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Tag Archives: intestate
Peering Through the Legal Prism: When Asset Protection Becomes Fraudulent
VIEW IN PDF: Tax News & Comment — August 2011 I. Introduction English law addressing fraudulent conveyances dates back to the early Middle Ages. The first comprehensive attempt to prohibit such transfers appeared in the Fraudulent Conveyances Act of 1571, … Continue reading
Posted in Asset Protection
Tagged asset protection, asset protection trusts, bankruptcy, bankruptcy exempt, bequests, decedent's will, Delaware Asset Protection Trust, devises, elective share, estate planning, estate tax, fraudulent conveyance, gross estate, holographic will, insolvency, intestacy, intestate, last will and testament, marital deduction, New York Surrogates Court, probate, tax planning, will, will formalitiers
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Defeating The Right of Election in EPTL § 5-1.1-A
Under Estates, Powers & Trusts Law (EPTL) § 5-1.1-A, a surviving spouse has a right to elect against the Will of a predeceasing spouse. The elective share is one-third of the net estate. The net estate consists of the net probate assets as well as testamentary substitutes. [EPTL § 4-1.1 provides that if the decedent dies intestate and is survived by a spouse and issue, the spouse takes $50,000 plus one-half of the residue; if there are no surviving issue, the spouse takes the entire estate.] Continue reading
