South Portsmouth Trusts Lawyer, Kentucky
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Howard VanAntwerp
Business Organization, Estate Planning, Wills & Probate, Trusts, Workers' Compensation
Status: In Good Standing
1544 Winchester Avenue, Ashland, KY 41105
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Russell, KY 41169
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LEGAL TERMS
BYPASS TRUST
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
DISCHARGE (OF PROBATE ADMINISTRATOR)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.
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.
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.
HEIR AT LAW
A person entitled to inherit property under intestate succession laws.
EXEMPTION TRUST
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.
SUCCESSOR TRUSTEE
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.
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.
ADMINISTRATION (OF AN ESTATE)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.
SAMPLE LEGAL CASES
Young v. Richardson
... This case has a lengthy procedural history which includes a prior appeal before this court. The
underlying action concerns the propriety of a transfer of assets from two inter vivos trusts that
were established in 1991 by the appellant's parents, Sam C. May and Julia May. ...
JP Morgan Chase Bank, NA v. Longmeyer
... A short while later, in December 1997, Bank One contacted an experienced attorney
in trusts and estates, Robert L. Hallenberg, regarding Skonberg's estate and the
questionable circumstances that had culminated in the new estate plan. ...
Gripshover v. Gripshover
... to own and manage the farming business (the Gripshover Family Limited Partnership # 2). To
minimize taxes and for inheritance purposes, Mr. Campbell further recommended that the partners
in the two partnerships assign their partnership interests to trusts, two trusts for each ...
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