Thursday, January 19, 2006
Songs to Teach Intestacy By
Assistant Professor Julia Belian of Creighton University supplied me with the following song lyrics which she finds useful in teaching intestacy concepts. Now if only I could sing ---
THE BASIC RULES OF INTESTATE SUCCESSION
No one takes if they have an ancestor who takes.
(Set to the tune of “If You’re Happy and You Know It”)If your parent got a share, then you get none;
If your parent got a share, then you get none;
You can only get a share
If your dad’s (mom’s) no longer there
If your parent got a share, then you get none.“The Rule”
(Set to the tune of “Yankee Doodle”)One share for each child then living,
one share for each child who
predeceased but only if they still have living issue.
Every distribution scheme
Splits the shares the same way;
Use this rule on your exam
And you can get a good grade!Per stirpes distribution
(Set to the tune of “Three Blind Mice”)Per stirpes, per stirpes
By the roots of the family trees
Siblings will have to divide one share.
“Only” kids end up as only heir!
Big families think it is so unfair
With per stirpes.Per capita distribution
(set to the tune of “Silent Night”)Bundle and drop, bundle and drop,
Per capita, bundle and drop.
Shares of decedents with issue alive
Add them together and then you divide
All their kids take equally;
All their kids take equally.
https://lawprofessors.typepad.com/trusts_estates_prof/2006/01/songs_to_teach_.html
"General" question... Facts: Single male, rock star residing in PA with high income ($600K/year)and age 28 wishes to use his passive income from band (3 stereotypical bandmates who don't get along)to setup corporation and foundation. Question: Can this individual advise band partnership to pay band income from concert merchandise and ticket sales (partnership K-1's issued) to a corporation and charitable foundation that client oversees? Client would like 75& of ncome to go to corporation and 25% to a charitable family foundation that would invest in tax-free investments and/or growth investments to minimize tax implications. In addition, he would like to contribute to a 412(i) retirement plan to reduce his taxable income and take tax deduction for money flowing to foundation. When he is ready or band splits up he would like to take income from foundation earnings and income as director of foundation. It appears that he would not pay any more in taxes than he is currently paying but it would allow for retirement plan contributions that he currently is unable to use due to his high income. He has a qualified retirement plan from muscian union due to some royality income from songs written. This income is paid directly to him. Is he allowed to do this? Bright guy and interesting case but not sure if he is missing something.Any comments appreciated greatly.
Posted by: RDover | Aug 30, 2008 2:11:19 PM