Trusts and Estates


Week of 1-26-09

27 January

29 January

The mortgage is a trick, incidentally: it's a convention to state the value of the asset, and account for the debt separately.

Now we can enumerate assets under Wisconsin law:

Note: the life insurance is an asset like any other-- whoever owns it, owns it. So if it's bought from a marital property seed, it's half owned by each spouse.
  • So note that some states have homestead rules (see ch. 6), and that might change the way the house is disposed of (spouse has the right to buy, if the decedent hasn't left it to first spouse). WI is very spouse-unfriendly in this sense. In FL, basically spouse gets the house.

    Also, beware of ERISA (Employee Retirement Income Security Act) covering all benefits from private employers: it's a massive regulatory scheme. It doesn't affect this distribution, it seems, but we need to be on the alert for this issue.

  • This is an issue-spotting course. We won't resolve every issue that we recognize, but we need to be able to spot things. Then we can decide what to do about them (research, etc).