What are the tax implications of inheriting different types of assets? Can a codicil be used to create a private foundation or other charitable entity?
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what is a codicil Informational
- What are the tax implications of forgiving a debt through a will or codicil?
- What are the requirements for establishing a valid GST?
- What is the purpose of the attestation clause?
- What specific language should be used to ensure the gift is received and used as intended?
- Should the loan be formally documented? How does a codicil address the issue of unclaimed property or forgotten assets?
- What are the legal requirements for creating and exercising a power of appointment?
- Can a codicil authorize the executor or trustee to hire investment advisors?
- Can a codicil add new beneficiaries to the will? Can a codicil remove beneficiaries from the will?
- Are there any tax advantages to making such charitable bequests? How does a codicil address the potential for changes in the testator's family circumstances that occur after the will is signed but before death (e.g., marriage, divorce, birth of children)?
- How do courts interpret wills and codicils together? What are some common mistakes to avoid when drafting a codicil?
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