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A marriage or legal separation is filed, unless the power of attorney document provides otherwise. Just as under the present law, a power of attorney is not required by the new law to be recorded, unless it is being use to convey, release or transfer any interest in real estate.

The balance of whatever's left over is split among the decedent's parents, siblings or children (regardless of whether those children are the product of the decedent's marriage with his or her spouse). But if none of those relatives survive the decedent, the entire estate is awarded to the spouse.

Ing to the Internal Revenue Service (IRS), federal estate tax returns are only required for estates with values exceeding $12.06 million in 2022 (rising to $12.92 million in 2023). If the estate passes to the spouse of the deceased person, no estate tax is assessed. 318 Taxes for 2022 are paid in 2023.

While Kentucky does not technically require you to get your POA notarized, notarization is very strongly recommended. Under Kentucky law, when you sign your POA in the presence of a notary public, you signature is presumed to be genuine?meaning your POA is more ironclad.

Kentucky has no estate tax, making it one of 38 such states. However, your beneficiary could be imposed with an inheritance tax, as discussed below.

How to Avoid Inheritance Tax in Kentucky Give the assets to the beneficiaries as early as possible. This allows the appreciation of the assets to avoid the inheritance tax. Setting up specific types of trusts can allow your assets to be passed on without being subject to the inheritance tax.