1. FIVE TOP ESTATE PLANNING MISHAPS
David Repp
September 6th, 2018
This Material is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.
2018 Banking Law Seminar | Keep calm and bank on: Best Practices

2. 2018 Banking Law Seminar | Keep calm and bank on: Best Practices
Top 5
WILL IN A BOX
JOINT REVOCABLE TRUST
COMMON LAW MARRIAGE
BENEFICIARY AS TRUSTEE
OUTDATED WILL
1.) The will in a box is the story about the couple who purchased a legalzoom will and prepared it the way they wanted it with their assets going to their two favored nieces. They celebrated their estate plan by throwing a will-signing party on a Saturday night. Three witnesses signed and a notary attested to their signatures, but not the testators. The attorney for the nieces tried to probate the unsigned will but was unsuccessful. Everything went to the siblings through intestacy.
2.) Farm husband and wife with $15m of farmland create a joint revocable trust. The JRT provided that upon the first spouse to die, assets equaling the unified credit should be allocated to a credit shelter trust within the JRT, but which assets are included in husband’s estate for estate tax purposes? The trust didn’t say. Tax law says that you have to back to trust inception and trace the assets contributed by the grantors. Who owned the machinery? Who owns the grain and how can that be traced back to inception? The problem is that tax law requires separately identifiable property for income and estate tax purposes which is inconsistent with JRTs.
3.) No war story here, but fun to talk about.
4.) This is the Richard Beattie story, marijuana farmer
5.) This is the Bill Young story where he created a will in 1993 naming his siblings as beneficiaries; got married in 1995 and died in 2015 without changing his will. Spouse elected one-third; siblings didn’t want to share.
2018 Banking Law Seminar | Keep calm and bank on: Best Practices

3. 2018 Banking Law Seminar | Keep calm and bank on: Best Practices
The Takeaways
You get what you pay for
JRTs and non-community property states (IA) are not compatible
In a common law marriage, intent, holding out as married, and cohabitation matter
Appoint a Trustee that protects the beneficiary
Keep it up to date
2018 Banking Law Seminar | Keep calm and bank on: Best Practices

4. 2018 Banking Law Seminar | Keep calm and bank on: Best Practices
Thank You
2018 Banking Law Seminar | Keep calm and bank on: Best Practices

5. 2018 Banking Law Seminar | Keep calm and bank on: Best Practices
Questions?
David M. Repp
Attorney, Dickinson, Mackaman, Tyler, & Hagen P.C.
(p) 
2018 Banking Law Seminar | Keep calm and bank on: Best Practices