Top PDF Introduction to the Law of Property, Estate Planning and Insurance

Introduction to the Law of Property, Estate Planning and Insurance

Introduction to the Law of Property, Estate Planning and Insurance

process. Had Ross Perot been elected in 1992, for example, NAFTA would have been politically (and legally) dead during his term of office. Causes of Action, Precedent, and Stare Decisis No matter how wrong someone’s actions may seem to you, the only wrongs you can right in a court are those that can be tied to one or more causes of action. Positive law is full of cases, treaties, statutes, regulations, and constitutional provisions that can be made into a cause of action. If you have an agreement with Harold Hill that he will purchase seventy-six trombones from you and he fails to pay for them after you deliver, you will probably feel wronged, but a court will only act favorably on your complaint if you can show that his behavior gives you a cause of action based on some part of your state’s contract law. This case would give you a cause of action under the law of most states; unless Harold Hill had some legal excuse recognized by the applicable state’s contract law—such as his legal incompetence, his being less than eighteen years of age, his being drunk at the time the agreement was made, or his claim that the
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Introduction to Law Wills, Trusts & Estate Planning Real Property Law Civil Litigation Contract Law Criminal Law

Introduction to Law Wills, Trusts & Estate Planning Real Property Law Civil Litigation Contract Law Criminal Law

(1-hour lunch break) Boca Raton Campus #LA2-1 0110 n LA-2 Wills, Trusts & Estate Planning Focus on various available methods of estate planning and the federal tax consequences of transferring family wealth and property, with emphasis on Florida probate law and practice. Additional topics to be discussed in detail include: the preparation, content and use of wills, will substitutes, trusts and other similar arrangements, recent tax savings ideas and strategies, the role of life insurance and irrevocable life insurance trusts, major changes and recent developments in gift and estate tax planning, the use of revocable and irrevocable trusts, jointly-held property, ownership of family business interests, use of pension/profit sharing plans, charitable contributions/trusts and post-mortem estate planning.
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Introduction to Estate Planning

Introduction to Estate Planning

settlement of your estate according to your wishes. There are several estate planning strategies available to you. Intestate succession Intestate succession is a strategy by default and is a means of transferring your property to your heirs if you have failed to make other plans such as a will or trust. State law controls how and to whom your property is distributed, who administers your estate, and who takes care of your minor children. Without directions, your opinions and feelings are not considered. Indeed, one of your primary goals in planning your estate may be to avoid intestate succession.
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Introduction to California Estate Planning

Introduction to California Estate Planning

Creating an estate plan is the process of identifying and categorizing your assets and finances in a purposeful, tailored way. Things like real estate, bank accounts, and family heirlooms are what one typically think about as being part of an estate, but also included are insurance policies, retirement plans, tax considerations, incapacity, and debt (to name a few). Estate planning involves managing your real and personal property while you’re alive, and controlling what happens to all of it when you aren’t. It’s a process that will go exponentially smoother if you compile a team of professionals and experts: a CPA, financial planner, insurance agent, and of course, attorney. What you may pay them now can save your estate tens or even hundreds of thousands of dollars down the road. Working with your team will allow you greater control of your estate today, and will ensure that your loved ones are provided for in the manner in which you want.
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INDIVIDUAL LIFE INSURANCE A Consumer Resource. Estate Planning. An Introduction to Concepts and Strategies

INDIVIDUAL LIFE INSURANCE A Consumer Resource. Estate Planning. An Introduction to Concepts and Strategies

The first husband’s assets are transferred to her new husband, diluting or even eliminating any inheritance to children from the first marriage. The issue can become even more complicated if the second marriage produces children as well. The QTIP (Qualified Terminable Interest Property) trust is one approach to avoiding this potentially complex situation. Through a QTIP trust, a person can provide for a surviving spouse through that spouse’s lifetime and define the ultimate beneficiaries of the assets upon the death of the surviving spouse. Thus, a couple can take comfort in knowing that they have provided for a surviving spouse while protecting the ultimate interests of the children, regardless of future relationships.
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1 Introduction. Wealth & Estate Planning Law update April By Stacey Smith and Peter McCrohon

1 Introduction. Wealth & Estate Planning Law update April By Stacey Smith and Peter McCrohon

7.18 In many other cases the attorney's actions were a deliberate and significant abuse of their power. For example, in the case of Spina v Conran Associates Pty Ltd 24 the attorney exercised his power of attorney to grant 2 mortgages over the property of the principal to secure loans made to the attorney for use in his business. The transactions did not benefit the principal and, in fact, caused detriment to her. However, the power of attorney expressly permitted the attorney to enter into assurances and do things that conferred a benefit on the attorney. The court held that the power to give gifts and confer benefits on the attorney (or third parties) is not to be read in isolation but must instead be considered in the context of the fiduciary duties owed by the attorney to the principal. The court stated that:
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PROPERTY AND ESTATE PLANNING

PROPERTY AND ESTATE PLANNING

It is impractical to examine even a portion of the various forms a trust can take. Instead, this section focuses on the general trust form that churches will most likely see: the express trust. The creation of an express trust is typically evidenced by a written document. While the intent of the grantor (the person or entity establishing the trust), the property to be included in the trust, and the identity of the beneficiaries all must be clear, there are generally no specific words or phrases that must be used. Additionally, the grantor must have the legal capacity to create the trust. This means that anyone who is mentally impaired or not of majority age cannot create a trust. The validity of a trust is not dependent upon the grantor receiving consideration. A promise to create a trust, however, is governed by the law of contracts. This promise may be enforced against the grantor if the grantor received consideration for making the promise. In evaluating any trust it is necessary to determine whether a trust has actually been created by an individual or whether that individual simply promised to create a trust. If a promise was made, a further investigation should be made to determine whether there was consideration for the promise.
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Introduction to Estate Planning

Introduction to Estate Planning

This information has been prepared as a general guideline, and is not intended to be an exhaustive or a complete analysis of the topics in question or issues raised in this e booklet. There are many particular legal, taxation and accounting matters which have not been dealt with in this e booklet and readers are urged to discuss any aspect of the operation of any of these matters discussed herein with their professional advisers. In particular asset protection, estate planning and superannuation are potentially very litigious areas of law and you will need specific advice before you take any actions if you want your wishes complied with. Before taking any action or implementing any strategy you should seek professional advice from your lawyer, accountant and or financial planner who will take into account your specific circumstances and objectives.
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Introduction to Estate Planning

Introduction to Estate Planning

imposed on property you transfer to an individual who is two or more generations below you (e.g., a grandchild or great-nephew). Not surprisingly, the IRS wants to levy a tax on property as it is passed from generation to generation at each and every level. The purpose of the GSTT is to keep individuals from avoiding estate tax by skipping an intermediate generation. A flat tax rate equal to the highest estate tax then in effect is imposed on every generation-skipping transfer you make over a certain amount. Currently, some states also impose their own GSTT. Check with an attorney or your state to find out what may be subject to your state's GSTT, and how and when to file a state GSTT return.
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Introduction to Estate Planning

Introduction to Estate Planning

GSTT--Another federal transfer you need to understand is the federal generation- skipping transfer tax (GSTT). The GSTT is imposed on property you transfer to an individual who is two or more generations below you (e.g., a grandchild or great-nephew). Not surprisingly, the IRS wants to levy a tax on property as it is passed from generation to generation at each and every level. The purpose of the GSTT is to keep individuals from avoiding estate tax by skipping an intermediate generation. A flat tax rate equal to the highest estate tax then in effect is imposed on every generation-skipping transfer you make over a certain amount. Currently, some states also impose their own GSTT. Check with an attorney or your state to find out what may be subject to your state's GSTT, and how and when to file a state GSTT return.
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Chapter 1 - Introduction to Real Estate and Real Property INTRODUCTION TO REAL ESTATE AND REAL PROPERTY

Chapter 1 - Introduction to Real Estate and Real Property INTRODUCTION TO REAL ESTATE AND REAL PROPERTY

Real property includes the surface, subsurface, airspace, any improvements, and the BUNDLE OF LEGAL RIGHTS —the legal rights of ownership that attach to ownership of a parcel of real estate. Air Rights The rights to use the space above the earth may be sold or leased independently, provided the rights have not been preempted by law. Air rights can be an important part of real estate, particularly in large cities where air rights over railroads must be purchased to construct office buildings. Now that air travel is common, the courts and the U.S. Congress have put limits on air rights.
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INTRODUCTION TO ESTATE PLANNING AND CHECKLIST

INTRODUCTION TO ESTATE PLANNING AND CHECKLIST

benefits are available to you. We have general information, but the V.A. should have the most up-to-date information 6. Make decisions about the orderly transfer of business assets If you own a business with others, you must talk to your partners about succession planning in advance. Business owners should have a buy-out agreement. Many businesses have life insurance on the business partners to fund a buy-out in the case of death of a partner. Other considerations would apply to a sole proprietorship.

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ESTATE PLANNING (LAW 7626)

ESTATE PLANNING (LAW 7626)

Sasha holds both a post doctorate degree in tax law (LL.M.) and an Accredited Estate Planner designation, and was recently awarded “Trust Member of the Year” by the Florida Bankers Association. In addition to practicing estate/tax planning, Sasha lecturers nationally and is a frequent published author on a range of estate planning, wealth management and tax law topics. She is the co-author of “Taking Control: Six Notable Strategies to manage Net Investment Income Tax" and "Bitcoin: Are You Ready for This Change for a Dollar," which were awarded the 2014 Excellence in Writing Award and 2015 Cover Feature, respectively, from the American Bar Association’s flagship Probate and Property magazine. She is very active in the Trust and Estate sections of the American and Florida Bar Associations, holding numerous leadership roles. She is also very active with the Florida Bankers, serving as Chair of its Legislation Committee, as well as a member of its Trust Executive Council and Government Relations Committee. Sasha earned her Juris Doctorate and Law and Business Certificate from Vanderbilt Law School.
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ELDER LAW & ESTATE PLANNING

ELDER LAW & ESTATE PLANNING

1. Paying for care - private insurance, spend down of income and assets, public programs 2. Determining, and then advising, medical and financial back up individuals or institutions 3. Crisis-driven estate planning and immediate execution of the plan, integrating the ill person’ s desired caretaking of others (i.e support for spouse & children, or asset transfers to favored individuals or organizations) with payment for health care and protection from abuse by care providers and care managers

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Life Insurance and Estate Planning

Life Insurance and Estate Planning

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

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Life Insurance in Estate Planning

Life Insurance in Estate Planning

Joe C. Stephens Jr. Jack Gray Johnson Follow this and additional works at: https://scholar.smu.edu/smulr This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu.

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ESTATE PLANNING: THE LAW RELATING TO WILLS IN INDIA ESTATE PLANNING: THE LAW RELATING TO WILLS IN INDIA

ESTATE PLANNING: THE LAW RELATING TO WILLS IN INDIA ESTATE PLANNING: THE LAW RELATING TO WILLS IN INDIA

In the case of Jagdish Chand Sharma v. Narain Singh Saini 25 , the Will of the property in dispute was not proved according to law and no probate or letter of administration could be produced. Now, as mentioned above, the essential elements of a valid Will includes execution of the Will and its attestation but none of the two elements were satisfied as none of them were proved by the witnesses within the meaning of the section 63 (c) of the Indian Evidence Act, 1872 which is considered as the mandatory proclamation as per the law. And the most important element, which makes a Will valid, i.e., the intention to attest the Will (i.e. evince animo attestandi) was also lacking in the present case. The Will in question must be scrutinized in-depth to seek the true intention and validity of it. If the witnesses who had attested the Will deny the execution of the Will, the execution may be proved by some other evidence. In the case in hand, the witnesses refused to dispose that the thumb impression and the signature of the testator were held in his presence at the time of the Registration. The evidence of the witnesses also did not indicate the intention to make a Will, which is considered as an essential imperative of the valid attestation of the Will and there was no other evidence which could have proved the execution of the Will. These suspicious circumstances do have an impact on the inalienable imperative of the authenticity of any transfer, which is to be held through a testamentary instrument. Even if the propounder had proved that the Will was signed by the testator and he was in a fit state of mind at the time of executing the Will and he had signed the Will in question on his own free will and the signature had been taken in the presence of the two witnesses who had attested the same in the presence of each other, to discharge his onus to prove the due execution, the court held in Surendra Pal and Ors. v. Dr. (Mrs.) Saraswati Arora and Anr. 26 , that even if the onus to prove of the propounder gets discharged, there is a possibility of the situation where the execution of a Will may be veiled by the suspicious circumstances, such as the signature,
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CHAPTER 1 Introduction to Estate Planning

CHAPTER 1 Introduction to Estate Planning

TRA 2010 reunified the gift and estate transfer tax system, and increased the gift, estate, and generation skip- ping transfer tax exemption amounts to $5,000,000 for the years 2010 through 2012; and lowered the top marginal transfer tax rates for estates and gifts in excess of the exemption to 35%, and imposed a flat 35% on generation skipping transfers that were in excess of $5,000,000. TRA 2010 also introduced the concept of portability of unused gift and estate exemption amounts. TRA 2010 introduced a new formula for calculating previously paid gift tax, the purpose of which was to address the discrepancies that would result due to the maximum estate and gift tax rate being decreased to 35%. TRA 2010 permitted executors of estates of dece- dents that died in 2010 to opt into the new rates and exemptions regime that went into place on January 1, 2011. While TRA 2010 significantly amended EGTRRA 2001; it only extended the law through December 31, 2012.
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Insurance bonds as an estate planning tool

Insurance bonds as an estate planning tool

Atkinson was of the understanding that the courts would take this into account under the relevant succession law due to the fact that the child had received the benefit from the estate as a whole. “Whether they say, ‘Well, you haven’t received enough’ and split the other up — that could be so. It actually works exactly the same … in a marriage estate and in divorce as well. But from an insurance point, if you set something aside for somebody, it could be taken into account in the whole settlement as well,” he said.

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Advanced Estate Tax Planning Techniques. Introduction

Advanced Estate Tax Planning Techniques. Introduction

If the gift and estate tax rates rise in the future, or if the tax exemptions are reduced in the future, then the value of making gifts now will be even greater. As discussed below, the gifts may be "leveraged" by using minority interest and marketability discounts. For example, if one were to give away an undivided 50% interest in real property or in a partnership, then the value of the gift could arguably be discounted for gift tax purposes. The discount varies depending on the type of assets, but it is often as high as 30% to 40%. Thus, if minority interests are given away, considerably more (measured on a proportional basis) can be given without incurring a gift tax. Correspondingly, if you hold the remaining partial interest in the assets at the time of your death, your estate might enjoy the same type of discount when measuring the value of the remaining interest for estate tax purposes.
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