Trustee Is Not Required To Create Special Needs Sub-Trust
DECEMBER 27, 2010 VOLUME 17 NUMBER 40 Kenneth Boyd established a revocable living trust in 2002. He named his daughter Carol Boyd as trustee, and directed that the trust be divided, upon his death, into three shares. One share each was to go to Carol, to Kenneth’s mother Elizabeth Boyd, and to Carol’s son Ben […]
Despite the Lawyers’ Best Efforts Heirs May Contest Estate Plan
NOVEMBER 22, 2010 VOLUME 17 NUMBER 36 Our clients usually have similar goals in their estate planning. They want to take care of their children. They may want to leave something to charity. They usually want to minimize taxes that they, their estate or their beneficiaries might have to pay. And they often tell us […]
Trust Created by Spouse Using Power of Attorney is Validated
JUNE 14 , 2010 VOLUME 17, NUMBER 19 Suppose for a moment that you are trying to get your financial affairs in order. You have been married for many years, and your spouse is gradually losing the capacity to make financial or planning decisions. You are pretty sure you know what your spouse would want, […]
Should There Be An In Terrorem Clause in Your Will or Trust?
AUGUST 3, 2009 VOLUME 16, NUMBER 49 You would like to make sure that your children get along after you are no longer around to tell them to behave, wouldn’t you? Although you may not anticipate any disagreements, you know that money can change relationships, and you have seen how the death of a parent […]
Bank Liable for Exploitation By Branch Manager and Assistant
MAY 10, 2004 VOLUME 11, NUMBER 45 Carmen DiCesare, age 82, may have been a little confused when he visited the local branch of Prudential Savings Bank in south Philadelphia that day in August, 2000. By the time he left the bank he had made major changes in his estate plan, and the bank’s branch […]
Deceased Beneficiary’s Share of Trust Goes to Her Children
MARCH 22, 2004 VOLUME 11, NUMBER 38 Claude Baldwin, Jr., prepared a living trust to avoid probate of his estate. His trust directed a distribution to be made at his death to his sister Bernice Branch. The trust was silent as to what would happen if Ms. Branch died first. Of course Mr. Baldwin could […]
Bankruptcy Court Discharges Trustee’s Liability for Breach
DECEMBER 16, 2002 VOLUME 10, NUMBER 24 Antonia Quevillon, then age 70 and in poor health, consulted attorney Carl Baylis about her estate plan. Mr. Baylis prepared a living trust for her, and arranged transfer of apartment buildings she owned into the trust’s name. The trust named Mr. Baylis himself as co-trustee—to serve along with […]
Questions and Answers About Arizona’s “Beneficiary Deed”
MAY 7, 2001 VOLUME 8, NUMBER 45 Last week Elder Law Issues reported on Arizona’s new “Beneficiary Deed” statute. A law passed by the Arizona legislature this year creates a new, simpler way to pass title to real property, without any requirement of probate and avoiding the cost of establishing a living trust. A number […]