What is a spendthrift trust? The Nebraska Supreme Court says it is a trust that restrains both a voluntary or involuntary transfer of a beneficiary's interest. That means that the beneficiary can't sell it or give it away nor can his creditors or predators reach it.
One thing to appreciate about trusts is that a court will enforce the provisions of that document according to your written wishes. Your survivors and beneficiaries can't change the terms of a trust if the proposed change violates a material purpose of the trust. If the purposes of the trust are lawful, not contrary to public policy and are for the benefit of the its ...
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Disinheriting a Child
I always tell people that they have no right to an inheritance from a parent. I also tell people that debt comes before equity. All creditors must be paid by an estate before people listed in a will or trust get a dime.
That being said, you can disinherit a child but if you do so it has to be done correctly. The best way is to mention the child by name and then state that the child is to receive nothing or a token amount. It is not a good idea to list why this decision was made. In some cases, the child has received money from the parent during the parent's life.
In a recent case out of Douglas County, the deceased did not mention his ...
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Pay your sisters!
Dad's will provided that his wife would have a life estate in 200 acres of Buffalo County, Nebraska real estate. Smart move as that meant that the full value of the real estate was not in her estate for Medicaid purposes. In fact, the Unicameral closed this loophole in 2017 but there are still ways for mom to qualify for Medicaid without becoming impoverished.
Dad's will also provided that his son had a remainder interest in the real estate subject to paying 40% of the appraised value to his sisters. There was an equitable lien on the real estate too if the brother didn't pay his sisters. After Dad died and his will probated, a Deed of ...
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