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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The Largest Judgment in Nebraska History: The Streck case
The number is $723 million dollars. Of that, $467 million for 52% of the company and $256 million in prejudgment interest. It involved the valuation of the private (and "S" corporation) Streck, Inc. Streck was founded in 1971 by Dr. Wayne L. Ryan. Dr. Ryan earned two degrees from Creighton University. He was a brilliant scientist and pioneer in the hematology field. He built a business that had sales of $102 million in 2014, adjusted EBITDA of $54 million and a gross profit of 77%. These are outstanding numbers.
Every lawsuit has a legal and personal aspect to it. In this case, the personal aspect is way more interesting than the legal ...
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