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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Property Law Professor Awarded “Genius” Grant
The MacArthur Foundation awarded a grant to former University of Wisconsin law professor Thomas Wilson Mitchell. Professor Mitchell is the driving force behind the Uniform Partition of Heirs Property Act of 2010. This Uniform Act has been introduced in Nebraska, but no action has yet been taken.
The problem is that some people die without a will and then the real estate is not probated. Heirs then end up as tenants in common. In some cases, a stranger will purchase an undivided interest in the real estate and force a partition sale. Not good!
Another solution is a quiet title action. I had to file one in Saunders County and there were ...
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Inheriting and valuing shares in a closely held corporation
Cheryl inherited her husband's 50 percent interest in a trucking and crop-spraying business in northeast Nebraska. There was no buy-sell and no mechanism to value Cheryl's shares.
The company had over $1 million in assets but also $1m in debt. While the tax returns showed little profit the cash flow was solid and the debt could be serviced.
Cheryl filed an action for judicial dissolution of the corporation. Her husband's business partner filed a pleading stating that he would purchase her half interest for $40,000, but that was not accepted by Cheryl.
The case went to trial. Cheryl's expert valued the entire company at between ...
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