Wrong Heirs
Posted by taxguru on January 23, 2007
I have seen actual cases where this has happened; estates have been eaten away over several years by lawyer fees. This usually happens when there is a lengthy probate because a living trust wasn’t used or one was handled incorrectly. The most common mistake I’ve seen is where a living trust is established, but no assets are ever transferred into its name, negating any ability it could have to avoid probate, which reduces more estates than the death tax does.
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