Frank Sinatra

by Jen Santini on May 14, 2013

December 12, 1915 – May 14, 1998

Frank SinatraIt has been 15 years since Ol’ Blue Eyes passed away at the age of 82. Frank Sinatra’s legacy lives on and needs little introduction. Famous for his music and movies, Frank is an iconic celebrity even in death. He was a member of the Rat Pack – along with Dean Martin, Sammy Davis, Jr., Peter Lawford and Joey Bishop – and won numerous awards including three Oscars, several Grammy’s and an Emmy.1

Sinatra was ultimately married four times and had three children with his first wife, Nancy. Last year his daughter, Nancy, made some news with rants she posted on Twitter regarding her stepmother, and Frank’s fourth wife, Barbara Marx Sinatra.2 Nancy claimed her stepmother, Barbara, kept the children away from Frank’s deathbed.

You can read more about Frank Sinatra’s life and career by clicking here.

1http://www.sinatra.com/content/legacy-sinatra

2http://www.spinner.com/2012/05/15/nancy-sinatra-lashes-out-at-stepmother-over-father-franks-death/

Photo: Willem van Bergen

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Trustee CertificateWhen a loved one dies from a wrongful or negligent act of another, knowing where to begin the legal process can be difficult. When you bring a wrongful death case in Minnesota, there are a few things that you should know.

First, there are strict time limits on how long you have to initiate the claim. The statute of limitations on a wrongful death case in Minnesota is generally three years from the date of death. Keep in mind, however, that there are a few limited exceptions to this rule that may apply to your case. Therefore, the sooner a client can consult with an attorney, the better off he or she will be.

Second, Minnesota has very important rules pertaining to wrongful death cases that other states do not have. Under Minnesota General Rules of Practice it is required that a trustee be appointed for the case. A wrongful death case cannot be filed in court until a trustee has been appointed. Both clients and attorneys should keep in mind that the trustee appointment process can take up to a couple of months, depending on how responsive the decedent’s family is. If the statute of limitations is running soon, this process should be started immediately.

A trustee is not the same as the executor of an estate, and just because an estate is open does not mean that a trustee automatically exists. Rather, the trustee is a person who is appointed by the court to serve as the principal plaintiff for the deceased person’s heirs. Although the Minnesota General Rules of Practice require that a trustee be a “next of kin,” generally any competent person may serve as the trustee.

In order to appoint a trustee, all heirs must sign off on the appointment. Therefore, attorneys should take the following steps in appointing a trustee:

(A) The attorney should speak with the person who initially contacted him or her about bringing the claim. Generally, the proactive person who wanted to initiate the lawsuit can become your trustee. If that person does not want to serve as the trustee, find a different family member who can. The trustee does not need to be an heir, though this person frequently is.

(B) Once you have selected your trustee, that person should provide you with the (i) the full legal names of all living heirs; (i) the addresses and phone numbers for each heir; and (iii) the date of birth for each heir. You will also need a copy of the death certificate, as you will need to provide the court with the dates and places of the decedent’s birth and death.

(C) A letter as well as a Waiver and Notice of Bond then needs to be sent to the trustee and each of the heirs. When our firm does this, we take time in the letter to explain to the heirs why we are contacting them and what exactly we are asking them to sign. We also offer to speak to anyone who has questions on the paperwork. This is a very common place to run into issues. You may find that very often, there are members of the family who are no longer in contact with the rest of the family or who are particularly difficult to deal with.

I once had heirs located in a remote town in Mexico, where there were no telephones or individual mailboxes. The man who was going to be the trustee in this case told me that he knew a guy who drove a truck into this town once a month. Fortunately for me, the guy with the truck was willing to track down the family for me on his next visit, and he delivered the documents (which I translated into Spanish), got them signed, and returned them to me.

Sometimes, however, even your extraordinary efforts will not be enough, and heirs simply cannot be located. Under these circumstances, you should obtain a signed affidavit from the trustee, indicating that you were unable to locate the missing parties, and you should detail the efforts you undertook to do so.

(D) Once you have all of the signed paperwork back from your trustee and the relevant heirs, you can then e-file the petition to appoint the trustee with the court. If the court has any issues with your petition, then you may be required to attend a hearing.

(E) Once the court grants the trustee petition, only then can the Summons and Complaint be filed.

A word of caution: under Minnesota law, ALL heirs technically have a claim to any money obtained in a judgment or settlement. Following settlement or a verdict, this often requires a meeting or conference call with the heirs to discuss who gets what. The court ultimately has jurisdiction over this issue when the parties cannot agree. All parties should be advised that it is not the attorney’s job to decide which heirs get certain sums of money, though the attorney may make a recommendation.

Still have questions?  Make sure to speak with an attorney right away.

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If you are a parent of a high school student who will be going off to college soon, or you are starting college yourself, there’s a good chance you’re thinking about applying for financial aid. According to the National Center for Education Statistics, 66% of all undergraduates received some form of financial aid in 2007—08.

Many families are confused about which assets are taken into consideration when a student’s financial aid eligibility is calculated. This post will help clarify which assets are considered in the calculations. It’s important to note that assets belonging to the child are weighted more heavily in the calculations than are assets belonging to the parents, meaning that generally it is better for assets to be owned by the parents rather than the child.

CollegeApplying for financial aid starts with the Free Application for Federal Student Aid (FAFSA). Based on the information you provide on the FAFSA, the U.S. Department of Education will calculate what’s known as your Expected Family Contribution (EFC). Your family’s EFC will be subtracted from your school’s Cost of Attendance (COA) to determine your student’s eligibility for need-based aid.

If your student plans to attend a private college, be prepared to provide additional information to the school when applying for financial aid. Private schools often take into consideration assets that are not considered on the FAFSA.

So which assets affect a child’s financial aid?

Cash and Investment Accounts

Cash and investment accounts are counted in the financial aid calculations.

Trust Assets

Assets held in trust are included in the financial aid calculations. This is true even if access to the trust assets is restricted.

Coverdell Education Savings Accounts (ESAs)

Funds in a Coverdell ESA are counted in the financial aid calculation. Coverdell ESAs may be owned by the child or the parents, and the funds are treated as an asset of the account owner.

UTMA/UGMA Accounts

Money in UTMA/UGMA accounts does affect a child’s financial aid. For purposes of financial aid calculations, these accounts are considered the child’s assets.

529 Plans

529 plans are counted as assets on the FAFSA, but they are considered the parents’ assets rather than the child’s.

Retirement Accounts

Retirement accounts such as IRAs and 401(k) accounts are not a factor in financial aid. However, if you withdraw any money from your retirement accounts, it will be counted as untaxed income and will need to be reported on the FAFSA.

Annuities

Annuities are not counted on the FAFSA as assets that affect financial aid.

Real Estate

The FAFSA does not ask about any equity you may have in your primary residence, and it is not considered in the financial aid calculations. However, second homes and investment properties are considered assets that affect financial aid. Although the FAFSA does not ask about your primary residence, some private colleges will ask and will factor the value into their financial aid calculation.

Businesses

Small businesses that are owned by the family are not counted as assets when calculating financial aid. For the purposes of filling out the FAFSA, a small business is one with fewer than 100 full-time employees. In order for the business to qualify for the small business exclusion, the family must own a majority of the business. If the small business is a partnership and the family owns half the business, then the exclusion does not apply, and the business must be reported on the FAFSA as an asset.

Personal Property

Personal property such as vehicles, computers, boats, clothing, and furniture are not considered when determining financial aid eligibility.

Applying for financial aid can seem like an overwhelming task. The Federal Student Aid website can help guide you through the process and answer any questions you might have. If you need additional assistance, you should consult your child’s school counselor or a financial advisor.

 

Photo: Tax Credits

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Here comes Uncertainty … again.

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