Jack Estate Planning Lawyer, Alabama
Includes: Gift Taxation
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Joel Wardlaw Ramsey
Estate Planning, Workers' Compensation, Insurance, Business
Status: In Good Standing Licensed: 52 Years
Dothan, AL 36302
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LEGAL TERMS
SUMMARY PROBATE
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are ... (more...)
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.
ALTERNATE BENEFICIARY
A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)
A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.
LAPSE
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.
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.
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.
DEVISEE
A person or entity who inherits real estate under the terms of a will.
SPENDTHRIFT TRUST
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.
BEQUEATH
A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'
MARITAL LIFE ESTATE TRUST
See AB trust.
SAMPLE LEGAL CASES
Maloof v. John Hancock Life Ins. Co.
... "The reason that these policies were even being discussed was because we were talking
about estate planning and we got into a discussion of — of estate taxes and things like that. ...
The whole purpose of the policies was to take care of estate planning. ...
ROTHFEDER v. KAUFMAN GILPIN McKENZIE THOMAS
... In February 2003, Rothfeder met with Derek Warren, an accountant practicing in
Geneva, Alabama, to discuss the referral of one of Warren's clients, Ruth K. Baucom,
to the firm for assistance with tax and estate-planning matters. ...
DeFriece v. McCorquodale
... Seeking to minimize that tax burden, the family consulted an estate-planning attorney who
recommended, first, that DeFriece, Durst, Ernest Jr., their 467 respective children, and Nell disclaim
their rights to receive real property under Ernest Sr.'s will, and, second, that DeFriece ...
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