To sign on after you have enrolled
1 / 20

To Sign On After You Have Enrolled - PowerPoint PPT Presentation

  • Uploaded on

To Sign On After You Have Enrolled. Http:// The Real Truth About Wealth Transfer. Today, most people pass their disposable tangible wealth to their children during life by education expenditures

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about 'To Sign On After You Have Enrolled' - issac

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
To sign on after you have enrolled
To Sign On After You Have Enrolled

The real truth about wealth transfer
The Real Truth About Wealth Transfer

  • Today, most people pass their disposabletangible wealth to their children during life by education expenditures

  • Today, most wealth passes outside of the probate system (not by will or inheritance)

    • Life insurance

    • Joint tenancy

    • Pensions

Some trusts and estates terminology
Some Trusts and Estates Terminology

  • Will and trust

    • Execution

    • Proof

  • Testator/Testatrix

  • Personal Representative

    • Executor/Executrix/Administrator/Administratrix

  • Heir

  • Beneficiary

  • Settlor/Donor/Trustor

  • Probate

Should intergenerational inheritance be permitted
Should intergenerational inheritance be permitted?

  • Inheritance is simply “natural and proper”

  • Best way to allocate resources at death—who can trust the “STATE”

  • Incentive for wealth holder to create, produce and work hard

  • Best way to assure younger generation will watch over the older generation as it ages

Should intergenerational inheritance be permitted1
Should intergenerational inheritance be permitted?

  • Inequality of opportunity

  • Creates ideal class of undeserving persons

  • Merely rewards the “luck” of birth

  • Creates a society of “jealousy” and caste

Mandatory inheritance
Mandatory inheritance

  • Should wealth holder be precluded from disinheriting their spouses?

  • Their children?

Hodel v irving
Hodel v. Irving

  • What did the federal statute provide?

    • Fractional shares of Indian allotted land escheats to the tribe. Statute extinguished both the right to pass the land to one’s designee’s at death

  • What did the court hold?

    • Statute was an unconstitutional taking.

  • Did the federal scheme completely eliminate the right to transmit property at death?

    • Didn’t affect right to gift property during life outright or through use of a trust

  • Does court hold that states cannot alter the right to receive property as distinguished from right to transmit?

    • Could Congress provide that a decedent’s Indian’s heir was the Indian’s tribe?

  • What are the implications of this case for a confiscatory estate tax?

Dead hand control
Dead Hand Control

  • To what extent should wealth holders be able to control the behavior of their descendants through testamentary conditions? Consider Shapira v. Union National Bank.

Shapira v union national bank
Shapira v. Union National Bank

  • What are the facts of this case?

  • On what basis does son Daniel challenge the will?

  • What does court hold?

    • Judicial enforcement of provision in will not state action; therefore, not violative of US Constitution as it is merely private discrimination

  • Suppose the bequest to Daniel was conditioned on Daniel never marrying?

    • Partial vs. complete restraint

    • Daniel a son; not a spouse.

Functions of probate
Functions of Probate

  • Title Proving

  • Title Clearing

  • Timing of probate

    • The five year rule

Sample assets
Sample Assets

  • Household furniture and goods

  • Bank account (joint/individual)

  • Stocks and bonds (joint/individual)

Sample assets1
Sample Assets

  • Life insurance policy

  • Automobile (joint/individual)

  • Real property

Probating the will
Probating The Will

  • Petition

  • Affidavit of Witnesses (Self-proving; other)

  • Bond

  • Oath

  • Designation of the attorney

Filing will with the court
Filing Will With the Court

  • Clerk’s Office

  • Letters testamentary

Notice of probate
Notice of Probate

  • Notice of Probate (Notice to Creditors)

    • Once each week for two weeks

  • The Tulsa Case

  • Legislative Response

    • 4 months/1 month

      • Mail notice to known persons whose whereabouts are known

Duties of the personal representative
Duties of the Personal Representative

  • Collect assets

  • Pay debts and expenses

  • Distribute balance to the distributees of the estate

Debt collection
Debt Collection

  • Notice to creditors

  • Allowance by personal representative

  • Disallowance by personal representative

    • 20 days to file notice with the court

Final report
Final Report

  • Three year rule

  • Waivable by court

  • Includes accounting unless waived

  • Affidavit re fees