From time to time we re-post David Hultstrom‘s Financial Foundations. Mr. Hultstrom, who is a co-founder of Financial Architects, had the following observations regarding recent stock market highs: As the U.S. stock market (as measured by the S&P 500) hits all-time highs, I thought some historical perspective on it might be useful. Over the 98 […]
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If called upon to determine the meaning of a trust, or to resolve some ambiguity, Court look for the intent of the Settlor. As stated in Strange v. Towns, “The cardinal rule in construing a trust instrument is to discern the intent of the settlor and to effectuate that intent within the language used and […]
There are a number of laws protecting your privacy and the privacy of your information. This page describes several of them, but it is not meant to be comprehensive. If you have specific questions regarding privacy laws, you should consult with an attorney. Georgia does not have any specific “state” privacy laws. Still, in Georgia, […]
Everyone should have a Will. If you don’t have a Will then your stuff might go to someone you don’t like when you die. Or it might go to a laughing heir. But if you don’t have your own Will prepared, then the State has a Will for you (and you might not like it). […]
The following sample language comes from a trust that was drafted years ago, however it remains useful in understanding issues to consider when drafting trusts: Appointment of Trustee. During my lifetime, [TRUSTEE] shall act as the sole Trustee of all trusts created in this agreement, with the full powers, duties and responsibilities as set forth […]
One of the most important tasks when creating a trust is selecting the trustee. You can have the best trust ever written, but if the trustee doesn’t follow the trust agreement, or worse, if the trustee intentionally violates the terms of the trust, then you’ve failed. There is a saying that you should not let […]
When the Deficit Reduction Act of 2005 changed 42 U.S.C. § 1396p, new restrictions were imposed on promissory notes. Subsection (c)(1)(I) note provides that the purchase of a promissory notes is treated as a transfer subject to the penalty rules unless the note meets the following guidelines: (I) For purposes of this paragraph with respect […]
In Lamle ex rel. Lamle v. Shropshire (W.D. Oklahoma 5/29/2024), a United States District Court upheld a denial of benefits where three Medicaid applicants refused to answer questions about promissory notes. Penelope Lamle, Marilyn Garrison and Maxine Houston each loaned money to others in exchange for a promissory note. Lamle and Garrison made loans to […]
In Hammerberg v. Department of Human Servs. (Minn. Ct. App. 4/22/2024), the State made an estate recovery claim against what appears to have been an income only trust. Very little of the trust language appears in the decision, but the “trust instrument required the trustee to pay all income derived from the trust to the” […]
Service animals used by individuals with a disability can only be excluded from public places if they cannot be controlled by their handler or if they are not house broken. See Title II, Section 35.136. Usually service animals must be harnessed, leashed or tethered unless the individual’s disability prevents using those devices or unless it […]
