State laws on inheritance rights vary dramatically, creating traps for the unwary
Imagine you are the beneficiary of a trust established by your great-grandfather more than 70 years ago. You've been receiving an annual income of $400,000 from the trust for 20 years and your whole family's lifestyle has come to depend upon it. Then, one day, you get a call from a trust officer informing you that the law has changed and your income will be cut in half because your adopted cousin now also is a beneficiary of the trust. Imagine that you are a professional fiduciary and the ...
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