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Walnut Trusts Lawyer, Iowa
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Justin D. Hockenberry
Litigation, Mental Health, Estate Planning, Corporate
Status: In Good Standing Licensed: 15 Years
707 Poplar Street, Atlantic, IA 50022
Profile LAWPOINTS™38/100
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Kathleen Schomer Kohorst
Mediation, Trusts, Estate Planning, Guardianships & Conservatorships, Administrative Law
Status: In Good Standing Licensed: 44 Years
602 Market Street, Harlan, IA 51537
Profile LAWPOINTS™34/100
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LEGAL TERMS
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.
TAKING AGAINST THE WILL
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property.... (more...)
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property. The surviving spouse can take that share instead of accepting whatever he or she inherited through the deceased spouse's will. If the surviving spouse decides to take the statutory share, it's called 'taking against the will.' Dower and curtesy is another name for the same legal process.
ENDOWMENT INSURANCE
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.
TRUST MERGER
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.
WILL
A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for you... (more...)
A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for your young children.
POWER OF APPOINTMENT
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
INTESTATE SUCCESSION
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
NET ESTATE
The value of all property owned at death less liabilities or debts.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to o... (more...)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.
SAMPLE LEGAL CASES
In re Estate of Gist
... death, to the extent of such interests, including but not limited to interests in jointly held property,
retained life estates, and interests in trusts." Id. ... In Barkema, we identified the two classifications
of support trusts, a pure support trust and a discretionary support trust. Id. at 53-54. ...
IN THE MATTER OF ESTATE OF McDOWELL
... Jur. 2d Wills § 196, at 403 (2002). Such a provision is authorized under Iowa and Oregon statutes,
[2] both adapted from the Uniform Testamentary Additions to Trusts Act (1960) ("UTATA"). ... 1 Austin
W. Scott et al., Scott and Ascher on Trusts § 7.1.3, at 352 (Aspen 5th ed. 2006). ...
IN RE MATTER OF TRUST UNDER THE LAST WILL AND TESTAMENT OF WEITZEL
... Bass, 196 NW2d at 435; see also In re Woltersdorf, 255 Iowa 914, 916, 124 NW2d 510,
511 (1963) ("The matter of fees for executors and trustees rests within the sound discretion
of the trial court."); Restatement (Third) of Trusts § 38 cmt. ...
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