Her attorney asked her for years to execute one and she refused. He told her a will or a trust was a must. She failed to do so even in light of her pancreatic cancer diagnosis.
What makes his even more unfortunate is that she was a private person. Now her financial affairs will be seen by the entire world. And as an artist, her intellectual property has continuing value.
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“A windfall that borders on the obscene”
Those are the words of Nebraska Supreme Court judge William Cassel dissenting in the case of Wisner v. Vandelay Investments. The case result was that the estate of a 90 plus widow ended up losing real estate worth over a million dollars due to unpaid real estate taxes of $50,000.
Gladys Wisner owned 480 acres of Lincoln County, Nebraska real estate. In 2009 Gladys moved into a retirement community. In 2010, the real estate taxes became delinquent. In 2011, the county sold a tax certificate for the property. It yields interest at the rate of 14 percent. Because of that high rate, Nebraska has a very active market in these financial ...
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Real estate investing and the In-Marriage QDRO
Say that three married couples want to invest in real estate together. They can form an LLC or limited partnership for that purpose. As always, it is wise to have a buy-sell agreement between the parties.
Imagine further that three of the spouses have 401(k)'s that they would like to invest in this new real estate venture. With the In-Marriage QDRO, each spouse can transfer some 401(k) money to the other spouse and then invest in a self-directed IRA that would purchase the real estate.
Because no one married couple owns 50% of the LLC or limited partnership, the entity can borrow money in order to purchase the real estate. The loan, ...
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