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Evolutionary Theory And The Origin Of Property Rights, James E. Krier
Evolutionary Theory And The Origin Of Property Rights, James E. Krier
Law & Economics Working Papers Archive: 2003-2009
Legal scholars have never settled on a satisfactory account of the evolution of property rights. The touchstone for virtually all discussion, Harold Demsetz’s Toward a Theory of Property Rights, has a number of well-known (and not so well-known) shortcomings, perhaps because it was never intended to be taken as an evolutionary explanation in the first place. There is, in principle at least, a pretty straightforward fix for the sort of evolutionary approach pursued by followers of Demsetz, but even then that approach – call it the conventional approach – fails to account for very early property rights, right at the …
Rev. Proc. 2005-24 And The Upc Elective Share, Lawrence W. Waggoner
Rev. Proc. 2005-24 And The Upc Elective Share, Lawrence W. Waggoner
Law & Economics Working Papers Archive: 2003-2009
This article discusses Revenue Procedure 2005-24, which came as a bombshell to the estate-planning bar. The Rev. Proc. requires a spousal waiver of elective-share rights in order for a charitable remainder annuity trust (CRAT) or a charitable remainder unitrust (CRUT) created on or after June 28, 2005, to qualify for a charitable deduction. The elective share is a statutory provision common to most probate codes in non-community-property states that protect a decedent’s surviving spouse against disinheritance.
The Rev. Proc. is primarily though apparently not exclusively addressed to the elective share of the Uniform Probate Code (UPC). Unfortunately, the Rev. Proc. …