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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SCOTUS trust taxation case
In an unanimous decision, the Supreme Court held that the mere presence of trust beneficiaries in North Carolina was not sufficient for the state to tax trust income. The decision was premised on the due process clause of the constitution. In order for a state to impose a tax, there must be some minimum connection between the state and the taxpayer.
In the case before the court it was noted that although the beneficiary resided in North Carolina, no income was paid during the years in question. The trust assets were in Massachusetts and the trustee was in New York. The beneficiary had no right to demand a distribution. The trustee had the ...
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