Running Head: Unit 3 Legal Assignments
1. All of the items can be owned in a joint tenancy because they are all real or personal
2. Emilios creditors do not have any claim against the property and he cannot transfer by
will any of
Gary transfers property in trust, income payable to his wife, Winnie, for life, remainder to
his grandson. The trustee is Garys son.
Does this proposed plan shift income and avoid the grantor trust rules?
Running Head: Unit 5 Legal Case Problems
a. Spendthrift trusts are not valid in all states.
b. Under Article VII, Part 5, Section 7502 of the Michigan trust code, a spendthrift
trust is valid in Michigan.
Sec. 7502. (1) A spendthrift provision
February 7, 2012
4320 Richmond Avenue
Syracuse, NY 13244
Dear Mr. Edwards:
In order to avoid any death tax on your death or the death of Kirby and Bette, I
recommend this course of action:
First you need to create an irrevocable trust with $1