The Wills Trust and Estate Professors Blog commented on discounts on Family Limited Partnerships and discounts in relation to an elective share.
In In re Estate of Hjersted, 175 P.3d 810 (Kan. 2008), the court held that in valuing partnership interests owned by a deceased spouse for purposes of calculating the surviving spouse’s elective share entitlement, discounts for lack of marketability and lack of control are “not precluded.”
As the second marriage becomes more popular, it becomes more important than ever to protect your life insurance for your children. I received a call today where the second wife had changed the life insurance benefits to her name, as might be expected. Five months later the father of two children died. The second wife will receive all the benefits of the life insurance and non will go to help support the fathers biological children. When the wife dies, it is likely that the money will go to her biological children and the fathers children will receive nothing. What this the intent of the father? Probably not? Can anything be done to protect your assets for your descendants? yes
How can you allow a portion of the money to be available for the benefit of a second or third wife and give part to your biological children. One way is through changes in the beneficiary designations. Although this can be difficult and some companies require the consent of the spouse, it is not impossible.
The better way, is to set up a revocable trust. The trust can designate who you would like to receive the proceeds and how you want the money distributed. Even better, once you create the trust, you can amend it.
The Wall Street Journal online has an article on How to Ensure Relatives Don’t Rip You Off. Also the Toronto Estate Law Blog has an article today on POA abuse.
The article mentions several things that can be done to safeguard clients.
1) a provision requiring regular accounting statements from the agents.
Leanna Hamill of the Massachusetts Estate Planning and Elder Law Blog has recently posted two useful and informative articles (Part 1 and Part 2) about Estate Planning and Divorce which was summarized on the Georgia Wills and Probate Law Blog.
In addition Paul Rabalais recently wrote a similar article on the Louisiana Estate Planning Blog Importance of Estate Planning Amplified When There’s A Second Marriage
The articles suggested revoking and or creating new Durable Powers of Attorney and Designation of Health care Surrogates as well as the importance of involving your Florida Estate Planning Lawyer in your divorce before it is finalized. Often wills, trusts, and non-probate assets will need to be retitled at the time of the divorce. In Florida, there is an automatic stay on changing the title or disposing of assets after a divorce has been filed in the courts.
Last Sunday April 13, Dateline NBC had a story on tricks insurance agents use to sell insurance policies to our nations seniors. Insurance is a $14 trillion dollar business. They used hidden cameras. For those of you who missed it, here is a link to the transcript of the show. Here is a link ot a video of some of the interviews on the show.
Tennessee has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel rifles, and machine guns.
If you are looking to create a Tennessee NFA Gun Trust, please Contact us and we can help make sure your trust deals with the many unique issues surrounding owning these firearms in a Revocable Trust
If you live in Tennessee or another state and wish to create a NFA trust to protect your family and purchase NFA firearms (Title II) or Title I firearms Contact a NFA Gun Trust Lawyer® in your state.
In Florida, the Life tenant is generally responsible for the costs of repairs, but the remaindermen are responsible for the payments for improvements to the property.
If the life tenant paid for the costs of improvements on a property, this would constitute an uncompensated transfer or gift which could result in a period of ineligibility for Medicaid.
If repairs are being done on the property, it is important to have he contractor and suppliers specify that everything is begin done as a repair to avoid the possibility of the DCF worker classifying it as an improvement and creating a gift.
The Miami Herald reported that Florida lawmakers on Wednesday added language to a state budget companion bill (HB 5085) that would expand a Medicaid pilot program that shifts some beneficiaries to private managed care plans, such as health maintenance organizations, the Miami Herald reports. The bill seeks to expand the pilot program to nine additional counties in 2010. Critics of the pilot program say that many beneficiaries have had difficulty finding a health plan that meets their needs and that it is not clear the program saved money or improved care. The state Agency for Health Care Administration had said it would not ask lawmakers to expand the program this year, after the agency’s inspector general acknowledged problems with the pilot. However, the agency’s new secretary, Holly Benson, supports expanding the Medicaid overhaul more quickly, and state Reps. Bill Galvano (R) and Aaron Bean (R) are pushing for further expansion of the program. Galvano said officials are learning from the pilot program and will make adjustments accordingly.
Florida Governor Charlie Crist today signed important National Rifle Association (NRA)-backed legislation into law that will protect the existing rights of law-abiding gun owners. House Bill 503 preserves the self-defense rights of law-abiding men and women as they travel in their cars to and from their daily activities.
“Customers and workers should not have to choose between protecting themselves or following the political policies of an anti-gun business,” said NRA Past President Marion P. Hammer. “The right to protect oneself must be maintained no matter where you park your car.”
This legislation protects the rights of gun owners to possess a firearm in any private motor vehicle in a parking lot, and prevents businesses from searching private vehicles of customers or employees.
Virginia has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel rifles, and machine guns.
If you are looking to create a Virginia NFA Gun Trust Lawyer, please Contact us and we can help make sure your trust deals with the many unique issues surrounding owning these firearms in a Trust.
If you live in Virginia or another state and wish to create a NFA trust to protect your family and purchase NFA firearms (Title II) or Title I firearms Contact a NFA Gun Trust Lawyer® in your state.
