👉 Estate Exemption Amount for Surviving Spouse and Children✍️ | A BOLO Legal Brief
Legislative changes in July 2020 saw the exemption amount for Kentucky probate estates double from $15,000 to $30,000. This means that the living spouse of the person who passed away is entitled to receive the first $30,000 of the deceased spouse’s estate before any of the estate will be used to satisfy the claims of creditors (medical bills, credit card bills, etc.). If there is no surviving spouse, then the deceased person’s surviving children are entitled to receive the first $30,000.
If the entirety of the probatable assets do not exceed the new exclusion amount of $30,000, or when preferred claims reduce the probatable assets to $30,000 or less, then the Kentucky Court hearing the probate case may “Dispense with Administration.”
Dispensing with administration of the estate greatly reduces the time and expense involved in handling the estate and can often be completed with just one Court appearance.
Our attorneys can help you determine the best way to proceed with administering the estate of your loved one.
As always, each person’s situation is unique and there are there are often exceptions to most general rules established by the law. If you have questions, it is always advised that you consult a reputable probate attorney. This blog is not intended to be legal advice and does not create an attorney-client relationship.