Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Will (2)
- 1946 Model Probate Code (1)
- Beneficiary (1)
- Capital gain (1)
- Confidential relationship (1)
-
- Contingent future interest (1)
- Death (1)
- Donald Scott (1)
- Estate tax (1)
- Fiduciary (1)
- Gift tax (1)
- Inheritance (1)
- Inter vivos trust (1)
- Internal Revenue Code (1)
- Internal Revenue Code of 1954 (1)
- Interspousal (1)
- Joint ownership (1)
- Judicial authority (1)
- Life insurance (1)
- Marriage (1)
- Massachusetts rule (1)
- Mental incompetent (1)
- Michigan Supreme Court (1)
- Pennsylvania rule (1)
- Personal liability (1)
- Presumption (1)
- Principal and Income Act (1)
- Protector (1)
- Real property (1)
- Rebutting evidence (1)
Articles 1 - 6 of 6
Full-Text Articles in Law
Toward Uniform Guardianship Legislation, William F. Fratcher
Toward Uniform Guardianship Legislation, William F. Fratcher
Michigan Law Review
The Model Probate Code, part IV of which covers guardianship of the persons and property of infants and mental incompetents, was published in 1946 under the auspices of the University of Michigan Law School. It was prepared for the Probate Law Division of the Section of Real Property, Probate, and Trust Law of the American Bar Association by its Model Probate Code Committee in cooperation with the research staff of the Law School. No state has adopted the Model Probate Code in its entirety, but parts of it have been enacted in Arkansas, California, Colorado, Delaware, Hawaii, Illinois, Indiana, Missouri, …
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Michigan Law Review
Under section 2042 of the Internal Revenue Code of 1954, proceeds of insurance policies on the life of the decedent payable to beneficiaries other than the decedent's executor are included in the gross estate only if the decedent possessed at the time of his death "any of the incidents of ownership [in the insurance policies], exercisable either alone or in conjunction with any other person." To determine the extent of the decedent's "incidents of ownership," the Regulations provide for the application of state property law. The problems inherent in relying upon state law to govern federal estate taxation of the …
Principal And Income Allocation Of Stock Distributions--The Six Per Cent Rule, Michael C. Devine
Principal And Income Allocation Of Stock Distributions--The Six Per Cent Rule, Michael C. Devine
Michigan Law Review
A productive trust is usually dynamic in two ways: the principal assets appreciate in value, and their use produces income. When the beneficial interests in such a trust are successively divided between income recipients and principal remaindermen, every payment to the trust must be characterized either as income or as an addition to principal. The most difficult categorization problems arise when the receipt is of corporate stock.
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Michigan Law Review
The discussion which follows will be divided into three major parts. First, it will be important to see why so much real and personal property remains in joint tenancy between husband and wife or in entireties tenancy. It has been almost eighteen years since Congress eliminated the necessity of holding property in this form in order to split income therefrom for income tax purposes. Is inertia the only reason for the popularity of joint ownership, or are there other reasons? Second, we shall review the familiar but false assumptions most laymen (and even a few attorneys) commonly make regarding the …
Future Interests--Implying A Requirement Of Survival In Future Interests: Continued Confusion--Schau V. Cecil, Michigan Law Review
Future Interests--Implying A Requirement Of Survival In Future Interests: Continued Confusion--Schau V. Cecil, Michigan Law Review
Michigan Law Review
Contingent future interests have caused considerable confusion in cases in which the holder of the future interest dies before the fulfillment of the condition. This confusion stems from a tendency by some courts to use the word "contingent" as a shorthand way of indicating that the interest holder must survive until a certain time or event. A future interest is correctly said to be "contingent" when it is subject to a condition, in addition to the termination of the prior estate, which must occur before the interest becomes a present estate. The two usages of the word are often overlapping, …
Wills--The Receipt Of Substantial Benefits Under A Will By One In Confidential Relationship With Testator Raises A Presumption Of Undue Influence Which After Rebutting Evidence Is Introduced Remains As A Permissible Inference For The Jury--In Re Wood Estate, Michigan Law Review
Michigan Law Review
Testator bequeathed to proponent, his private secretary, a substantial portion of his estate. Contestant, testator's niece and sole heir, attacked the validity of the bequest on the grounds of proponent's alleged undue influence, and introduced evidence indicating the existence of a confidential relationship between proponent and testator. Proponent denied both the existence of a confidential relationship and the allegations of undue influence, and introduced evidence that independent counsel had advised testator in the making of his will. The trial court granted proponent's motion for a directed verdict. On appeal, held reversed, two justices dissenting. The receipt of substantial benefits under …