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ENGAGE 2020


PFP2006 - The Hatfields & McCoys: Potential Pitfalls When Planning Gifts


Jun 8, 2020 11:15am ‐ Jun 8, 2020 12:05pm

Description

In this session, we will review the different methods by which clients distribute real estate to multiple beneficiaries and the potential pitfalls stemming from the shared inheritance of real estate.  In particular, we will review and compare the benefits and drawbacks of bequeathing property subject to residential life estates, residence trusts, and joint tenancies.  We will discuss the potential for disputes that might arise among beneficiaries who share interests in real estate under these estate planning structures.  We will also discuss ways that planners can address these disputes through deliberate plan drafting and the use of business entities, such as limited liability companies.  

Learning Objectives:
  • Session attendees will become familiar with the different methods by which clients often choose to bequeath real estate to multiple beneficiaries, and the pros and cons of each of method. After this session, attendees will be able to advise clients of potential problems attendant with their chosen method for distributing real estate to their beneficiaries.
  • Session attendees will learn about better methods of distributing real estate to beneficiaries in a manner that will minimize future disputes and facilitate effective management of shared interests in real property.

Speaker(s):

  • Marve Ann Alaimo, JD, LL.M. (Estate Planning), Partner, Porter Wright Morris & Arthur LLP
Tags: PFP
Category: Concurrent Session (Onsite and Online)

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