Estate plan to distribute his property on his death

Assignment Help Operation Management

Reference no: EM131369135

Jack, a widower, has been researching and looking into getting an estate plan to distribute his property on his death. He has heard of the horrors of probate court and wants to avoid that. He has two children, Larry and Janet. Of his two children, he only likes and trusts Larry, not Janet. In fact, he wants his estate to be distributed only to Larry, and nothing to Janet. As to his assets, he has a house in his sole name (with a lot of equity in it) antiques, oil paintings, jewelry he inherited from his wife, all of the miscellaneous personal property located in the house, and $250,000.00 cash in the bank. He seeks to avoid probate, and avoid lawsuits over his estate after he dies. However, Janet has always been a trouble maker and thinks she may attempt to cause problems after his death. The only problem with Larry is that he has severe financial problems. Larry has filed bankruptcy twice, has judgments against himself, and has severe creditor problems. Jack wants to get either a Will or Trust, but is not sure what to get. He also heard about the possibility of joint tenancy. Is there any particular provision that Jack could insert in his Trust or Will which may prevent Janet from litigating against the estate, and even if she does litigate, from winning in probate court? Please explain.

Reference no: EM131369135

Questions Cloud

Complete the exercise given below : Open the designer and Code Editor windows. Instead of using a two-dimensional array, the code should use a structure and an array of structure variables. The structure should contain a String variable and a Decimal variable. Make the appropriate m..

What is the interquartile range : Find the lower, middle, and upper quartiles of this data set. Also find the 10th, 15th, and 65th percentiles. What is the interquartile range?

What are the legal facts of case : Which court was this case reported from? Why is this important to know? What are the material facts of this case? Why is this important to know? What are the legal facts of this case? Why is this important to know

Should you pay the ten percent commission : B6512.31- Should you pay the 10 percent commission? Justify your response. Does it make a difference if your competitors routinely pay such commissions? Explain why this may or may not have an impact on your decision.

Estate plan to distribute his property on his death : Jack, a widower, has been researching and looking into getting an estate plan to distribute his property on his death. He has heard of the horrors of probate court and wants to avoid that. He has two children, Larry and Janet. Of his two children, he..

Matters that require careful consideration : Define what is meant by the term downsizing, and explain its purpose. Identify and explain the matters that require careful consideration when executing a downsizing.

Determine the duct exit mach number : Describe in general terms the kind of duct involved and determine the duct exit Mach number and velocity in ft/s if the gas is air.

Description of the main propositions : Create a 10- to 12-slide Microsoft PowerPoint presentation, including detailed speaker notes, on traditional and contemporary psychodynamic theories. A description of the main propositions and A description of the main components

Attempt to raise additional capital to finance : In an attempt to raise additional capital to finance a major expansion, Axetem, Inc. is creating a steering committee to help devise an improved dividend policy to help attract more stock investors. You have been chosen as one of the participants ..

User Account

All Pages