Estate law
By Nathan Vinson
Attorney, ELPO Law
It’s a fairly simple act to add someone as a second account holder on a bank account. Usually, a visit to the bank with both persons and signing a few pieces of paperwork is all it takes. We often see clients add an adult child as a co-owner of a bank account, thinking this will make things easier for them should the child ever need to pay bills on their behalf.
There’s a problem, though, with adding someone as an equal account holder. Upon your death, the survivor can keep all of the money in that account. It bypasses probate and does not become part of the estate. Read More
By Nathan Vinson
Attorney, English, Lucas, Priest & Owsley, LLP
Ah, spring in Kentucky. If you automatically think of horse racing when you read that statement, you’re not alone – lots of folks do. It’s a great pastime particularly beloved in the Bluegrass State.
This year, we’ve watched the rise of American Pharaoh as the horse that won the Kentucky Derby and Preakness. Next up is the Belmont Stakes, set for June 6 in Belmont Park, Elmont, New York. If American Pharaoh takes the Belmont Stakes, he will be the first Triple Crown winner since Affirmed in 1978. The allure of picking a Triple Crown winner often draws a lot of interest from long-time gamblers and novices alike, so we thought we’d review with you what happens if you do, indeed, win big at the track.
If you are clutching that winning ticket as your pony crosses the finish line, it’s a safe bet that the government wants a cut of those winnings.
There are two ways to win at the track: (1) bet on a horse or (2) own a horse. The government is only interested in knowing about your win as a gambler if you win $600 or more, and if your winnings are at least 300 times your wager (e.g. winning $600 on a $2 bet). Of course, all winnings, no matter what the amount, are taxable. Read More
Every tax season, there are at least a few of us who have some unwelcome surprises. Some discover they were not nearly as organized as they should have been, and can’t find receipts for items they wanted to write-off as business expenses. Others may discover that they made more income than they anticipated, and they owe additional unanticipated taxes.
There are plenty more unwelcome surprises, sometimes having to do with divorce or custody issues. Couples sometimes trade off who gets to claim a child as a dependent, and misunderstanding whose turn it is leads to confusion (and fighting).
If you own your own business, or just make some side income from consulting, you may find out that you owe taxes because you didn’t pay enough estimated taxes during the year. That’s a common problem that we see often with clients.
The best time of year to address these problems is right now. Tax attorneys, accountants and other financial professionals aren’t quite as busy as they are in the first and last quarters of the year executing year-end transactions, followed by preparing returns for clients, and the mistakes you made in 2014 are fresh in your mind. A few simple tips and tricks can get you ready for April 15, 2016. Read More
In Babich-Zacharias v. Bayer Healthcare Pharmaceuticals, Inc., a woman filed a product liability lawsuit against a pharmaceutical company in the U.S. District Court for the Western District of Kentucky after she allegedly suffered a number of adverse health effects from using the company’s intrauterine contraceptive device (“IUD”). According to her complaint, the woman developed idiopathic intracranial hypertension as a result of her use of the device that was designed to stay in the body for up to five years. If not properly treated, the condition can result in severe headaches and temporary blindness.
The woman claimed the patient pamphlet provided to her when the IUD was inserted failed to warn her of the link between her condition and use of the product. Despite this, the woman admitted the information stated further research regarding the medical product was needed. The woman also claimed that the medical device manufacturer failed to conduct sufficient clinical testing and intentionally concealed known risks associated with use of the device from patients and medical professionals in the company’s marketing products. Read More
For people who take a medication, the warnings that comes along with it are the most important protection they have from harmful side effects. New information emerges every day about drugs and its potential side effects. Under the current Food and Drug Administration regulations, getting a proper warning included with drug information is harder than it should be for makers of generic drugs, and the Food and Drug Administration is considering steps to fix that.
Since November 2013, the FDA has been considering new rules for generic drugs that would allow manufacturers to expedite the process of revising labels to add warnings or information that is critical for consumers taking these drugs. This can include updating dosage amounts, safety and efficacy information.
Under the current rules, generic drug manufacturers must follow the warning labels provided by the brand name drug. The proposed changes would allow generic drug manufacturers to change the warning labels on drugs if new information is discovered regarding dangerous side effects of the drug.
The FDA plan is called Supplemental Applications Proposing Labeling Changes for Approved Drugs and Biological Products. The FDA recently accepted public comments about this change and held a public hearing on it. The American Association for Justice supports this change to allow generic drug manufacturers to update information packaged with their products. AAJ's comments to FDA are available here. Read More
