In 2010, Claude Newsome, who was already legally blind due to macular degeneration, became a quadriplegic as a result of an automobile accident. After a personal injury action was filed on his behalf, he received a settlement which netted nearly $4 million. His attorney recommended that he establish a special needs trust with these funds. […]
The United States Treasury Department has proposed new regulations which would substantially curb the ability of family owned businesses to transfer wealth from one generation to the next. For many years, families have been able to lawfully transfer interests in their business to the next generation through entities including Limited Liability Companies, Family Limited Partnerships […]
As wealth accumulates in this country and our population continues to age, the propriety of lifetime giving has increased. Gifts can be made out of sheer benevolence, but are also important in minimizing death taxes and long term care costs. This blog will review some of the key concepts involved in lifetime giving. Gifts can […]
On April 1, 2011, Norman Webb lent $150,000 to his then son-in-law, Dan Krudys. The loan was for a term of four years and was memorialized by a promissory note executed by Krudys. In the next four years, Norman died, Krudys and Norman’s daughter, Cheryl divorced, Krudys defaulted on the note and Norman’s son, Scott, […]
Over the past three decades, the increasing costs of long term care have led many individuals and families to look for ways to preserve the assets which they have spent a lifetime accumulating. In that regard, the discipline of elder law has arisen and has been a focus of practice for many attorneys. As the […]
Last month, a New Hampshire Court set an irrevocable trust and declared the assets therein available resources which should have been spent on long term care prior to Medicaid eligibility by the individual who established the trust. Specifically, in the Petition of Estate of Thea Braiterman No. 2015-0395 (N.H. July 12, 2016), the New Hampshire […]
In 1992, Ann Mark created two irrevocable trusts for the benefit of her three children. An attorney, Jared Scharf, assumed the role of trustee of these trusts in 1997. In 2008, Scharf established three separate trusts – one for each child – from assets held by one of these trusts. In April 2010, Scharf invested […]
Mark Babyatsky died on August 25, 2014. He was 55 years old. He left behind a wife, Elizabeth, and their two minor sons. He was also survived by a daughter, Amanda, who was the offspring from a prior marriage. Shortly after he was buried, Elizabeth sought to disinter Mark’s remains and transfer them to another […]
Muhammed Belal Hussain died on March 10, 2013 with a will, which left 50% of the residuary estate to the Hussain Family Foundation, 25% to the decedent’s surviving brothers, and 25% to the decedent’s surviving nieces and nephew. The Foundation did not exist at the time of the decedent’s death. The attorney who drafted the […]
Joseph Rendeiro died on December 3, 2006. His Last Will and Testament, dated June 2, 2006, left a specific bequest of $10,000 to his granddaughter, Jessica Fagin, a $25,000 bequest to his sister, Mary Pereira, and the rest of his $2,218,733.66 estate to his son-in-law, Peter De Rosa who was also named Executor of the […]
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