Thayne Trusts Lawyer, Wyoming


Stephen Perrow Adamson

Prosecution, Trusts, Estate Planning, Business Organization
Status:  In Good Standing           

Clay D. Geittmann

Corporate, International Tax, Estate Planning, Commercial Bankruptcy
Status:  In Good Standing           

Clay Daniel Geittmann

Corporate, International Tax, Estate Planning, Commercial Bankruptcy
Status:  Inactive           Licensed:  24 Years

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Free Help: Use This Form or Call 800-943-8690

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LEGAL TERMS

COUNTERCLAIM

A defendant's court papers that seek to reverse the thrust of the lawsuit by claiming that it was the plaintiff -- not the defendant -- who committed legal wron... (more...)
A defendant's court papers that seek to reverse the thrust of the lawsuit by claiming that it was the plaintiff -- not the defendant -- who committed legal wrongs, and that as a result it is the defendant who is entitled to money damages or other relief. Usually filed as part of the defendant's answer -- which also denies plaintiff's claims -- a counterclaim is commonly but not always based on the same events that form the basis of the plaintiff's complaint. For example, a defendant in an auto accident lawsuit might file a counterclaim alleging that it was really the plaintiff who caused the accident. In some states, the counterclaim has been replaced by a similar legal pleading called a cross-complaint. In other states and in federal court, where counterclaims are still used, a defendant must file any counterclaim that stems from the same events covered by the plaintiff's complaint or forever lose the right to do so. In still other states where counterclaims are used, they are not mandatory, meaning a defendant is free to raise a claim that it was really the plaintiff who was at fault either in a counterclaim or later as part of a separate lawsuit.

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.

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

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.

LIVING TRUST

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)
A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

WARRANTY DEED

A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

SAMPLE LEGAL CASES

Garwood v. Garwood

... As had been the case while Mrs. Garwood was alive, Mr. Garwood continued to treat the assets of the Trusts as his own personal funds, and he did not abide by many of the terms of the Trust documents. He has now expended ...

Omohundro v. Sullivan

... Argument by Mr. Cannon. Before VOIGT, CJ, and GOLDEN, HILL, KITE, and BURKE, JJ. KITE, Justice. [¶ 1] Appellants (hereinafter referred to as Omohundro Trusts) own interests in ... ISSUES. [¶ 2] Omohundro Trusts present this issue for our consideration in Case No. S-08-0027: ...

PURCELLA v. PURCELLA

... Upon Mr. Purcella's death, the successor trustees were to divide the remaining trust assets between two separate trusts, the Purcella Family Trust (Family Trust) and the Purcella Marital Trust (Marital Trust). Wife is the income beneficiary of the Marital Trust. ...