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Wyatt, Tarrant & Combs, LLP


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You Are Under Attack!

By Turney P. Berry

Blue ribbon pears at the Kentucky State Fair

Blue ribbon pears at the Kentucky State Fair

Yes, You. If you have an interest in a family business or benefit from a family business – and that is almost all of us  – then you should know that on August 2 the IRS unveiled a proposal specifically designed to increase the taxes paid by family business owners versus the unrelated owners of identical businesses. Family farms, investment companies, real estate investors and developers, every sort of business and business entity are included within the scope of the IRS proposal. Thus you need to take immediate action.

What does this new proposal do? Let’s consider a business with four equal owners that’s worth $10,000,000. The economic reality is that none of those co-owners could sell a one-quarter interest for $2,500,000. Appraisers tell us that minority interests – less than 50% of the vote – in privately held businesses should be discounted by 30% – 40% in a typical situation, although sometimes more or less depending on the facts in the real world.

Now let’s move from the real world to the world of the IRS. If the four owners are unrelated, then real world rules will apply. But if they are family members the Continue reading


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Turney Berry and Jeff Yussman author “How to Lower the High Cost of Dying – Business Succession 101” for Louisville Business First

Turney Berry and Jeff Yussman, members of the Firm’s Trusts, Estates & Personal Planning Service Team, wrote an article that was recently published in Louisville Business First.  The article, “How to Lower the High Cost of Dying – Business Succession 101,” describes how death taxes can be minimized with respect to a family business.

Please click here to read the full article.


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Turney Berry Recognized by Texas Bar Foundation for Co-Authoring the Outstanding Law Review Article of 2015

TBerryWyatt is pleased to announce that Turney P. Berry, leader of the Firm’s Trusts, Estates & Personal Planning Service Team, has been recognized by the Texas Bar Foundation for co-authoring the “Outstanding Law Review Article” of 2015, titled “Retaining, Sustaining and Obtaining Basis,” and published in Texas Tech’s Estate Planning and Community Property Law Journal in January 2015.

The Texas Bar Foundation’s Outstanding Law Review Article Award honors a law review article published by one of the Texas law schools. The article can include symposia articles, dueling articles, comment, or other Continue reading


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Turney Berry reviews article on Medicaid rules and eligibility for Trusts & Estates Magazine

Turney Berry, member of Wyatt’s Trusts, Estates & Personal Planning Service Team and the Joint Editorial and Advisory Boards for Trusts & Estates Magazine, wrote a review of John A. Miller’s article, “Medicaid Spend Down, Estate Recovery and Divorce: Doctrine, Planning and Policy,” for the February 2016 issue.  Mr. Berry touches on several points made in the article regarding planning for Medicaid eligibility.

Please click here to read the full review.


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Gordon Wright to serve as panelist at University of Louisville School of Law symposium examining the U.S. Supreme Court’s Obergefell decision

Gordon Wright, member of Wyatt’s Trusts, Estates & Personal Planning Service Team, will be serving as a panelist for the University of Louisville School of Law’s symposium “Getting Inside Obergefell: Marriage Equality’s Implications for Kentucky Law” on January 23, 2016.  Mr. Wright’s panel discussion will focus on family law and related relationships with regard to trusts and estates issues.

Please click here for more information.


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Turney Berry co-authors article on the revised Uniform Fiduciary Access to Digital Assets Act for the publication “Trusts & Estates”

Turney Berry, member of Wyatt’s Trusts, Estates & Personal Planning Service Team, co-authored an article that was published in the November issue of Trusts & Estates.  The article, “You Can’t Always Get What You Want: Understanding the revised Uniform Fiduciary Access to Digital Assets Act,” outlines the original and revised versions of the Act, and describes impediments to digital asset access that may arise for a fiduciary.

Click here to view the full article.