In particular, the family members were concerned that they could be subject to onerous US income tax, interest and penalties as a result of the trusts' indirect interests in certain UK businesses, and on distributions to them from the trusts. It is not uncommon for a substantial portion of their net worth to consist of illiquid, unmarketable and hard to value assets with substantial upside potential. During his tenure, Matt acted as the primary staff person responsible for the City’s purchase of six unique open space parcels, totaling 100 acres.
And if you disclaim that gift, you are saying you do not want it and will not take any control over it. The best estate plans help you prepare for the future in a way that will protect what matters most to you. However, there are certain things that are inevitable in life and death is one of them. IBF is here to help you achieve your designation, as our students have successfully done for 24 years. The authors review the application of Evidence Code §§ 953 and 954 to posthumous claims of attorney-client privilege and compare California's "personal representative" rule to the federal and common law of privilege.
After signing, you fund the trust by transferring title to all (or most) of your property to the trust. Complex finances, control-freak tendencies, fondness for your estate lawyer's waiting-room coffee, and an aversion to probate court are all valid reasons for establishing a testamentary or living trust. Living trusts, otherwise known as an Inter Vivos Trust, commences immediately, which will be during the lifetime of the grantor, as well as potentially following the death of the grantor as well.
We are intimately familiar with the formation of family limited partnerships (“FLPs”), joint ventures, and limited liability companies (“FLLCs”) to develop and/or operate real estate or other business projects while substantially reducing the family’s potential income and estate tax and preserving control. We work closely with our Business Practice Group to provide creative, practical, tax efficient solutions for business owners at every stage of their careers.
The personal representative can contact and utilize legal representation for assistance with moving through the administration of the estate. A trust is a tool that allows another person, called the trustee, to hold assets that have been placed into the trust by the grantor on behalf of a beneficiary. We were very impressed with his knowledge in that area and were quite thankful for his patience for that arcane trust setup.
A will is the most common document used to specify how an estate should be handled after death. The contestants to the will were basing their argument that the testator (decedent) lacked sufficient capacity to execute her will as she suffered from certain delusions as to certain family members/beneficiaries. We have not needed legal advice until now so I was not looking forward to searching for a lawyer that I trust. Our team also combines extensive litigation experience with in-depth knowledge of trust and probate law and procedures.
Now, in all fairness, the Court eventually comes around and determines that the son is actually Jerry's son, but it does so via an awkward, backdoor analysis that contorts itself to fit on the page it was written. We each have a definite idea as to when quality of life has diminished too far. Discretion to use funds is at the heart of the fiduciary relationship, and each document is crafted by your attorney to meet the requirements your unique family will experience. Are there any other descendants you haven’t yet mentioned?
No two lives are exactly the same, and your legal needs are as individual as you are. NOW, straight from the Iowa legislature, that rule is changed. Our clients include closely held and large business owners, executives, professionals and other high net worth individuals whose estates would be subject to significant estate taxes; however, our sophisticated estate plans can help minimize estate taxes. There are testamentary trusts, those trusts created after a person dies as part of a Will, and living trusts, a trust instrument created to transfer assets while the individual is still alive.
Contact the Tulsa estate planning attorney today for a free consultation about the best approach to protecting your legacy. We assist individual clients with estates of varying complexity in protecting their hard-earned assets for intended beneficiaries through cost-effective legal methods. It is critical to ensure that all of your legal documents and the gender identification contained in them reflect how you now present yourself.
Dementia and Decision-Making Capacity in Older Adults, Part I Older adults with dementia may have impaired decision-making capacity with respect to estate planning, self-care, contracts, marriage and health care. Alternatively, students may attend part-time. The firm advises on issues such as the distribution of property in an orderly and sensible way; future leadership of family owned businesses; providing for loved ones who are young or have disabilities; protection of property from potential creditors and predators; minimization of tax liabilities; health and financial decision making authority in the event of disability; and expressing wishes concerning end-of-life medical decisions.