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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Supplemental needs trust is a US-specific term for a type of special needs trust (an internationally recognized term). [1] Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for ...
MedPro Group traces its roots back to a predecessor company, the Physicians’ Guarantee Company. Alpheus P. Buchman, MD and Miles F. Porter, MD, both of Fort Wayne, Indiana, formed the Physicians' Guarantee Company in 1899 to provide pre-paid legal service for medical malpractice lawsuits. [1]
Unlike other trusts, the grantor trust completely passes through all income tax consequences of transactions inside the trust and the trust itself is a virtual shell. This is generally favorable in the current tax climate since in most cases less income will be taxed when a trust is treated as a "grantor trust." [21]
Within the United States, the impact of damages caps on the number of malpractice claims paid out by insurance companies varies by state and, in many states, reviews of malpractice premiums following the implementation of damages caps showed that the caps had no effect on premiums. [12]
The primary reason for professional liability coverage is that a typical general liability insurance policy will respond only to a bodily injury, property damage, personal injury or advertising injury claim. Other forms of insurance cover employers, public and product liability. However, various professional services and products can give rise ...
Such a life interest trust is the most common example of an interest in possession trust. In the United Kingdom, the 10-yearly inheritance tax charge may be payable on assets transferred into this type of trust on or after 22 March 2006. [2] In the example of a life interest trust, the interest in possession ends when the income beneficiary dies.
Most Americans are under the impression that most people can sue for any type of negligence, but it is untrue in most US jurisdictions (partly because negligence is one of the few torts for which ordinary people can and do obtain liability insurance.) [citation needed] It is a form of extracontractual liability that is based upon a failure to ...