina, Virginia, Tennessee, and Florida as well as clients with either dual citizenship or with citizenship solely in another country.

BEFORE MCBRAYER

I began my career with the IRS as an estate and gift tax attorney. This position allowed me the opportunity to work with many accomplished practicing attorneys and gave me invaluable insight to the IRS examination process. I know how to work with the IRS and answer questions before they arise.

Affiliations

Professional Activities

  • American Bar Association, Taxation Section, Member
  • Bluegrass Estate Planning Council, Member
  • Kentucky Bar Association, Member
  • Fayette County Bar Association, Taxation Section, Member
  • Georgia Bar Association, Member
  • Tennessee Bar Association, Member

News & Insights

News

Seminars & Speaking Engagements

Articles

Blogs

Multimedia

Multimedia

  • Terri R. Stallard - Attorney Biography

Estate Planning

Estate planning encompasses many facets of a person’s life. The following are examples of just a few to consider.

One of the techniques that can reduce your taxable estate is the use of a life insurance trust. Life insurance can provide liquidity to pay for estate taxes when due or to equalize an estate for children if a large part of the assets is concentrated in a closely-held business. If the ownership of life insurance is not structured correctly, it may be counted as part of your estate and thus add to your estate tax liability. Putting your life insurance into an irrevocable life insurance trust is a wise strategy, but a complex and often overlooked one.

Another primary concern addressed with estate planning is to ensure that the inheritance your children receive is delivered in the most constructive way possible. It could be that your children are too young for such responsibility or you may wish to protect your children from potential divorce, creditors, or even from themselves. This is not to say that your child wouldn’t have significant control over the trust, but not so much control that these benefits are lost.

One of the most overlooked aspects of a divorce case involves decisions regarding your estate plan. It is important to review your estate plan to determine who you wish to receive your assets. Likewise, it is imperative that all beneficiary designations, such as on insurance policies and investment accounts, are updated. Be sure see who has the power to make health care decisions on your behalf and other important matters. All too often, people forget to attend to these matters following a divorce. This can result in an ex-spouse receiving a large amount of money and/or assets. People also forget to change other important documents such as health care directives, which means an ex-spouse may be left in charge of making medical decisions on your behalf.

For the blended and nontraditional families, it is very important to update your estate plan if you remarry or otherwise become involved in a long-term relationship. This can help ensure that your wishes are carried out when it comes to your children and any stepchildren that may come into your blended family.

Your estate plan should be updated with some frequency to ensure that it reflects your current situation and wishes. Whenever you experience a substantial change in your life's circumstances, your plan should be reviewed. However, even if nothing in your life has changed and you still wish for your assets to go to the beneficiaries named in your initial estate plan, a review can be time well spent.

Effective Estate and Business Planning Tools

If you have a family business or other asset you would like to share with your children or other descendants, an FLP or FLLC could help you achieve your goals. These vehicles allow you to transfer valuable assets into that entity and share them with family members without giving up control. This is a great way to allow your family's younger generation to participate in the business or to gradually transfer ownership of a property to your heirs.

These entities are effective estate planning tools because they significantly reduce estate and gift taxes. Additionally, both LLP and FLLC offer levels of asset protection to its members in the event of a lawsuit or a divorce.

Taxation

The areas of taxation that I attend to are primarily limited to transfer taxation. This includes federal estate taxes, federal gift taxes, estate and inheritance taxes imposed by Kentucky and/or other state governments, and capital gain issues related to the transfer of assets. With the recent increase of the estate and gift tax exemption ($5.45 million per person for 2016), considering whether and to what extent a capital gain tax may be imposed has become much more important.

Determining the best strategy to minimize estate, gift and capital gains taxes is typically not a “do-it-yourself” venture. Much consideration is warranted in determining how and when to dispose of your assets and whether transferring your assets during life or after death is the best option for you.

Business Planning and Business Succession

Limited liability companies (LLC) have a multitude of uses and benefits. They can be used not only for business planning purposes, but also as estate planning and asset protection tools. A limited liability company (LLC) allows you to transfer the ownership of certain assets while still maintaining control of them. It provides business benefits, including limited compliance requirements and flexibility in management structure with few restrictions.

By separating high liability assets into an LLC, other assets are protected from the liability associated with the LLC assets. Additionally, members of the LLC are not personally liable for the debts and liabilities of the LLC. An LLC is an important component of a multi-layered asset protection strategy.

Effective Estate and Business Planning Tools

If you have a family business or other asset you would like to share with your children or other descendants, an FLP or FLLC could help you achieve your goals. These vehicles allow you to transfer valuable assets into that entity and share them with family members without giving up control. This is a great way to allow your family's younger generation to participate in the business or to gradually transfer ownership of a property to your heirs.

These entities are effective estate planning tools because they significantly reduce estate and gift taxes. Additionally, both LLP and FLLC offer levels of asset protection to its members in the event of a lawsuit or a divorce.

Asset Protection

Asset protection serves as a barrier between you and your creditors if you are getting sued or are going through a divorce. Asset protection is not a replacement for insurance, but it can complement your insurance to more sufficiently satisfy creditors. Asset protection in a proactive measure and planning technique that uses a various legal tools to protect your assets from future creditors.

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