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10.11.2015

Change beneficiaries on your accounts when you change your will

By Elizabeth McKinney, Attorney English, Lucas, Priest and Owsley, LLP Many people believe that if you have a will, that document controls who receives every asset you own. But that’s not necessarily true. A will or other similar documents, such a trust, can dictate who gets most assets, but beneficiary designations for certain assets, such as 401(k)s and life insurance, as well as transfer on death or payable on death designations on bank or brokerage accounts, supersede that. Those accounts should be reviewed periodically, but particularly after a major life change such as a death or a divorce. For example, if you change your will to indicate your new spouse should receive your assets after your death, as you probably should, but you didn’t change the beneficiary for your Individual Retirement Account (IRA), your ex could end up with the proceeds of that account, much to the surprise of your new spouse.  Most people set up those accounts and never revisit the information attached to it, which is where problems come in. Read More

10.06.2015

Tennessee Court was proper forum for medical product injury lawsuit against maker of hip replacement

By Jessica Surber Attorney, English, Lucas, Priest and Owsley, LLP Product liability lawsuits proceed under the theory that manufacturers and sellers should be held accountable for injuries resulting from defects that make a product unreasonably unsafe. As with other lawsuits, a trial court must have jurisdiction (both personal and subject matter) over a defendant before it can proceed to adjudicate the issues between the parties. Sometimes, a defendant may argue that, although the court technically has jurisdiction over the case, the court should decline to exercise that jurisdiction because justice would be better served in another forum. In the recent case of Pantuso v. Wright Medical Technology, Inc., a Utah man filed a lawsuit in the Circuit Court of Shelby County, Tennessee, seeking to recover damages resulting from an allegedly defective hip replacement device. Although the defendant manufacturer admitted that its principal place of business was Tennessee, it filed a motion to dismiss the man's complaint on the doctrine of forum non conveniens. Read More

09.29.2015

Choosing a potential guardian for your children in your will

By Elizabeth McKinney, Attorney and Partner English, Lucas, Priest & Owsley, LLP Estate planning often involves thinking about things you’d rather not, and perhaps the most unpleasant of tasks is to consider who you’d appoint as guardians for your minor or special needs children in the event of your death. Read More

09.25.2015

Common Causes of Truck Wrecks in Kentucky and Tennessee

You aren't just imagining it. There are more commercial trucks on the road than ever before. According to statistics from the trucking industry, around two-thirds of the nation's freight is moved by semi-truck, and it takes about 3.5 million professional truck drivers to make it happen. Considering the tens of millions of hours these truckers spend on the road, it isn't surprising that truck accidents, too, are on the rise. Here in Kentucky and in neighboring Tennessee, news of a fatal truck accident, especially on an interstate highway, is a common occurrence. Yet, each commercial truck wreck is unique, with its own set of facts and likely causes. Read More

09.24.2015

IRS may lower threshold for reporting gambling winnings

By Nathan Vinson, attorney English, Lucas, Priest & Owsley, LLP The IRS is considering changing the way it taxes gambling payouts. Since 1977, the IRS has required those who won $1,200 or more from slot machines or $1,500 or more from Keno to report and pay taxes on those winnings. We wrote about this rule earlier this year as it pertains to horse racing, a subject near and dear to Kentucky hearts. After nearly 40 years of this practice, the IRS is considering changing that limit to $600, and casino gaming operators aren’t pleased. Read More

09.17.2015

Johnson and Johnson’s push for Risperdal sales overrode its public duty

The Huffington Post is in the midst of publishing a 15-part series that details Johnson & Johnson’s push of the anti-psychotic drug Risperdal. The drug was approved for sale in 1994 for patients with psychosis, but was not approved for use in adolescent or elderly patients. Skirting the Food & Drug Administration and the law became the crux of Johnson & Johnson’s aggressive marketing plan, which was designed to make Risperdal the best-selling anti-psychotic drug on the market. The series is a bombshell. Three chapters of the 15-chapter series have been published by The Huffington Post so far. Every day brings a new chapter – and more tales of how one of the world’s largest pharmaceutical companies pursued sales at all costs. Selling the drug to approved patient groups for FDA-approved uses wasn’t enough for Johnson & Johnson. Drug sales representatives pushed the drug onto doctors who dealt with psychiatric illnesses in children and elderly, and pushed them to prescribed the drug for symptoms such as agitation in the elderly, which is not an approved use. Read More

09.17.2015

FBAR filing date changed for 2016

If you have a financial account in a foreign country with $10,000 or more in it, you are required to report the amount to the IRS once a year. The deadline for filing IRS Form 114, the Foreign Bank Account Report (i.e. the “FBAR”), has always been June 30. Recent legislation that President Obama signed into law, the Surface Transportation and Veterans Health Care Choice Improvement Act, had a provision to also change the FBAR due date. In addition to changing the date to April 15, which is more in line with other common due dates for various types of tax returns, there is a six-month extension available, making that deadline October 16. But just like other tax filing deadlines, you must request the extension. The new rule also waives any penalties for someone new to the process who is filing for the first time, a generous provision that will help anyone confused by the rules for FBAR filing. If you’d like to read the IRS guidance on FBARs, you can find it here. Read More

09.15.2015

Bair Hugger Forced Air Warming Blankets are subject of lawsuits

By Jessica Surber Attorney, English, Lucas, Priest and Owsley, LLP In the late 1980s, Dr. Scott Augustine, an anesthesiologist, invented what he thought would be a very helpful device for patients and doctors: a forced air warming blanket. The blanket is a single-use device that covers patients during and after surgery. It is hollow and filled with warm, forced air. The technology has become widely used throughout hospitals all over the country, and at least initially, was hailed as a way to help patients heal faster and bleed less during and after surgery. Since he invented this technology, Dr. Augustine stepped away from Arizant, the company that manufactures the device. The Bair Hugger forced air warming blanket is manufactured and marketed by 3M and its subsidiary, Arizant. 3M purchased Arizant in 2010. Read More

09.15.2015

Attorney Beth McKinney joins ELPO as a partner

Attorney Beth McKinney at ELPO's offices in Bowling Green, Kentucky. Local attorney Elizabeth McKinney joined our firm on September 1 as a partner and attorney. She will work primarily in the areas of estate, probate, wills and taxation. We're thrilled to have her on our team. Beth has been an attorney for 20 years. She is also a licensed Certified Public Accountant, working as an accountant prior to her career in law. Besides estate planning, wills, probate and taxation, Beth will work with business clients, such as corporations, limited liability companies and partnerships on a variety of business and corporate issues. She has advised numerous new business owners with respect to the choice of the entity formed for new businesses. In addition, she has represented business owners in the transition and continuation of closely held businesses in the preparation of asset purchase agreements, buy-sell agreements, shareholder or stock restriction agreements and other business succession planning matters. Before coming to ELPO, Beth had her own solo law practice, but decided she wanted to come back to a law firm environment. “There are very experienced staff here and terrific attorneys,” Beth says. “This is where I want to spend the rest of my career.” Read More

09.10.2015

Insurance company denied coverage in Kentucky car accident case

Do you have automobile liability insurance? You probably do. But do you really understand what is covered under your policy, including issues such as exclusions, policy limits, and the definition of an "insured" under the policy? Unfortunately, it is not always clear whether there is insurance coverage for a particular accident. In the recent case of Shelter Mutual Insurance Company v. Paragh, the Kentucky Court of Appeals reviewed a decision of the Fayette County Circuit Court in a declaratory judgment action between several parties involved in a car accident and an insurance company that had denied coverage of the crash. Read More