LaDonna R. Johnson was a long-time resident of the City of Ralston and taught piano lessons. The City of Ralston plans to use the money to improve Ralston and connect its downtown with the Ralston Arena. This would expand its tax base.
Because Nebraska is one of only six states with an inheritance tax, I can report that Mrs. Johnson's estate totaled $35 million and of that sum, $18 million was Berkshire-Hathaway stock. In the coming years, there will be many Omaha estates like this.
The inheritance tax was $1.7 million.
Source: Omaha World-Herald, December 19, 2019 ...
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Aretha Franklin estate
According to a recent news story the probate court in Michigan has ordered experts to examine the purported handwritten will of the late Queen of Soul. It supposedly was found under a seat cushion in her house.
The thing about an artist's estate is that there can be significant income after the artist dies. Think Michael Jackson. Or John Lennon. Or Tom Clancy. Aretha had a large estate and all of this controversy and litigation could easily have been avoided if she had just consulted a lawyer.
My point is that a properly drafted will or a revocable living trust is something that every person with property should have. My firm opinion ...
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Dead hand control or complying with the wishes of the settlor
Frequently there is tension between the intent of the person who created the trust (the settlor), the beneficiaries and the trustee. A recent Nebraska case is a good example of this.
Jack Fenske was an "old school" bachelor farmer in Madison County. He considered owning agricultural land as a sign of success. While he valued education, he appreciated the value of farm work even more.
One year before he died in 1998, he wrote his will. His attorney had been urging him to do so and the attorney testified that it might have been written and executed in one day. His two great nieces were to receive income for their lives but the principal ...
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