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Minden Trusts Lawyer, Texas
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Micah John Tarry
Construction, Real Estate, Wills, Trusts, Business
Status: In Good Standing Licensed: 10 Years
215 Winchester Dr., Tyler, TX 75701
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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.
CHARITABLE TRUST
Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).
LIFE BENEFICIARY
A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.
ADEMPTION
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.
REMAINDERMAN
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderma... (more...)
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderman because he will inherit the home in the future, after Alma dies.
HEIR AT LAW
A person entitled to inherit property under intestate succession laws.
GRANTOR
Someone who creates a trust. Also called a trustor or settlor.
INCOMPETENCE
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'
PROBATE
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.
SAMPLE LEGAL CASES
In re Townley Bypass Unified Credit Trust
... Further, the Hawaii court quoted from a second edition of Scott's treatise on trusts. The same
provision of that treatise is now found at IIA AUSTIN WAKEMAN SCOTT & WILLIAM
FRANKLIN FRATCHER, THE LAW OF TRUSTS § 158.1 (4th ed.1987): ...
Alpert v. Riley
... [1] Our disposition of the case remains unchanged. In this trust management dispute involving
three separate trusts, Roman Alpert and Renee Picazo, Guardian of the Estate of Daniel Alpert,
a minor (collectively, the beneficiaries), appeal the trial court's judgment. ...
Kennedy v. Hudnall
... This is an attempt to appeal from a post-judgment order. The plaintiffs below 522 were several
trusts [1] (collectively, the Trusts) who, on February 14, 2007, had obtained a final judgment
of just over $300,000.00 against Major Kennedy, Jr., for theft of timber. ...
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