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I need help with these questions and explaining them better than what I have already written. Thank you for any help! 1. Toby places $500,000
I need help with these questions and explaining them better than what I have already written. Thank you for any help!
1. Toby places $500,000 in a trust for the benefit of his little sister, Cindy. At the time the trust is cre- ated, Cindy is 10 years old. Toby their mother is the trustee. The trust is funded by Toby's stocks in various high technology and Internet companies, that are worth millions of dollars. Will Toby's trust succeed or fail? Explain. 2. Within his will, Robert gives $40,000 to his daughter, Jessica. Three years before his death, Robert surprises Jessica with a check for $20,000 inside her birthday card. Inside the card, Robert writes, "I wanted to watch you enjoy some of the money now rather than wait and watch you from heaven." When Robert dies, will Jessica receive $40,000? Explain. 3. Tammy's elderly uncle, Paul, calls her up and asks if she'll drive him to his attorney's office. Tammy (age 19) says she will. On their way to the attorney's office, Paul explains that he needs to sign the final draft of his will, which his attorney now has ready for him. Paul mentions that he has left Tammy "a little something" in his will. At the attorney's office, Tammy is asked to be one of the two witnesses to Paul's will. Should Tammy sign the will as a witness? Explain. 4. Mildred comes to your office to engage your firm in preparing her estate plan and will. Her nephew Rodney comes with her. Rodney insists on being present during Mildred's discussion with your super- vising attorney about her assets and will. Rodney interrupts Mildred when she is answering questions and answers questions about her wishes for her. Mildred says she wants to leave all of her $15 million- dollar estate to Rodney and exclude everyone else the family. Should your supervising attorney prepare Mildred's will at this time? Explain. 5. Jonathan places $60,000 in a trust for the benefit of his sister, Pam, and names her the trustee because she's an accountant. Will Jonathan's trust succeed or fail? Explain. 6. Susan Baker comes to your law firm for advice. Susan wants to lower the amount of her estate, so she has given gifts of $10,000 to each of her children and grandchildren except one, Tomas. Susan wants to give $10.000 to Tomas, but he has a tendency to get into debt (credit cards) and to not problem? Explain. pay his bills. What suggestion do you and your supervising attorney give to Susan to resolve her7 Your law firm prepared a will for Kim Campie and has the original in the office vault. Your supervis- ing attorney receives a letter from Kim, written entirely in Kim's handwriting, in which she states, "| instruct you to destroy my will." If your supervising attorney destroys the will according to Kim's instructions, has the will been revoked? Explain. 8. On Patty Paralegal's day off, her ex-husband (and father of her 10-year-old son) comes into her law office and meets with and hires her supervising attorney to prepare his will. Upon returning to work, Patty's supervising attorney assigns her to handle the new "will and estate plan" client. Can Patty take the assignment? Explain. 9. You assist Tom, the executor of Scott's will, with publishing the required notice to creditors in the local newspaper (in the domiciliary county). The first publication appeared on March 3, 2014. On July 28, 2014, Billy Bob Johnson from Billy Bob's Autobody Repair presents his claim for $1,000 owed to him for services rendered to Scott (he fixed some dents in Scott's car). Should Tom pay the claim? Explain. 10. Laurie hires your supervising attorney to assist her with a trust. Laurie wants to place $200,000 in a testamentary trust for the benefit of her great-niece, Ehlayna (her sister's daughter's child; both the sister and the daughter are still living). The trust will only provide for fixed payments each month of Ehlayna's life after Laurie's death in order to prevent others from gaining access to the assets of the trust. What type of trust is thisStep by Step Solution
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