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|Failure to File a Claim in an Estate Does Not Defeat a Title Achieved By Adverse Possession|
Edward J. Levin; Gordon Feinblatt LLC;
August 4, 2015, previously published on July 2015In Nimro v. Holden, 222 Md.App. 16, 110 A.3d 805 (2015), the Court of Special Appeals held that the failure by a person who obtained title to real property by adverse possession to file a timely claim in a decedent’s estate did not terminate that person’s interest in the property.
|Latest Challenge by IRS to Family Valuation Discounts|
Thomas N. Lawson, Ronald C. Pearson, Bruce J. Wexler; Loeb & Loeb LLP;
August 4, 2015, previously published on July 2015Overview. Many sophisticated estate planning techniques include gifts, sales or other transfers to family members that incorporate significant discounts on the value of the property transferred. These discounts can range from 15 percent to 40 percent, or higher. As a result, significant wealth can...
|The Cyprus International Trust|
Soteris Flourentzos; Soteris Flourentzos & Associates LLC;
July 30, 2015, previously published on 2015The Cyprus International Trust is a powerful asset protection tool because it effectively removes the assets from a less favorable jurisdiction, and places the ownership of the assets in the Trust.
|Joint Ownership: No Longer Simple|
Arthur Fish; Borden Ladner Gervais LLP;
July 16, 2015, previously published on July 15, 2015Joint ownership is common, easy and cheap to set up and surprisingly complicated in practice. Ontario charges estate administration tax at the rate of 1.5% per on the date of death value of the assets in an estate. It has become increasingly common for people to try to avoid this tax by putting...
|Barry Nelson & Richard Franklin: Inter Vivos QTIP Trusts Could Have Unanticipated Income Tax Results to Donor Post-Divorce|
Richard Franklin; Nelson Nelson P.A.;
July 16, 2015, previously published by Steve Leimberg's Estate Planning Email Newsletter - Archive Message #2244Testamentary QTIPs are perhaps the most common form of marital deduction trust. The rules for structuring a QTIP trust upon the settlor’s death are generally known and accepted, but the creation of inter vivos QTIP trusts are less common, even though such trusts offer superb estate planning...
|Bacardi: The Hangover|
Nelson Nelson P.A.;
July 16, 2015, previously published by The Florida Bar
JournalThis article is a follow up to the March 2012 Florida Bar Journal article, "Bacardi on the Rocks." The article suggested that former spouses of beneficiaries of Florida discretionary trusts may be able to obtain a continuing garnishment over trust assets intended for the beneficiary,...
|Protecting Trusts From Claims of Alimony or Child Support|
Nelson Nelson P.A.;
July 16, 2015, previously published by Trusts
& Estates MagazineParents who want a child’s inheritance to pass into a trust, rather than outright, often seek to prevent the child’s former spouse from reaching such assets in the event of divorce. As I noted in my April 2013 article for Trusts & Estates,1 under the laws of some states, regardless...
|Barry Nelson & Why Post-Judgment Asset Protection is Not a Four Letter Word|
Nelson Nelson P.A.;
July 16, 2015, previously published by Steve Leimberg's Asset Protection Planning Email Newsletter - Archive
Message #239In Asset Protection Planning Newsletter #238, Jay Adkisson provided members with commentary on Sardis v. Frankel, a case which involved an attorney who assisted a debtor post-judgment where the phrase “asset protection” was used in the attorney’s timesheets. Now, Barry Nelson...
|How Do an Estate's Debts Get Paid?|
Dana B. Perry; Chambliss, Bahner & Stophel, P.C.;
July 13, 2015, previously published on July 2015An executor is the person responsible for managing the administration of a deceased person's estate. One of the executor's main jobs is to pay people or institutions to whom the estate owes money -- the estate's creditors. This can be an overwhelming task, especially when dealing with the death of...
|A List of 15 Important Things? No - Just One.|
Randall J Holmgren; Jones, Waldo, Holbrook & McDonough A Professional Corporation;
July 13, 2015, previously published on June 10, 2015Whether it is you, your children, your parents, a relative or a close friend, this could be a critical question: “If you die unexpectedly, have you named a Death Beneficiary for your 401(k), IRAs, and other financial accounts?”