Kentucky Alimony Trust in Lieu of Alimony and all Claims

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Multi-State
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US-02105BG
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This is an agreement in which Spouse A (the spouse who is ordered by the court to make alimony and/or child support payments to Spouse B) must put assets (the principal) in a trust, from which the payments are made to Spouse B.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

Kentucky Alimony Trust in Lieu of Alimony and all Claims is a legal arrangement that allows individuals to establish a trust fund to fulfill their spousal support obligations instead of making direct alimony payments. This alternative method provides flexibility and potential tax advantages for both the paying spouse and the receiving spouse. The Kentucky Alimony Trust in Lieu of Alimony and all Claims operates under Kentucky state law and involves the creation of a trust by the paying spouse. This trust becomes the designated entity responsible for disbursing the agreed-upon amount of support to the receiving spouse. The trust is typically funded with income-generating assets or property, ensuring a consistent source of payment for the duration of the agreed-upon alimony period. There are several types of Kentucky Alimony Trust in Lieu of Alimony and all Claims that individuals can choose from based on their specific circumstances: 1. Revocable Trust: In this type of trust, the paying spouse retains the ability to modify or terminate the trust at any time during the agreed-upon alimony period. However, the funds placed in this trust might still be seen as an available resource when evaluating the paying spouse's eligibility for government benefits. 2. Irrevocable Trust: The paying spouse relinquishes any control over the trust assets once it is established. This type of trust provides better asset protection and prevents creditors from accessing the funds. It also ensures that the trust assets are excluded from the paying spouse's estate for estate tax purposes. 3. Charitable Remainder Trust: This unique type of Kentucky Alimony Trust in Lieu of Alimony and all Claims allows the paying spouse to designate a charitable organization as the ultimate beneficiary of the trust assets once the alimony period ends. This offers potential income tax deductions based on the value of the charitable gift. 4. Spendthrift Trust: This trust structure restricts the receiving spouse's access to the trust assets, preventing them from using it for any purposes other than what is outlined in the trust agreement. It protects the paying spouse's assets from any potential wasteful spending or mismanagement by the beneficiary, offering a level of financial security. The Kentucky Alimony Trust in Lieu of Alimony and all Claims is a powerful tool that can protect the interests of both parties involved in spousal support agreements. It allows for more structured payment arrangements, potential tax advantages, asset protection, and increased flexibility in meeting alimony obligations. Consulting with an experienced attorney is highly recommended to fully understand the benefits and implications of this type of trust.

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FAQ

These payments used to be called alimony, but Kentucky law refers to them as spousal maintenance. Kentucky does not guarantee spousal support and divorcing spouses rarely agree that one of them should receive spousal support.

In the state of Kentucky, it is actually quite difficult to be awarded alimony. Usually, judges do not grant spousal support except in certain extreme situations, and even then, this support is usually only for a temporary amount of time.

Kentucky is a No-Fault Divorce State Therefore in a no-fault state such as Kentucky the family court judges are not interested in hearing about a cheating spouse's misconduct.

Kentucky law allows both former husbands and former spouses to receive maintenance if they meet the legal criteria. KRS 403.200. Kentucky courts have awarded maintenance to former husbands with serious illnesses or limited education/skills.

How Does Kentucky Determine Alimony? The individual who needs financial maintenance does not have any income or salary to independently support themselves at the immediate present. The party who desires alimony does not have a physical or mental ability to provide for themselves with a career or a job.

Division of Property: Kentucky follows the rule that each spouse is entitled to keep their separate property which was acquired by them before the marriage, but there will be an equitable distribution of their marital property.

(1) In a proceeding for dissolution of marriage or legal separation, or a proceeding for maintenance following dissolution of a marriage by a court which lacked personal jurisdiction over the absent spouse, the court may grant a maintenance order for either spouse only if it finds that the spouse seeking maintenance: ( ...

In Kentucky, there is not a formula for determining spousal maintenance and marital fault is not considered in determining whether spousal maintenance is awarded. A judge does have discretion on determining whether marital fault should impact the amount and/or duration of the spousal maintenance.

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This is an agreement in which Spouse A (the spouse who is ordered by the court to make alimony and/or child support payments to Spouse B) must put assets ... to create a trust fund, the income of which, stipulated to be $30,000 annually, was to be paid to the wife for life in lieu of any claim for alimony. The ...Apr 19, 2019 — Move alimony into a trust. It all started with the change in how alimony would be taxed. ... claimed the deduction than reported the payment on ... by A Gunn · 1978 · Cited by 15 — Using a trust to satisfy a husband's' obligation to support his wife after divorce2 can be an appealing compromise between the. by FV Harper · 1928 · Cited by 5 — GARNISHMENT OF ALIMONY. In a day of such widespread and extensive alimony decrees, it is abnormal that there* are not more authorities upon the questions. Under the divorce decree, the parties expressly waived any claim against each other for spousal support. Id. 265 B.R.. Page 120. Section IV-8. (Revised 12/31 ... You'll need to file a motion (legal paperwork) with the court, and ask a judge to order your spouse to make the overdue payments and keep up with future ... If your former spouse is behind in alimony payments, you can file a motion for contempt and ask the court to take steps to enforce the order. Click here for ... Review your state's laws to determine the best way to protect your pension in a divorce. A qualified domestic relations order may be necessary to grant your ex- ... Alimony includes all periodic payments people receive from ex-spouses. Alimony excludes one-time property settlements. 17. Financial assistance from outside of ...

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Kentucky Alimony Trust in Lieu of Alimony and all Claims