| Federal Estate-Tax Return - Deductions |
| To be deductible, death-related expenses must be necessary, reasonable, allowable under state law, and have been paid (or be payable) by the estate. The IRS will attempt to disallow deductions for expenses that are not necessary to pay the dents or taxes of the estate or to preserve the estate or distribute it. More... |
| The Body of a Will |
| Most of the formalities of a will come at the beginning of the will and at the end of the will. The initial clauses usually announce the intention of the testator to make a will. The closing clauses usually indicate that the will has been signed and witnessed as required. In between the initial clauses and the closing clauses is the body of a will. The body of the will is where the testator directs the disposition of his or her estate.More... |
| Inheritance Issues -- Widow's Allowances |
| Every state has laws that offer some protection for the welfare of a surviving spouse and, to a lesser extent, minor children of the deceased in cases where the deceased did not provide for them in his or her will or where the family requires financial assistance while the estate is being settled. For the most part, these provisions favor the surviving spouse, and amounts allowed for the care of minor children, surprising as it may seem, are usually quite limited. A minor child has no right to sue the estate of a parent for support, despite the fact that the parent had the legal obligation to support the child while the parent was alive. Most states, however, do provide shelter, at least, for the minor child for a period after the parent's death.More... |
| Protection of the Immediate Family |
| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses will interpretation doctrines designed to protect the testator's immediate family from mistakes, or apparent mistakes, by the testator.More... |
| Exceptions to Medicaid Trusts |
| Under a 1993 change in federal law, three types of trusts were recognized as exceptions to the rules that would otherwise count the assets in a self-settled Medicaid trust and therefore disqualify the beneficiaries of such trust. These three trusts are commonly called the "under-65 trust," the "pooled trust," and the "Miller trust."More... |
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