Guidelines for avoiding estate litigation
Article Abstract:
Attorneys should know the techniques for preventing expensive estate litigation that can deplete the value of estates. Interviewing the client is the first step. The interview should cover who will have status to challenge the will; the value, ownership and nature of assets; and the client's domicile history. Techniques for drafting testamentary documents include being specific as to who will pay for packing, shipping and insuring tangible bequeathed property. 'Standard operating procedure' should be followed in executing dispositive documents.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1992
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Effective drafting strategies for family limited partnerships
Article Abstract:
The drafting of family limited partnership agreements can be much more complex than drafting boilerplate commercial partnership agreements. Some of the tax, management and distribution attributes that clients seek require finely tailored drafting. Family limited partnerships must be drafted to ensure that they are not considered trusts or associations. Clients may wish to retain control of the family business, but obtaining favorable estate and gift tax valuation discounts may require that some control be relinquished.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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Choosing a formula clause based on funding effects
Article Abstract:
Wills frequently include clauses using a formula to account for a decedent's remaining unified credit and the marital deduction, since the amount in question frequently depends on events happening after the document is drafted. Formula clauses must specify the amount of the legacy, how it will be affected by the fiduciary's discretionary powers or elections, the type of assets to be distributed in accordance with the terms of the legacy, and how and when such assets are to be valued.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1992
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