Nebraska defines the term parent for purposes of the Nebraska inheritance tax.
"(1) reception of the child into the home and treatment of the child as a member of the family, (2) assumption of the responsibility for support beyond occasional gifts and financial aid, (3) exercise of parental authority and discipline, (4) relationship by blood or marriage, (5) advice and guidance to the child, (6) sharing of time and affection, and (7) existence of written documentation evincing the decedent's intent to act as parent."
In this case, the person who asserted that she was the child of the deceased wanted to claim the full $40,000 inheritance tax ...
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Sometimes it is Cheaper to Hire a Lawyer
Two Nebraska doctors used a mediator to draft their property settlement in their divorce case. The property settlement agreement was ambiguous.
The former spouses then both hired lawyers and went to court in order to interpret the agreement. The Douglas County district court judge ruled, but it was appealed to the Nebraska Supreme Court. The case was then decided last week.
I recall a poster in workplaces that was popular in my youth: Why is there never enough time to do it right the first time but always enough time to do it right later?
The doctors probably thought they were saving money by hiring a mediator. They surely ended up ...
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An Absurd Result?
Impoverished income beneficiary of a million dollar trust drafted in 1947 stuck with $500 per month income.
Jennie Shire created a testamentary trust in 1947. It was funded with $125,000 and provided that the bank trustee would pay $500 per month to her daughter and then her granddaughter for their lives.
Inflation and the passage of time did its work. At the time of the 2016 trial, the trust was worth nearly one million dollars and was projecting to generate an annual income stream of between $64,000 and $81,000 per year. But the $500 per month that the income beneficiary was receiving was never indexed to inflation and $500 in 1947 ...
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