Business and Industry Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Business and Industry.
Sometimes you can get a little bit of extra life out of something old. Have an old computer? Put Linux or an earlier version of Windows on it and you can keep using it for awhile before it dies. Have an old car? Keep it tuned up, and it will drive for a long time. Have an old TV? It will still work fine for standard definition television.
Doing business in New York can be performed through a number of legal structures ranging from sole proprietorships to corporations. This advisory provides basic information on the different legal forms and the services that can be offered by Murray LLP for your business.
One of the most common forms of conducting business in New York is through a Limited Liability Company (LLC). This short article will cover some of the basic features of setting up a New York LLC. In New York one of the most common forms of entity for operating a business is a Limited Liability Company (commonly known as an LLC). Depending on the circumstances it may be an appropriate entity to choose when establishing a business or other undertaking in New York State.
Your estate plan is intended to be an individual, and highly personal, set of documents. Your estate plan decides some of the most important issues and makes some of the most important determinations that you will make in your lifetime. When you sit down with your estate planning attorney to work on your estate plan,be prepared for some questions that may make you rather uncomfortable.
To promote Hong Kong as Asia’s major asset management center and to attract more local and overseas settlors to choose Hong Kong law as the law of their trusts and to administer their trusts in Hong Kong, the Financial Services and the Treasury Bureau released its Consultation Conclusions on Review of the Trustee Ordinance and related matters (“Conclusions”) in February 2010 and its Consultation Paper on Detailed Legislative Proposals on Trusts Law Reform (“Legislative Consultation”) March 2012.
Romania has recently passed into law, Law no. 148/2012 which establishes the legal framework for the issuing of electronic documents (invoices, tax bills, receipts) which will contain data regarding economic operations such as exchange or sale of goods or services. This is a further step to modernise the financial and banking system in Romania. As electronic commerce continues to expand Romania will continue to be at the fore front of this industry.
When this year comes to a close we are going to be looking at an entirely different lay of the land when it comes to the estate tax parameters. With this in mind we would like to examine the subject of estate tax exclusion portability. What does portability mean in this context?
The federal estate tax is applicable to everyone as an individual, so each person is afforded an individual exemption. The current amount of the estate tax exclusion is $5.12 million. So, a husband and wife would each have $5.12 million for a total of $10.24 million that could be passed along to their heirs before the estate tax becomes applicable.
The CFTC has issued a no action letter providing temporary relief for Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs) who are affected by the recent changes to the CFTC registration exemptions. The no action letter extends the deadline for registration for those affected by the recission of CFTC Rule 4.13(a)(4) and the amended Rule 4.5.
I. Getting Started - As a lawyer, or sometime in your life, you have probably heard the saying by Abraham Lincoln: “He who would be his own lawyer has a fool for a client.” (Mr. Lincoln also said “A lawyer’s time is his stock in trade.” a useful motto in our profession. My hometown lawyer had that sign above his receptionist’s desk.) I mention this slogan (the first one) because a common problem that I have with my business-owner clients is that they work beyond their skill set.....
Introduction, Small Business and Southern Europe’s Economic problems. Because my Arizona business law firm represents businesses and start ups, both locally and from around the world, I was curious about the role entrepreneurs, start ups, and small and medium size businesses play in their national economies around the world. Surprisingly, one of the first articles that I found attributed the financial problems of Greece, Italy and Spain,.....
We hear so much about immigration in the context of border controversies that we may forget the vital role that immigrant owned businesses play in our economy. By “immigrant” we do not mean just Mexicans or persons from South American countries, which play a prominent role in states like Arizona, but also Indians, Koreans, Cubans, Chinese and the Vietnamese. A recent program on National Public Radio (aka “NPR”) documented....
A decade or more ago a client of our business law firm needed some advice on an international transaction. We called several local firms that we thought might do that kind of work, but they didn’t. So, I concluded, “What the heck. If they are not going to develop a practice in that area, I will.” Thus, we invested in multiple volume sets on the international law of contracts and the law of various foreign nations. Since that time we have done a number of transactions all over the world......
Attorney-Client privilege is a particularly tricky issue for attorneys who handle business transactions in Phoenix, as they so often have clients for both legal and non-legal services. A client who requires legal services is protected by quite strict attorney-client privilege ethics rules. However, a client who is provided strictly non-legal services cannot be protected by attorney-client privilege.
As the American population continues to age and lifespans continue to lengthen, more and more seniors and their families are using new technology to help keep themselves independent and healthy. While new technology is always being introduced,here are some helpful recent gadgets that seniors and their families can use today.
There are a few ways to create a Last Will, one of which is a holographic Will. This sounds rather high-tech, but in fact the reverse is true. A holographic Will is simply a Will that is written entirely in the handwriting of the person creating the will and signed by them, as well. The popular painter Thomas Kinkade died recently at the age of 54 due to acute intoxication. He was living with his girlfriend Amy Pinto-Walsh at the time.
Beloved actor Mickey Rooney testified in front of a Congressional committee recently about his personal experience with elder abuse. Rooney, whose acting career spans nine decades, petitioned for court intervention this year to stop his step-son and his step-son’s wife from abusing him and draining him financially according to court records. According to Rooney, he was “stripped of the ability to make even the most basic decisions about my life.”
It is common on the market that any business structuring for a Ukrainian business is conducted mostly by financial advisers and business consultants looking primarilyat the cost reduction and direct tax economy. However, current tax legislation in most countries around the world is eager to fight with structures erected only for tax economy purposes. Ukrainian tax authorities are not exception in this case.
Being part of a family means that one day you will likely experience the passing of someone you love. Many Baby Boomers and their parents have experienced loss more than once in their adult lives. If this describes you, take a few moments to remember what happened.
The Veterans Administration estimates that about 2 million eligible veterans likely qualify for the Aid and Attendance pension benefit, yet few of them take advantage of it. The VA also estimates that about $22 billion per year in AA benefits remain unspent because so few people take advantage of the program. Let's take a look at what the Aid and Attendance pension is and who qualifies.
This article gives a very brief overview of how a physician leaves or closes a medical practice. The physician can’t just walk away – leaving or closing a medical practice is more complex than you think. In this article I try to give both sides of the story, that is, the perspectives of both the individual physician and the group practice.
In this article I discuss how a non-licensed person can work with a medical practice, including the use of an administrative / management service company. Here is my conclusion up-front: A non-licensed person can work with a medical practice so long as there is NO ownership in the practice, where ownership includes not only stock in a medical corporation but also a share in revenues.
Medical offices need special lease provisions. All leases need negotiation and revision, but leases for physicians need a little more. In this article, I discuss some advanced lease provisions that medical practices frequently need. For a basic explanation of commercial leases, refer to my article Understanding Commercial Leases.
The general principle on dissolution of Limited Liability Company is stipulated under Article 143 paragraph (1) of Law No. 40 of 2007 regarding Limited Liability Company, which provides that the dissolution of company does not automatically erase the legal status of the company. The legal status would be lost at the end of the liquidation process and accountability of liquidator has been accepted by the General Meeting of Shareholder or District Court.
This article gives a quick overview of buying and selling a medical practice. I discuss the deal from due diligence, through deal terms, to the definitive deal documents. Finding the Deal - The first step is to find a deal. Talk to people in the industry. Find out if a physician is looking to sell and retire, or if an up-and-coming associate is looking to buy.
Estate planning is approached differently by different individuals. Some people are very diligent about envisioning the future and they do everything possible to make things simple for the loved ones that they will be leaving behind. Others fail to plan ahead adequately. We are not suggesting that they care about their families any less, but for one reason or another they are not properly prepared and often times difficult situations emerge.
The Veterans Aid and Attendance program, also known as the AA pension benefit provides financial assistance to limited income veterans and their spouses who use in-home caregivers or who reside in a nursing home or assisted living facility. Anyone who qualifies for the program can receive $1,700 per month or more, depending on your circumstances.
If your estate is valued in excess of the estate tax exclusion amount you are going to have to pursue avenues that provide tax efficiency. Depending on the unique nature of your situation any number of strategies may be optimal, and this is why it is so important to work with a seasoned professional when you are serious about wealth preservation.
According to researchers at the National Center for Family and Marriage Research at Ohio's Bowling Green University, seniors are divorcing at a much higher rate than ever before. Even though divorce rates are, on average, down for people below the age of 50, people 50 and older are getting divorced nearly twice as fast as previously.
To someone looking in on probate law from the outside, it often appears as if probate lawyers and judges use very strange terminology. Some of the terminology is so odd it can appear as if probate law is written in an entirely different language. Let's take a look at some of the stranger terms you may encounter during the probate and estate planning process.
It's estimated that about 6 1/2 million seniors suffer from clinical depression. Though many seniors experience depression as the result of ongoing medical issues, depression can also arise as a result of recent deaths of friends and family members, anxieties about death, or social isolation.
As we get older, our bodies tend to develop specific types of medical conditions that are much more common in the elderly than they are in younger people. Even though half of all arthritis sufferers are under the age of 65,about one out of every five adults will be diagnosed with the condition at some point in their lives.
There are people who believe in ghosts. They often believe that ghosts are the result of deceased individuals who made mistakes in life and as a result can't leave this world behind to go on to the next I don't know if ghosts exist and why they do, if they do. However, I wonder if the popular theory is true,how many of those ghosts are still here because they made mistakes in their estate plans.
Having an elderly parent can cause any child to worry, especially where there are health concerns involved. But what do you do if your elderly father enters into a romantic relationship with a much younger person, such as an in-home caregiver, whom you suspect is only in it for the money? Dealing with a “gold digger” is one of the more difficult problems that confronts children with elderly parents.
The sandwich generation is a relatively new term that applies to anyone who is at risk of being “sandwiched” between aging parents and young adult children. When both need your financial assistance, you can quickly find yourself in a both a financial and emotional crisis of your own.
By Ruder Ware
The Rochester Network Advisory Opinion is one of the few sources that we have to get a glimpse of what is required for a health care organization to "clinically integrate." Clinical integration is one method to reduce risk under the antitrust laws. Some of the details of the advisory opinion are discussed and analyzed by provider integration attorney John Fisher.
As you live in your home over the years, you can become attached because so many memories seem to be ingrained into the very structure itself. You also may feel totally comfortable and have everything arranged according to your tastes. That idea resonates with people of all ages.
People who get divorced are not remarrying with the same frequency that they did some years ago according to current census statistics. This of course does not mean that they are not entering into relationships with the same level of frequency.
Recent studies have shown that Americans age 55 and older are having an increasingly difficult time paying their debts. One study, performed by the Washington-based Employee Benefits Research Institute, showed that between 1992 and 2007, households of those who were in their mid-50s or older more than doubled their average debt load to about $70,000 each.
The estate tax exclusion is the amount of financial assets that you can pass on to your heirs before the federal estate tax is applied. At the present time this amount is $5.12 million. This $5.12 million exclusion is afforded to every taxpayer as an individual. So, if you are married you and your spouse each have $5.12 million to work with before the estate tax kicks in.
The death of a spouse ranks at the top of a list of stressful lifetime events. If you survive your spouse, you’ll need to make sure you take good care of yourself. Most likely, for the first few weeks, you may be in a constant state of confusion, running on autopilot. Here are some tips to help you during the initial aftermath of your spouse’s death.
There are some things in life that we all wish we had done differently. No one makes the right choices 100 percent of the time. Of course, we cannot hop in the Delorean and tell our younger selves to make different choices, at least not yet.
In preparing to make important life decisions the first thing to do is to research your options. You cannot make good decisions until you know what is possible you and how effective the different choices are. This is true in estate planning, as there many different legal instruments that can be used in estate planning.
The idea of being uprooted and moving into an assisted living community is not an especially pleasant one for many senior citizens. People become attached to their homes and this can be particularly true of elders who may have stored so many memories within these friendly confines.
If there is one area of modern life that seniors are often not so comfortable with, it is new technology. However, there are a range of new gadgets that have come onto the market recently that can help both seniors and their families, especially when the senior lives alone or does not have regular assistance. Here’s a brief list of some of the newer options that technology has wrought.
Estate planners often talk about creating the plan that meets the specific needs of the individuals they are advising. They ask what you want and give you choices about how to get what you want. However, let's step back and look at the bigger picture. Estate planning is not only about you. It's also about your family and other loved ones.
Recent Census Bureau statistics are indicating that people who have been divorced are not remarrying with the same frequency that they did in the past. There are a number of different reasons for this and financial considerations would certainly be among them.
When you pass away, you will probably leave more things behind than you realize. That’s why you need an estate plan that covers everything, even those things that you forget. However, there is one thing that an estate plan cannot cover unless you make specific plans for it: your pets. What will happen to your pets if you pass away before they do?
Do you ever wonder if vampires have estate plans? Of course, vampires are not real, but they seem to be everywhere in popular culture today. Turn on the TV, and you can find a vampire show at anytime, or a vampire movie. When I see these shows I think about their estate plans.
Planning for a medical emergency is one of the most important things you can do for you and your family. After all, life is unpredictable and even healthy people can suddenly become ill. Add to that the possibility of an accident or unexpected disability and you see how you could suddenly find yourself incapacitated, unable to make decisions about your life and your property.
Did you know an ex-spouse can receive Social Security benefits on your record? A lot of people are not aware of this rule. However, there are some conditions that must be met before an ex-spouse can do this. In order for your ex to collect benefits based on your record, the following conditions have to be met.
One of the reasons why some people choose alternatives to a last will when they are arranging for the eventual transfer of assets to their heirs is because they want to avoid probate. What is probate you ask? Probate is a legal process that takes place under the supervision of the probate court.
As an estate executor, you have the legal power to manage a deceased person's property and redistribute that property to new owners. With this power, state probate laws impose specific responsibilities as well as limitations. If you violate these state restrictions you may face personal liability as an executor.
As Abraham Lincoln once said, “Everything on the Internet is true.” If you've ever looked for legal advice online, it won't take you very long to discover a wide range of advice, opinion, commentary, and information about estate planning topics. Unfortunately, you have no way of knowing if any of it is correct.
If you're single, whether or not you're young, you are part of the group that is the least likely to have an estate plan. The fact is most single people rarely consider estate planning concerns and few have taken any steps to developing important planning elements. Unfortunately, single people often need these specific state planning elements much more than their married contemporaries. Here are three reasons why you should begin estate planning as soon as possible if you are single.
When you are planning for your retirement years you have to make projections a couple of decades into the future, maybe even longer. The fact is that crystal balls are pretty hard to come by these days, and try as we might it is very difficult to predict the future with full accuracy.
Sometimes, when you have difficulty making a decision, it’s helpful to write out a list of the pros and cons of the decision. There are people who swear by this method and use it all the time. Do you know what the list would look like if your question is "Should I wait to get an estate plan?"
Arthritis can strike at any time, though it most typically affects people over the age of 60. There are many forms of arthritis, and while there aren't cures for this condition, there are effective treatments that are best begun at the early stages of the disease. If you notice any of these common arthritis warning signs or symptoms, you should make an appointment to meet with your doctor so you can be evaluated for possible arthritis.
Many of us have lived through generation X, the “me” generation, and generation “Y”, but have you ever heard of the “sandwich” generation? Unbeknownst to you, you may be one of the millions who will make up the sandwich generation.
The “me” generation is rapidly becoming the “sandwich” generation. If the term is foreign to you, don’t feel left out. It is simply a new term that is being used to describe people born in the 50’s and 60’s who are suddenly feeling as though they are being “sandwiched” between the needs of aging parents and young adult children.
The number of land disputes pending at various courts in Ghana bears testimony to the problems surrounding land acquisitions. One false step in the acquisition process has the potential to lock the buyer in an expensive and never ending litigation in Court. This article provides some practical steps a potential purchaser can follow to reduce the risk of litigation
If the term “sandwich generation” doesn’t sound familiar to you, don’t worry, you are not alone. This is term that is being used to describe people who are nearing middle age that are being “sandwiched” between the needs of grown children and aging parents.
If you are like many people who have been fortunate enough, and worked hard enough, to have built up a sizeable and valuable estate, you may wish to provide a certain degree of financial stability to future generations. At the same time, you may be concerned that simply handing over your estate upon your death will create a spoiled child or grandchild.
If you were to be among the many who are going to require living assistance when you reach an advanced age you have some decisions to make. A lot of people will decide to reside in an assisted living community. Depending on your physical condition, your financial capabilities, and your personal preferences this may indeed be the best choice for you.
If you were to ask yourself how you would want your possessions distributed if you were to pass away at any given time you may well find that you would not want everything to go to your legal next of kin. This is going to be especially true if you are in a committed relationship.
Many estate plans contain mistakes that can and should be avoided. Unfortunately, easily avoidable mistakes are made all the time in estate planning. Here are three mistakes you can make, and easily avoid, in your estate plan.
If you are like many Americans, you are concerned about the future of the Social Security retirement program. Warnings about the fate of the program make headlines on a regular basis. The program is clearly in trouble, but how much trouble? Can you expect to receive benefits when you reach retirement age?
If you have a family or loved ones who mean a lot to you, then you owe it to them to plan ahead in the event of your untimely death. Tragedy or illness can strike at any time. If it strikes you, what will happen to your family and/or loved ones? The answer to that question depends, in large part, to whether or not you took the time to plan ahead.
If you are one of the millions of Americans who has an elderly family member in the care of someone outside the family you likely worry about the quality of their care on a regular basis. Although accurate statistics are difficult to come by because experts believe that a significant percentage of actual abuse and neglect of the elderly goes unreported, estimates are that over two million elderly Americans are abused or neglected every year by caregivers.
As much as we all wish that we would never be faced with the death of a close family member, it may happen at some point in time. In the midst of your emotional grief, you may be the person who also has to deal with the practical aspects of the death as well. Someone has to step forward and take control. If that person is you, then knowing some of the common things that may need to be done may help you get through the process.
Although you may not be familiar with the name Larry Hillblom, you have probably used the company he founded or at least heard of it. Hillblom was one of the founding partners of the international shipping company DHL. In fact, the “H” stands for Hillblom. Hillblom is also famous for the multi-national legal battle over his estate that followed his death.
You may think that the simplest solution for stating your final wishes is the execution of a last will. In fact, depending on the circumstances your desire for simplicity may not be best served by the utilization of a last will as a vehicle of asset transfer.
There are things that can be done to protect your assets during the latter stages of your life from a legal perspective, and you should discuss your options with a good Oklahoma City elder law attorney. At the same time, each individual must take personal responsibility to protect your assets and yourself. Awareness is key, and one growing problem that seniors must protect themselves against is elder financial abuse.
One of the things that people look forward to when they envision retirement is the ability to live stress-free. Try as you might, it can be very challenging to keep stress at bay when you are fully engaged in your working years. Putting the tension behind you while you kick back and live simply as a retired individual can certainly be a pleasing prospect.
Thinking about an inheritance you might receive is an exercise that's filled with competing emotions. While you never want to think ill of your parents or grandparents, knowing that you stand to inherit significant money or property can make life much easier, especially if money is tight
For elderly Americans, depression often goes undiagnosed and untreated because many people do not recognize the symptoms. Elderly people are prone to develop depression for a variety of reasons. Anything from chronic back pain to the loss of independence caused by medical conditions can lead to depression or make depression more serious.
A recent report from a government watchdog group shows that a federal Medicaid audit program designed to curtail some of the $60 billion a year lost to Medicaid fraud has actually cost more money than it saved.
With many baby boomers reaching retirement age every day, proper financial planning is becoming increasingly more important. But for many boomers, proper financial planning may involve being able to cover the expenses of an elderly parent. Though many people do not realize it, about 30 states have filial responsibility laws. These laws require the adult children of indigent elderly parents to pay for their care if the parents cannot.
If you started creating your Last Will and Testament, you may come across some words that appear strange or unfamiliar. This is very common, as the laws surrounding wills use specific terms that most people don't often come across. Let's take a look at some of the words commonly encountered when creating a will.
In case the name doesn‘t ring any bells offhand, Stieg Larsson is the author of the awarding winning novel turned movie, The Girl with the Dragon Tattoo. Larsson was a Swedish journalistic all his life who turned novelist literally months prior to his death. Ultimately, his estate was valued at upwards of $50 million and climbing; however, his lifelong partner didn’t receive a dime as a result of Larsson’s lack of an estate plan.
Do I really need a lawyer to do that? Strictly speaking, no. Anyone can apply to register a trademark, although the mark being applied for must satisfy the requirements of the Trademarks Act 2002. Registered trademarks can be valuable intellectual property assets, and can be dealt with in similar ways to other forms of property.
Do I really need a lawyer to do that? Strictly speaking, no. Anyone can apply to register a trademark, although the mark being applied for must satisfy the requirements of the Trademarks Act 1995. Registered trademarks can be valuable intellectual property assets, and can be dealt with in similar ways to other forms of property.
In Australia, there are many benefits to registering your valuable brand as a trademark. Trademark registration gives you the exclusive right to use your registered trademark in a geographical area and in the market for goods and services covered by your registration.
There are many benefits to registering your valuable brand as a New Zealand trademark. Trademark registration gives you the exclusive right to use your registered trademark in a geographical area and in the market for goods and services covered by your registration. A registered trademark gives you the exclusive right to license other people to use your trademark (and pay you a fee).
Are you a potential franchisee or even a current franchisee? Do you really need a franchise lawyer? That depends on your experience and appetite for risk. We say “yes” and we are biased, but that bias is based on considerable franchising experience gained over many years.
Most of us have heard all the dire warnings about the future of the Social Security retirement program. Some analysts tell us that the program will cease to exist within just a few short years. Others tell us that beneficiaries are certain to see reductions in benefit checks while still others tell us not to worry--a solution is just around the corner.
Who Watches the Watchmen?" has become a modern classic line. In case you don't know, The Watchmen are a fictional group of superheroes. In their story, they originally protected people, but then things broke down and people asked the famous line. It stands for the idea that no one should have complete and total power. It corrupts and thus, power needs to be watched.
You have undoubtedly heard the old axiom "Life's not fair." We all know that it's true. We would like to believe that on some level, things even out and that as society progresses, things will get fairer. Maybe it will someday. But, that day is not today as most LGBT couples know all too well.
Many people are surprised to hear that Medicare will not pay for residence in an assisted living community or a nursing home. This is a pretty bad news because simply writing a check would be painful at best, and impossible at worst.
There are individuals who are naturally more exposed to potential legal actions than others, and for these people asset protection should be a priority. You have to act in advance to preserve your assets because your hands are tied once a suit is initiated.
Many of us remain unmarried by choice or by necessity. Maybe you are paired up but cannot legally marry because of laws prohibiting same-sex marriages, or maybe you’re on your way to marriage. You may also be choosing to live with another person instead of choosing marriage for personal reasons. Whatever the reason may be, you should carefully consider your future property rights together as unmarried cohabitants.
Between email and texting and IM and social media messaging in its varied forms, the number of ways to communicate without ever actually speaking is astonishing. And it can lead to big problems when combined with continuing contract discussions. If your life is anything like mine, you were forced into text messaging kicking and screaming.
An article in Forbes recently highlighted some of the important financial issues that those who have been diagnosed with a serious or life-threatening condition should consider. Though financial questions may be the last thing you want to think of if you are facing this situation, ignoring these issues won't make them go away. If you face them now, your family and loved ones may have an easier time of it later on.
Relationships generally are going to unfold step-by-step, and when you have already been married before you may be in no hurry to actually tie the knot in a legally binding manner. In fact, census statistics are indicating that people are not remarrying as much as they used to, but this does not necessarily mean that they are not getting involved in committed relationships.
Retirement planning attorneys are going to tell you that it is important to accumulate financial resources in anticipation of being able to put your working years behind you someday. This is however just one thing piece to the puzzle.
A recent report issued by the Government Accountability Office, the nonpartisan research arm of Congress found that a federal program designed to combat Medicaid fraud has resulted in cost greater than the amount of fraud the program identified.
A recent article in Forbes points out that the terminally ill face several financial and estate planning questions that, though not often spoken about, are very important. If you've been diagnosed with a terminal illness, it’s important to speak to an estate planning attorney as soon as possible so you can begin addressing key concerns that will not only affect you, but also your family.
Of all the issues that arise after someone dies, it's often the financial ones that pose the most difficulties. If a spouse or family member passes, you may be unprepared to deal with the specific details of handling the decedent's financial affairs, including any debts left behind. It’s important to understand that family relatives are only rarely responsible for paying the decedent's debts. Here’s what you need to know.
For many senior citizens, the cost of medical care and services is a big concern. Often, healthcare plans that were in effect while working are no longer available or are financially out of reach. Many elderly Americans turn to the Medicaid program for assistance. Qualifying for the program can be difficult for an individual who has even minimum assets.
Most people have heard of the concept behind a Will contest, yet most have never been involved in one. A Last Will and Testament cannot be challenged simply because a potential beneficiary is not happy with what he or she received under the terms of the Will.