What are the tax implications of forgiving a debt through a will or codicil?
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what is a codicil Informational
- What are the options for ensuring the well-being of pets after their owner's death? Can a codicil be used to express the testator's forgiveness or reconciliation with individuals from whom they were estranged?
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- How should a codicil clearly define the terms of a life estate? Can a codicil be used to create a charitable trust or bequest?
- What are the potential challenges and considerations in creating and administering incentive trusts? How does a codicil address the issue of appreciation or depreciation of assets after the will is executed?
- What medical or other evidence is relevant to assessing testamentary capacity for a codicil? What is the role of the probate court in relation to a codicil?
- While not legally binding, can such expressions provide guidance to the executor and beneficiaries?
- What are the legal implications of significant disparities in bequests? Can a codicil be used to forgive advancements made to beneficiaries during the testator's lifetime?
- What evidence might suggest undue influence in the execution of a codicil? Can a codicil be challenged on the grounds of lack of testamentary capacity?
- What are the requirements for establishing a QTIP trust?
- What legal standards are used to determine testamentary capacity?
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