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Living Trusts & Estate Planning

Details: To sell any and all real estate held as an asset of my Estate and Trusts at such times, at public or private sale, for such prices and upon such terms as it deems advisable, and to make, execute, and deliver any deed or deeds there for, conveying title hereto in fee simple absolute, or for any less estate to any purchaser or purchasers, freed

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6 Reasons Why You Should Have a Living Trust

Details: Some people suggest a threshold limit of $100,000, exclusive of real estate, in order to justify the expense of a revocable living trust. I think the cutoff should be much lower than that. Most states have a simplified probate for estates valued at less than $20,000.

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Titling Property in a Living Trust

Details: The following property is held in trust by me, John Doe, as Trustee of the John Doe Living Trust, as established under a Declaration of Trust, dated July 25, 2012: 1. A single-family residence located at 123 Street, City, State, as more particularly described in that Conveyance deed to John Doe, Trustee, dated July 25, 2012, and recorded in the

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Protecting Your Home From Medicaid Estate Recovery

Details: The Volakos Law Firm, P.C. is located in Long Island, New York. The firm handles real estate law, bankruptcy, estate planning, loan modifications, real estate transactions and much more.

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You've Been Named As a Successor Trustee

Details: C. Manage Real Estate. If any real property and the house built on it is vacant. You should take steps to secure the property and contents from vandalism and damage. If anyone is residing in the house, you should determine whether that person has the right to be in possession of the house.

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Last Will and Testament of Katharine Hepburn

Details: The net proceeds of sale of any such tangible personal property shall be added to my residuary estate thereafter to be held, administered and disposed of as a part thereof. I authorize my Executors, in their sole and absolute discretion, to determine the manner and time of the sale of any such tangible personal property and, in particular, to

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Last Will and Testament of Frank Sinatra

Details: I confirm to my Wife, if she survives me, my interest in the real property situated in Riverside County, California, and commonly known as 70—588 Frank Sinatra Drive, Rancho Mirage, California, including all adjacent guest houses on the grounds thereof, commonly known as 70—200, 70-548, and 70-630 Frank Sinatra Drive, Rancho Mirage

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Plan Now to Avoid Paying Nursing Home Costs

Details: You have spent the majority of your life working and building your nest egg so that your retirement will be well funded. Unfortunately, retirement comes at a time when the possibility of …

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How Property Passes Upon Death

Details: Jointly-Owned Property:. Property can be owned by one or more persons and/or entities. When property is owned by more than one person or entity at the same time, the concurrent ownership is referred to as a co-ownership, or as a co-tenancy, or as a joint tenancy.Whatever term is used to describe property that is jointly-owned, two facts are clear: First, the co-owners of property share certain

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Simple Trust Agreement

Details: The Trustee (including any successor Trustee or Trustees) may retain any residential real property or apartment, and the contents thereof, that may be received by the Trustee under my will or otherwise, to purchase, to rent and to maintain residential real estate including an ordinary, cooperative or condominium apartment for occupancy, rent

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Last Will and Testament of Doris Duke

Details: The proceeds from the sale, redemption, or other disposition (whether at a profit or loss) of, and any securities or other property received (whether in a merger, reorganization, consolidation or otherwise) in exchange for, any property constituting principal (including mortgages and real estate acquired through foreclosure of mortgages or

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The Life Estate Deed – One Option for Protecting Your Home

Details: This means that when the remaindermen sell the property, they should be able to avoid capital gains tax – unless, of course, the property appreciates to a value greater than the date of death value prior to the sale. A deed reserving a life estate is a gift that triggers a …

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Sample Revocable Living Trusts

Details: The Trustee (including any successor Trustee or Trustees) may retain any residential real property or apartment, and the contents thereof, that may be received by the Trustee under my will or otherwise, to purchase, to rent and to maintain residential real estate including an ordinary, cooperative or condominium apartment for occupancy, rent

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FAQs about Revocable Living Trusts

Details: If you own ;real estate outside of your state of domicile, then an ancillary probate will be required in the state where the real estate is located. However, if that real estate is held in a living trust rather than your own name at the time of your death, then an ancillary probate of that property will not be required.

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Last Will and Testament of Walt Disney

Details: Any residential real property which is not purchased by my wife pursuant to the provisions of this Article shall augment the residue of my estate provided for under the terms of Article SIXTH below. In the event that any such residential real property is so purchased, the proceeds from the sale …

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Rhode Island Intestacy Laws

Details: § 33-1-6 Widow's or husband's allowance of real estate in fee.– The probate court having jurisdiction of the estate of the intestate, if a resident of this state, or the probate court of any city or town in which the real estate of the intestate is situated if not a resident of this state, may also, in its discretion if there is no issue as aforesaid, upon petition filed within six (6

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Last Will and Testament of Linda McCartney

Details: While such property is held by such donees they shall have with respect thereto all the powers of a guardian of such property appointed by a court and in addition all the powers conferred upon my fiduciaries hereunder, including without limitation the power to sell, mortgage or lease real property, and they are further authorized to pay over to

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Sample Revocable Living Trusts

Details: 1 "Simple trusts" are so named because they do not contain provisions to reduce or eliminate federal estate taxes. Simple trusts are used mainly by individuals whose estates are not large enough to be subject to the federal estate tax. See a brief discussion of the Federal Estate Tax in our "Glossary of Terms." Also see our Sample Revocable Living Trusts listed above.

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Last Will and Testament of Princess Diana

Details: LAST WILL AND TESTAMENT. of. DIANA, PRINCESS OF WALES . I DIANA PRINCESS OF WALES of Kensington Palace London W8 HEREBY REVOKE all former Wills and testamentary dispositions made by me AND DECLARE this to be my last Will which I make this First day Of June One thousand nine hundred and ninety three . 1 I APPOINT my mother THE HONOURABLE MRS FRANCES RUTH …

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Pennsylvania Intestacy Laws

Details: - Real estate shall pass under this chapter without regard to the ancestor or other relation from whom it has come. Quantity of estate. - Any person taking real or personal estate under this chapter shall take such interest as the decedent had therein. Tenancy in estate. - When real or personal estate or shares therein shall pass to two or more

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Last Will and Testament of John Kennedy

Details: (m) From time to time to sell, lease, exchange, or otherwise dispose of, at public or private sale, any real or personal property, or any interest therein, which may at any time belong to my estate or to the trusts herein created, upon such term or terms, including credit, secured or unsecured, as they may determine in their sole discretion to

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Last Will and Testament of Clark Gable

Details: Clark Gable is best known for his role as Rhett Butler in Gone with the Wind, which earned him an Academy Award nomination for Best Actor.His Will, which he signed on September 19, 1955, leaves all his property to his former wife, Josephine Dillon and …

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Last Will and Testament of George Washington

Details: LAST WILL AND TESTAMENT. of. GEORGE WASHINGTON . In the name of God, Amen. I GEORGE WASHINGTON of Mount Vernon, a citizen of the United States, and lately President of the same, do make, ordain and declare this Instrument; which is written with my own hand and every page thereof subscribed with my name, to be my last Will & Testament, revoking all others.

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Estate Planning with Family Partnerships

Details: For estate planning purposes, a family partnership is typically a limited liability company or a limited partnership. A limited liability company (LLC) is an entity that combines the limited liability of a corporation with the pass-through taxation of a partnership. A family limited liability company (FLLC) is a standard LLC which is owned exclusively by family members.

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Last Will and Testament of Jacqueline Kennedy Onassis

Details: (12) To manage, insure against loss, subdivide, partition, develop, improve, mortgage, lease or otherwise deal with any real property or interests therein which may form at any time a part of my estate or any trust estate; to satisfy and discharge or extend the term of any mortgage thereon; to demolish, rebuild, improve, repair and make

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Moving Forward with a Reverse Mortgage

Details: In order to qualify for a reverse mortgage, the borrower must be at least 62 years old and own their home. The home must be the borrower’s primary residence, and not a rental or vacation property. If the borrower has an existing mortgage on the property, he or she must pay off the existing loan with money received from the reverse mortgage.

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Introduction to Estate Planning

Details: Very generally, any property that a person owns at his passing is taxable including bank account, cash, securities, real estate, cars, etc. are includable in his gross estate. Contrary to popular belief, the death benefit of life insurance policies a person owns are taxable unless properly structured.

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Introduction To Estate Planning

Details: Under income tax rules, property received from a decedent receives a step-up in basis to the value at the time of death. This is important as it reduces potential taxes on the gain when the property is sold. However, with property owned as joint tenants only the decedent's portion of the property receives a step up in basis. Community property.

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Is an IDIOT Trust Ever a Smart Choice

Details: The income generated from the trust assets will be taxed on your personal income tax return, just as it was before you placed the asset into the trust. In addition, upon a sale of a home within the trust, you may be able to take advantage of beneficial capital gains tax exclusions.

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Introduction to Estate Planning

Details: However, with property owned as joint tenants only the decedent's portion of the property receives a step up in basis.</p> <p>Community property. Nine states, including California, have laws that dictate that each spouse owns one-half of the couple's property.

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