Estate Planning
| Distribution Provisions |
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| A very common and valuable provision seen in most family trusts and invariably in dynasty trusts is the spray or sprinkle provision. Where there is more than one beneficiary, this provision allows the trustee to distribute (spray) the income and/or principal among the beneficiaries in varying proportions as the trustee feels appropriate, having in mind their individual needs and circumstances from time to time. In other words, the trustee need not make equal distributions among the beneficiaries, but instead can vary the distributions according to their particular needs, which undoubtedly is exactly what the grantors would do were they alive. More... |
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| Will Contests -- Lack of Testamentary Capacity, Improper Execution, Bogus Will |
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| You cannot contest a will simply because you don't like the provisions, or because you received less than you felt you should have received, or because the provisions were, in your opinion, unfair. You must have legal grounds, which, if supported by the evidence, would cause the will to be rejected by the Probate Court. More... |
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| Co-Ownership Myths - II |
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| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. More... |
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| Voting Trusts |
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| The special purpose served with a voting trust is to transfer the right to vote shares of stock without losing control of the stock itself or any other rights associated with it, such as appreciation, dividends, or other distributions. The voting trust is most often used with closely held companies where it is deemed advisable to allow one or more specific individuals to vote the stock. It is the trustee of the voting trust who is entitled to vote the stock held in the trust, and thus the individuals who are to have the vote will be appointed as the trustees of the voting trust. More... |
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| Medicaid Trusts |
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| Medicaid is a needs-based (welfare) benefit program administered separately by each state, but funded in part by the federal government and in part by each state. A person qualifying for Medicaid is allowed to have only a minimal amount of assets, other than a home. Although each state may have certain differences in its particular Medicaid regulations, each must follow certain basic federal guidelines in order to be eligible for the federal subsidy. One of those guidelines is the waiting period imposed on a person who transfers assets and later applies for Medicaid benefits. More... |
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