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Full-Text Articles in Law
Discretionary Trusts: An Update, Richard C. Ausness
Discretionary Trusts: An Update, Richard C. Ausness
Law Faculty Scholarly Articles
In the past, settlors tended to limit a trustee’s discretion by setting forth a specific formula for the distribution of trust assets. Nowadays, however, settlors often prefer to vest more discretion in their trustees. This is partly due to the fact that beneficiaries tend to live longer and, therefore, trusts inevitably last longer, thereby requiring trustees to respond to changing conditions. In addition, settlors often believe that vesting increased discretion on the part of trustees will discourage beneficiaries from bringing expensive and disruptive challenges to their decisions.
Nevertheless, the trend toward increased discretion is not without its problems. First of …
Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness
Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness
Law Faculty Scholarly Articles
This Article focuses on non-charitable purpose trusts and how they enable estate planners to better carry out their clients’ objectives. Specifically, it explores the history of non-charitable purpose trusts and summarizes the differences between private trusts, charitable trusts, and non-charitable purpose trusts. This Article also examines the treatment of non-charitable purpose trusts in England and the United States prior to the promulgation of the Restatement of Trusts in 1935. This Article surveys the recent adoption of non-charitable purpose trust provisions in the Uniform Trust Code and various Restatements and gives advice on drafting the trust instruments. Lastly, this Article concludes …
Planned Parenthood: Adult Adoption And The Right Of Adoptees To Inherit, Richard C. Ausness
Planned Parenthood: Adult Adoption And The Right Of Adoptees To Inherit, Richard C. Ausness
Law Faculty Scholarly Articles
This Article is concerned with the effect of adult adoptions on the inheritance rights (in the broad sense of that term) of adult adoptees. The Article contends many adult adoption statutes assume the existence of a parent-child relationship in which the adopter is the “parent” and the adoptee is a “child” even though this is not true of all adult adoption cases. In addition, legislatures and courts frequently fail to differentiate between “quasi-familial” adoptions and “strategic” adoptions, particularly where inheritance rights are concerned.
Sherlock Holmes And The Problem Of The Dead Hand: The Modification And Termination Of "Irrevocable" Trusts, Richard C. Ausness
Sherlock Holmes And The Problem Of The Dead Hand: The Modification And Termination Of "Irrevocable" Trusts, Richard C. Ausness
Law Faculty Scholarly Articles
This Article is about the modification and termination of so-called “irrevocable” trusts. A trust may be made irrevocable at the time of its creation or it may become so at a later time. A testamentary trust is one that is embodied in a will and becomes effective at the testator’s death. Since the testator will be dead by the time the trust becomes effective, he will not be in a position to modify or revoke it. For the same reason, a revocable trust will become irrevocable when the settlor dies or when the power to revoke is released. Finally, an …
When Is A Trust Protector A Fiduciary?, Richard C. Ausness
When Is A Trust Protector A Fiduciary?, Richard C. Ausness
Law Faculty Scholarly Articles
The use of trust protectors has become increasingly popular in the past twenty years. This is largely due to the fact that settlors can use trust protectors to provide more flexibility in trust management, especially for long-term trusts. However, the use of trust protectors is not without some risk. First of all, the legal status of trust protectors is not explicitly recognized in some states. Furthermore, even in those states which do recognize the legality of trust protectors, the nature and extent of their powers is sometimes not always clear. Finally, there is the vexing question of whether trust protectors …
The Offshore Asset Protection Trust: A Prudent Financial Planning Device Or The Last Refuge Of A Scoundrel?, Richard C. Ausness
The Offshore Asset Protection Trust: A Prudent Financial Planning Device Or The Last Refuge Of A Scoundrel?, Richard C. Ausness
Law Faculty Scholarly Articles
In recent years, a large number of Americans have established "asset protection trusts" in foreign countries. An asset protection trust is a self-settled spendthrift trust which is created in order to protect the settlor's property from the claims of creditors. Virtually all American jurisdictions recognize spendthrift trusts, which prohibit both voluntary and involuntary alienation of a third party beneficiary's interest in a trust; however, most do not allow a settlor who has retained a beneficial interest in a spendthrift trust to protect that interest from the claims of creditors. A growing number of present and former British possessions, however, have …
25th Annual Midwest/Midsouth Estate Planning Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Turney P. Berry, Robert M. Bellatti, Edward J. Beckwith, Susan Porter, Jesse T. Mountjoy, Jeffrey M. Yussman, Tawana L. Edwards, Wayne F. Wilson, Sheldon G. Gilman, Edward A. Rothschild, Norvie L. Lay, Theodore B. Atlass
25th Annual Midwest/Midsouth Estate Planning Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Turney P. Berry, Robert M. Bellatti, Edward J. Beckwith, Susan Porter, Jesse T. Mountjoy, Jeffrey M. Yussman, Tawana L. Edwards, Wayne F. Wilson, Sheldon G. Gilman, Edward A. Rothschild, Norvie L. Lay, Theodore B. Atlass
Continuing Legal Education Materials
Materials from UK/CLE's 25th Annual Midwest/Midsouth Estate Planning Institute held in July 1998.
Kentucky Law Survey: Property, Carolyn S. Bratt
Kentucky Law Survey: Property, Carolyn S. Bratt
Law Faculty Scholarly Articles
Law students, and probably practitioners, are often perplexed by the multitude of topics covered under the rubric of property law. Unfortunately, this Survey article does nothing to dispel the impression of property law as a hodgepodge of unrelated topics. This Survey of recent decisions in Kentucky discusses topics ranging literally from "a" to "z"-adverse possession to zoning.
Report Of Third Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Joseph C. Oldham, J. E. Banahan, John Peter Frank, T. O. Jack Hall, Timothy R. Futrell, Michael W. Mcgrath Jr., Edward A. Rothschild, John G. Atchison Jr., W. Van Meter Alford, Scott T. Smith, Russell H. Riggs, Stephen J. Vasek Jr.
Report Of Third Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Joseph C. Oldham, J. E. Banahan, John Peter Frank, T. O. Jack Hall, Timothy R. Futrell, Michael W. Mcgrath Jr., Edward A. Rothschild, John G. Atchison Jr., W. Van Meter Alford, Scott T. Smith, Russell H. Riggs, Stephen J. Vasek Jr.
Continuing Legal Education Materials
Reports from the UK/CLE Third Annual Seminar on Estate Planning held July 23-24, 1976.
Second Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, John T. Bondurant, Edwin H. Perry, P. Michael Davis, Philip W. Moss, Frederick W. Whiteside, Robert M. Bath, William V. Phelan, John Peter Frank Iii, Gladney Harville, William S. Dillon, Eugene F. Scoles, Edward A. Rothschild
Second Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, John T. Bondurant, Edwin H. Perry, P. Michael Davis, Philip W. Moss, Frederick W. Whiteside, Robert M. Bath, William V. Phelan, John Peter Frank Iii, Gladney Harville, William S. Dillon, Eugene F. Scoles, Edward A. Rothschild
Continuing Legal Education Materials
Schedule and materials from the Second Annual Seminar on Estate Planning held by UK/CLE on July 18-19, 1975.
Report Of Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Donald Macdonald, William B. Peden, Cynthia H. Camuel, Williasm S. Dillon, William P. Sturm, J. E. Banahan, John Peter Frank Iii, Edward A. Rothschild, Ronald S. Leventhal, Michael Winston
Report Of Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Donald Macdonald, William B. Peden, Cynthia H. Camuel, Williasm S. Dillon, William P. Sturm, J. E. Banahan, John Peter Frank Iii, Edward A. Rothschild, Ronald S. Leventhal, Michael Winston
Continuing Legal Education Materials
Reports from the UK/CLE Seminar on Estate Planning held July 19-20, 1974.