| Estate-Tax Valuation -- Real Property |
| |
| The value of any real property as of a given date is subject to widely differing opinions. If there is no market for the property, it should be valued at (a) the highest price available, or (b) the amount it will bring as salvage, whichever is greater. More... |
| |
| Nominee Trusts |
| |
| The trust is probably the most flexible document in the estate planner's book. There are several special purpose trusts designed and drafted to accommodate special situations or objectives. Keep in mind that the special purpose trusts, as with all trusts, will have one or more trustees, with a mechanism for trustee replacement; one or more beneficiaries, with provisions covering all possible changes, such as death, disability, etc.; a corpus or assets transferred to the trustee; and provisions covering the management and disposition of those assets in all circumstances, up to the termination of the trust.More... |
| |
| Executors -- Wrongful Death Claims |
| |
| If the decedent died intestate (without a will), you have absolute freedom to select an attorney to help administer the estate. If the decedent died testate {with a valid will), you typically have the same flexibility, even if the testator specifically mentioned in the will that she wanted you to employ a particular attorney; this, under the law of most states, usually is considered merely a suggestion and is not binding. Since the attorney is an essential part of the estate administrative team, many executors prefer to have an individual with whom they can work effectively. Whether the attorney is the one selected by the decedent or one selected by you, his services are vital to the successful handling of many estates.More... |
| |
| Choosing a Financial Power of Attorney |
| |
| You can create a valid power of attorney if you are at least 18 years old and mentally competent. Generally, you must understand what a durable power of attorney for finances does and that you are executing such a document.More... |
| |
| Voting Trusts |
| |
| 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... |
| |
