It is so easy to add a child as an owner of real estate. Just get a deed online and file it with the Register of Deeds. People think that this is a good thing, but all sorts of unintended bad things can happen. 1. If the pre-existing owner is admitted into a nursing home within five years of the transfer, the conveyance can be used to delay Medicaid eligibility. The gift is without consideration and DHHS doesn't look kindly on that. The really bad part of this is that a person's home is exempt when applying for Medicaid. 2. The child is now an owner and that asset is subject to the claims of the child's creditors. All sorts of bad things can ...
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Epic Sandhills Ranch Family Feud
William and Meredith Zutavern had four children: Shawn, Shayne, Kelly and Maria. They owned 22,000 acres of Sandhills real estate where they had a cattle ranch.
William created a revocable trust in 2008. He died in 2011. Meredith was the successor trustee. At the time of William's death, two trusts were created. One trust (the Family Trust) would be funded in the maximum tax free amount under the federal estate tax. The other trust was solely for the benefit of his wife and was her property absolutely. The Family Trust would pay Meredith income for her life.
Although not exactly clear from the opinion, the real estate and cattle were ...
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When does a charity cease to exist? Charitable gifts in wills.
Hamilton County, Nebraska operated a nursing home facility in Aurora. This is common throughout Nebraska. The name of the facility was Hamilton Manor.
Nelda Ackerson was a lifelong resident of Hamilton County. She was grateful for the services she and her sister received at Hamilton Manor so she left it $875,000 in her will. She died in June 2017.
Hamilton Manor experienced financial difficulties and the County ended up lending it $925,500. A for-profit operator was brought in to manage the nursing home. Eventually, the for-profit company built a new nursing home and the County closed the old building in April 2018.
Mrs. Ackerson's ...
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