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Luling Trusts Lawyer, Louisiana

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William Joseph Salvaggio

Real Estate, Trusts
Status:  In Good Standing           Licensed:  22 Years
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716 Melanie Ave, Metairie, LA 70003
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LEGAL TERMS

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)
A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

NET ESTATE

The value of all property owned at death less liabilities or debts.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

TAKING AGAINST THE WILL

A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property.... (more...)
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property. The surviving spouse can take that share instead of accepting whatever he or she inherited through the deceased spouse's will. If the surviving spouse decides to take the statutory share, it's called 'taking against the will.' Dower and curtesy is another name for the same legal process.

BENEFICIARY

A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.

SURROGATE COURT

See probate court.

LETTERS TESTAMENTARY

The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succes... (more...)
The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succession laws.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

CERTIFICATION OF TRUST

See abstract of trust.

SAMPLE LEGAL CASES

In re Mashburn Marital Trusts

In this protracted litigation, Joseph Patton ("Pat") Mashburn and Donald J. ("Don") Mashburn, in their capacities as the managing co-trustees of the Jack and Sadie Pugh Mashburn Marital Trust ("marital trust") and Pat Mashburn and Richard A. Mashburn, in their capacities as ...

Brown v. Schwegmann

... Specifically, she asserted that all or part of Mr. Schwegmann's interests in the John F. Schwegmann Trust # 1 and the John F. Schwegmann Trust # 2 (hereinafter referred to as "the trusts") were subject to seizure in satisfaction of her judgment. ...

IN THE MATTER OF MASHBURN MARITAL TRUSTS

Joseph Patton ("Pat") Mashburn and Donald J. ("Don") Mashburn, in their capacities as the managing co-trustees of the Jack and Sadie Pugh Mashburn Marital Trust ("marital trust"), and Pat Mashburn and Richard A. Mashburn, in their capacities as the co-trustees of the Mashburn Family ...

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