Pellston Trusts Lawyer, Michigan
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Jane M. Gootee Nelson
Mediation, Trusts, Estate Planning, Estate
Status: In Good Standing Licensed: 48 Years
7 Pennsylvania Plaza, Petoskey, MI 49770
Profile LAWPOINTS™36/100
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Joel D. Wurster
Construction, Trusts, Contract, Collection
Status: In Good Standing Licensed: 31 Years
214 1/2 Park Ave, Petoskey, MI 49770
Profile LAWPOINTS™24/100
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Douglas E. Basel
Estate Planning, Trusts, Bankruptcy, Estate Administration
Status: In Good Standing Licensed: 45 Years
455 Bay St, Petoskey, MI 49770
Profile LAWPOINTS™22/100
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LEGAL TERMS
INVENTORY
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.
PROPERTY CONTROL TRUST
Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who ha... (more...)
Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who have special physical, emotional or other requirements, (2) spendthrift trusts designed to prevent a beneficiary from wasting the trust principal; and (3) sprinkling trusts that allow the trustee to decide how to distribute trust income or principal among the beneficiaries.
RULE AGAINST PERPETUITIES
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.
PERSONAL PROPERTY
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.
GENERATION-SKIPPING TRANSFER TAX
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.
ANCILLARY PROBATE
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.
FINAL BENEFICIARY
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.
RESIDUARY BENEFICIARY
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.
INHERIT
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.
SAMPLE LEGAL CASES
In re Kostin Estate
... We find that, by statute, the trial court was obliged to honor the Totten trusts. Michigan law honors
Totten trusts. MCL 487.702 provides, in relevant part: ... Michigan law also provides: Express trusts
may be created for any or either of the following purposes: * * *. Fifth. ...
In re Temple Marital Trust
... But appeals from a probate court decision are on the record, not de novo. See MCL 700.1305;
MCL 600.866(1); MCR 5.802(B)(1); In re Webb H. Coe Marital and Residuary Trusts, 233
Mich.App. ... In re Coe Trusts, supra; In re Baldwin Trust, supra at 396-397, 733 NW2d 419. ...
In re Mary E. Griffin Revocable Grantor Trust
... Although MCL 700.2518 does not apply to trusts, we conclude that it reflects this state's public
policy that a no-contest clause in a trust agreement is unenforceable if there is probable cause
for challenging the trust. ... 2 Restatement Trusts, 3d, § 29(c), pp. ...
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