The co-trustees of the trust of Donald Callender, heir to the Marie Calendar restaurant fortune, brought a petition for the court to interpret how the royalties from the restaurant chain should be divided between his wife and two children. The trial court ruled that the trust was ambiguous. But, the appellate court reversed, holding the trust was clear that Donald’s intent was to split the royalties equally between his heirs.
Seniors often want to reward caregivers for services by giving the caregiver a gift or bequest. Because a caregiver is in a position of power and trust, such gifts or bequests are often scrutinized and found to have been induced by undue influence. Such was the case with Eva Barnes and her caregivers, Michelle and Dennis Wells.
A recent New York Times article points out that some nursing homes are using guardianships to gain control of the assets of seniors in order to pay for past due medical bills. While it is sometimes appropriate for a nursing home or hospital to bring a guardianship petition on behalf of a senior, these nursing homes are using the court process as a debt collection mechanism. As we are growing older and living longer, it is vitally important for us to have proper planning in place for incapacity as well as long-term care planning. With a proper plan, the senior can qualify for government assistance to pay for long-term care costs and avoid the possibility of a guardianship being initiated by a nursing home.
This month’s Alert examines the case of Charles Kuralt. Kuralt lead two separate lives. Had he planned better, he could have reduced the financial turmoil left at his death. This month’s Alert explains how proper planning can reduce the financial sting even if the emotional sting remains.
With the recent death of Bobbi Kristina Brown, a review of Whitney Houston’s Will reveals some good planning and some room for improvement.
No good deed goes unpunished, as Philip Marshall and his brothers are disinherited for their role in stopping their father, Anthony Marshall, from financially and physically abusing his mother, Brooke Astor.
The filing requirements for Form 8971, causing an executor or trustee to report tax basis for assets distributed to beneficiaries from an estate or trust, have now become a reality. Read further to finds out more about this new requirement for executors and trustees and the consequences of not complying...