Stetson Trusts Lawyer, Maine
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1-10 of 10 matches. Page 1 of 1
Calvin E. TRUE
Real Estate, Immigration, Wills & Probate, Trusts
Status: In Good Standing Licensed: 52 Years
Bangor, ME 04402
Profile LAWPOINTS™34/100
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William B. Devoe
Real Estate, Immigration, Wills & Probate, Trusts
Status: In Good Standing Licensed: 41 Years
Bangor, ME 04402
Profile LAWPOINTS™34/100
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Karen A. Huber
Real Estate, Immigration, Wills & Probate, Trusts
Status: In Good Standing Licensed: 40 Years
Bangor, ME 04402
Profile LAWPOINTS™34/100
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Thomas M. Brown
Real Estate, Immigration, Trusts, Wills & Probate
Status: Deceased Licensed: 58 Years
Bangor, ME 04402
Profile LAWPOINTS™34/100
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Bangor, ME 04402
Profile LAWPOINTS™29/100
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84 Harlow St, Bangor, ME 04401
Profile LAWPOINTS™20/100
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Glen L. Porter
Real Estate, Immigration, Wills & Probate, Trusts
Status: In Good Standing Licensed: 46 Years
Bangor, ME 04402
Profile LAWPOINTS™34/100
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David M. Austin
Real Estate, Immigration, Wills & Probate, Trusts
Status: In Good Standing Licensed: 26 Years
80 Exchange St, Bangor, ME 04402
Profile LAWPOINTS™34/100
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Barry A. Cohen
Real Estate, Wills & Probate, Trusts, Elder Law
Status: In Good Standing Licensed: 50 Years
61 Main St, Bangor, ME 04402
Profile LAWPOINTS™29/100
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Marsha L. Osgood
Commercial Real Estate, International Tax, Trusts, Elder Law
Status: In Good Standing Licensed: 24 Years
223 Essex St, Bangor, ME 04401
Profile LAWPOINTS™24/100
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LEGAL TERMS
ADMINISTRATION (OF AN ESTATE)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.
AUGMENTED ESTATE
In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used on... (more...)
In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.
GROSS ESTATE
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.
LIFE INSURANCE
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays... (more...)
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. group life insurance Life insurance available through an employer or association that covers participating employees and members under one master insurance policy. Most group life insurance policies are term insurance policies, that terminate when the member or employee reaches a certain age or leaves the organization and do not accumulate any cash surrender value. term life insurance No-frills life insurance, with neither cash surrender value nor loan value (an amount that can be used as collateral for a loan). Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.universal life insurance A type of whole life insurance that offers some additional features and advantages. Like whole life insurance, universal life insurance accumulates cash value through investment of the premium payments. The unique feature of universal life insurance is that it has variable premiums, benefits and payment schedules, all of which are tied to market interest rates and the performance of the investment portfolio. Also, universal life plicies normally provide you with more consumer information. For example, you are told how much of your policy payments goes for insurance company overhead expenses, reserves and policy proceed payments, and how much is retained and invested for your savings. This information isn't usually provided with whole life policies.variable life insurance A type of whole life insurance in which the amount of death benefits varies, depending on the performance of investments. The insurance company places some or all of the fixed premium payments into an investment account; some companies let the insured person decide how the money is invested. The policyholder bears the risk of investment losses, though there is a guaranteed minimum benefit payment. One benefit of variable insurance is that interest and dividend income from the investment account is not taxed until it is paid out to the policyholder.variable universal life insurance A type of whole life insurance that provides greater potential for financial gain--and brings greater risks. Like universal life insurance, variable universal life insurance offers flexible premiums, payment schedules and benefits. But variable universal life policies are riskier because the premiums are invested in stocks, rather than more predictable money market accounts and bonds. Also called universal variable life insurance.whole life insurance Life insurance that provides coverage for the entire life of the policyholder, who pays the same fixed premium throughout his or her life. The policy builds up cash reserves that may be paid out to the policyholder when he or she surrenders or partially surrenders the policy or uses the cash reserves to fund low-interest loans. The annual increase in the cash value of the policy is not taxed. If the policyholder surrenders the policy, a portion of the payment is not taxable. Also called straight life insurance or ordinary life insurance.
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.
CONTINGENT BENEFICIARY
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisf... (more...)
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.
CURATOR
See conservator.
ACCUMULATION TRUST
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.
BYPASS TRUST
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
SAMPLE LEGAL CASES
Edwards v. Campbell
... Gutierrez v. Gutierrez, 2007 ME 59, ¶ 13, 921 A.2d 153, 157. [¶ 7] It is not disputed that the
Probate Court has jurisdiction over the administration of trusts: "To the full extent provided
in sections 3-105, 5-102 and 5-402... over all subject matter relating to... ...
In re Adoption of Patricia S.
... [¶ 1] Patricia S. appeals from a summary judgment entered in the Knox County Probate Court
(Emery, J.) in favor of Thomas J. Watson III and George J. Gillespie III, as trustees of two trusts,
on their petition to annul party-in-interest Olive W.'s 1991 adoption of Patricia. ...
IN RE PIKE FAMILY TRUSTS
[¶ 2] The essential facts are uncontested. Joyce E. Jack and Elaine A. Pike are the adult children
of Clifton and Doris. Clifton died in 2003, and Doris died in 2007. Clifton and Doris executed
substantially similar wills on the same date in 1999. Both wills [2] included clauses ...
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