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2003

Estates and Trusts

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Full-Text Articles in Law

Trust Law, Corporate Law, And Capital Market Efficiency, Robert H. Sitkoff Nov 2003

Trust Law, Corporate Law, And Capital Market Efficiency, Robert H. Sitkoff

Law & Economics Working Papers Archive: 2003-2009

In both the publicly-traded corporation and the private donative trust a crucial task is to minimize the agency costs that arise from the separation of risk-bearing and management. But where the law of corporate governance evolved in the shadow of capital-market checks on agency costs, trust governance did not. Thus, even more than that of close corporations, the law and study of private trusts offers an illuminating counterfactual -- a control, as it were -­ for a playful thought experiment about the importance of capital market efficiency to the law and study of public corporations. The animating idea for this essay is ...


Wills, Trusts, And Estates, J. Rodney Johnson Nov 2003

Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

No abstract provided.


Level Five Philanthropy: Designing A Plan For Strategic, Effective, Efficient Giving, James Edward Harris Oct 2003

Level Five Philanthropy: Designing A Plan For Strategic, Effective, Efficient Giving, James Edward Harris

University of Arkansas at Little Rock Law Review

No abstract provided.


An Agency Costs Theory Of Trust Law, Robert H. Sitkoff Sep 2003

An Agency Costs Theory Of Trust Law, Robert H. Sitkoff

Law & Economics Working Papers Archive: 2003-2009

This Article develops an agency costs theory of the law of private trusts, focusing chiefly on donative trusts. The agency costs approach offers fresh insights into recurring problems in trust law including, among others, modification and termination, settlor standing, fiduciary litigation, trust-investment law and the duty of impartiality, trustee removal, the role of so-called trust "protectors," and spendthrift trusts. The normative claim is that the law of trusts should minimize the agency costs inherent in locating managerial authority with the trustee and the residual claim with the beneficiaries, but only to the extent that doing so is consistent with the ...


30th Annual Midwest/Midsouth Estate Planning Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law Jul 2003

30th Annual Midwest/Midsouth Estate Planning Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law

Continuing Legal Education Materials

Materials from the 30th Annual Midwest/Midsouth Estate Planning Institute held by UK/CLE in July 2003.


Public Independent Fact-Finding: A Trust-Generating Institution For An Age Of Corporate Illegitimacy And Public Mistrust, R. William Ide Iii, Douglas H. Yarn May 2003

Public Independent Fact-Finding: A Trust-Generating Institution For An Age Of Corporate Illegitimacy And Public Mistrust, R. William Ide Iii, Douglas H. Yarn

Vanderbilt Law Review

Public distrust in the wake of corporate scandals caused corporate legitimacy crises for the companies involved and for the marketplace as a whole. The loss of trust has contributed to an environment in which traditional responses to allegations of wrongdoing and incompetence are less effective. Alternatively, organizations engage in "Public independent fact-finding" ("PIFF") by hiring public figures with reputations for integrity to conduct internal investigations and to report their findings to the public. This Article describes the role played by trust, reputation, and social legitimacy in the health of organizations and examines corporate legitimacy crises and traditional responses. Identifying factors ...


Spousal Election: Suggested Equitable Reform For The Division Of Property At Death, Angela M. Vallario Apr 2003

Spousal Election: Suggested Equitable Reform For The Division Of Property At Death, Angela M. Vallario

All Faculty Scholarship

Testators have traditionally enjoyed immense discretion in directing the disposition of their wealth upon death; however, when a spouse survives the testator, public policy dictates a limitation on the testator's ability to dispose of property. American jurisdictions impose this limitation through the elective share in common law states and by the nature of property ownership in community property states. Ideally, this limitation should ensure equitable financial protection for the surviving spouse and protect his or her interest in assets that were accumulated with the decedent, yet the current elective share methods fall short of these goals.


Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario Mar 2003

Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario

All Faculty Scholarship

Under Maryland case law, a plaintiff in an estate planning malpractice action must be in strict privity with the attorney who drafted the will. To date, Maryland has not extended the third-party beneficiary exception to the estate planning arena.

Legatees specifically identified in a will by name or class are generally precluded from bringing a cause of action against the attorney for the attorney's alleged negligence, because in Maryland in order to recover for legal malpractice, a plaintiff must:show: "(1) the attorney's employment; (2) his neglect of a reasonable duty; and (3) loss to the client proximately ...


I Say It's Spinach: Charitable Trusts To Remedy Market Failures In The Performing Arts, Jeffrey G. Sherman Mar 2003

I Say It's Spinach: Charitable Trusts To Remedy Market Failures In The Performing Arts, Jeffrey G. Sherman

All Faculty Scholarship

No abstract provided.


The Future Of Future Interests, T. P. Gallanis Mar 2003

The Future Of Future Interests, T. P. Gallanis

Washington and Lee Law Review

No abstract provided.


Life After Death? The Role Of Postmortem Events In Valuing Deductions For Claims Against Estates, Benjamin Clark Brown Mar 2003

Life After Death? The Role Of Postmortem Events In Valuing Deductions For Claims Against Estates, Benjamin Clark Brown

Washington and Lee Law Review

No abstract provided.


Estate Tax Repeal Under Egtrra: A Proposal For Simplification, Sergio Pareja Mar 2003

Estate Tax Repeal Under Egtrra: A Proposal For Simplification, Sergio Pareja

Faculty Scholarship

This Article generally discusses the Economic Growth and Tax Relief Reconciliation Act of 2001 and proposes a relatively simple change that would simplify and reduce the costs of estate planning. Specifically, the Article proposes that the first spouse's unused basis step-up should be transferred to the surviving spouse automatically at the death of the first spouse


Manual De Derecho Procesal Civil, Edward Ivan Cueva Feb 2003

Manual De Derecho Procesal Civil, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.


Defining Capacity: The Competing Interests Of Autonomy And Need, Nancy J. Knauer Jan 2003

Defining Capacity: The Competing Interests Of Autonomy And Need, Nancy J. Knauer

Nancy J. Knauer

This Essay addresses the question of capacity - the basic threshold determination that pervades all areas of the law. An individual must have the requisite level of capacity to consent to sex, refuse medical treatment, enter into a contract, marry, divorce, relinquish parental rights, execute a will, make a gift, donate organs, vote, serve on a jury, stand trial, and even to hire a lawyer. The standards regulating determinations of capacity are not monolithic. An individual may lack the capacity to contract, but may have the requisite capacity to write a will or to refuse life-sustaining medical treatment. As individuals, we ...


Responsabilidad Civil Ante Las Pérdidas Por Gestión En Los Fondos Comunes De Inversión, Martin Paolantonio Jan 2003

Responsabilidad Civil Ante Las Pérdidas Por Gestión En Los Fondos Comunes De Inversión, Martin Paolantonio

Martin Paolantonio

Nota crítica al primer fallo que resolvió asignar responsabilidad a los órganos del fondo común de inversión ante resultados negativos de la gestión


The Kansas Uniform Trust Code, David M. English Jan 2003

The Kansas Uniform Trust Code, David M. English

Faculty Publications

Senate Bill 297, which was enacted by the Kansas legislature in 2002 and which became effective on January 1, 2003, is a substantial adoption of the Uniform Trust Code (2000) (“UTC”). The Kansas UTC is codified in a new chapter, Kansas Statutes Annotated chapter 58a. The UTC is the Uniform Law Commissioners' first effort to provide the states with a comprehensive model for codifying their law on trusts.


A Sanist Will?, Pamela R. Champine Jan 2003

A Sanist Will?, Pamela R. Champine

NYLS Law Review

No abstract provided.


Illegitimate Children’S Rights In Probate Proceedings—In Re Estate Of James A. Palmer, Deceased, Robert A. Mcleod Jan 2003

Illegitimate Children’S Rights In Probate Proceedings—In Re Estate Of James A. Palmer, Deceased, Robert A. Mcleod

William Mitchell Law Review

The transfer of a person's assets after death has been an important element in the law beginning with the Magna Carta, and is firmly rooted in American jurisprudence. Defining children and heirs for probate purposes remains a difficult issue. In particular, the determination of children and heirs in an age when the birth of “illegitimate” children is common makes the proper and just determination of heirship a recurring and timely topic. The Minnesota Probate Code defines the term “child” and provides: “a person is the child of the person's parents regardless of the marital status of the parents ...


Wills, Trusts And Estates (Annual Survey Of Virginia Law, 2002-2003), J. Rodney Johnson Jan 2003

Wills, Trusts And Estates (Annual Survey Of Virginia Law, 2002-2003), J. Rodney Johnson

Law Faculty Publications

The General Assembly of Virginia enacted legislation dealing with wills, trusts, and estates that added or amended a number of sections of the Virginia Code in its 2003 Session. In addition, there were three opinions and one order from the Supreme Court of Virginia, and one Virginia Circuit Court opinion, that raised issues of interest to the general practitioner as well as the specialist in wills, trusts, and estates during the period covered by this review. This article reports on all of these legislative and judicial developments.


Separation, Custody, And Estate Planning Issues Relating To Companion Animals, Rebecca J. Huss Jan 2003

Separation, Custody, And Estate Planning Issues Relating To Companion Animals, Rebecca J. Huss

Law Faculty Publications

This article first discusses the domestication of companion animals, including the impact of anthropomorphism and neoteny on how animals are viewed in U.S. society. Second, it reviews the current legal status of animals. Third, it considers the voluntary and involuntary separation of companion animals from their human families. Fourth, it examines custody issues in the context of the placement of animals after the divorce of the human family members. Finally, it analyzes estate planning issues relating to companion animals.


Solving Injustice In Inheritance Laws Through Judicial Discretion: Common Sense Solutions From Common Law Tradition, Jennifer R. Boone Hargis Jan 2003

Solving Injustice In Inheritance Laws Through Judicial Discretion: Common Sense Solutions From Common Law Tradition, Jennifer R. Boone Hargis

Washington University Global Studies Law Review

No abstract provided.


The Dark Side Of Trusts: Challenges To Chinese Inheritance Law, Frances H. Foster Jan 2003

The Dark Side Of Trusts: Challenges To Chinese Inheritance Law, Frances H. Foster

Washington University Global Studies Law Review

A recent Chinese commentator on the Trust Law summed up the potential value of trusts with the so-called “American saying” that the services trusts provide are “beyond the limits of the imagination.” As this Article will argue, China must anticipate that those services are not always laudable.


The Ethical Responsibilities Of Estate Planning Attorneys In The Representation Of Non-Traditional Couples, Jennifer Tulin Mcgrath Jan 2003

The Ethical Responsibilities Of Estate Planning Attorneys In The Representation Of Non-Traditional Couples, Jennifer Tulin Mcgrath

Seattle University Law Review

This Article examines an estate planning attorney's ethical responsibilities when representing one type of non-traditional family: a non-traditional couple. Currently, there are four recognized ethical theories regarding the legal representation of individuals: individual representation; joint representation; intermediary representation; and family representation. This Article explores each of these ethical theories in connection with the representation of traditional couples. These ethical theories are then applied to the representation of nontraditional couples. Although any one of these ethical models may be utilized, this Article concludes that a modified version of family representation provides the estate planning attorney with the most appropriate ethical ...


When The Endowment Tanks, Jeffrey J. Haas Jan 2003

When The Endowment Tanks, Jeffrey J. Haas

Articles & Chapters

No abstract provided.


Sample Forms, In Estate Planning Law And Taxation, 4th Ed., Bridget J. Crawford Jan 2003

Sample Forms, In Estate Planning Law And Taxation, 4th Ed., Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Sample estate planning forms.


Managing Assets: The Oklahoma Uniform Principal And Income Act, Mark R. Gillett, Katheleen R. Guzman Jan 2003

Managing Assets: The Oklahoma Uniform Principal And Income Act, Mark R. Gillett, Katheleen R. Guzman

Oklahoma Law Review

No abstract provided.


The Uniform Probate Code's Elective Share: Time For A Reassessment, Lawrence W. Waggoner Jan 2003

The Uniform Probate Code's Elective Share: Time For A Reassessment, Lawrence W. Waggoner

Articles

In this Article, Professor Waggoner proposes reforms to the Uniform Probate Code's (UPC) treatment of the elective share of the surviving spouse. First, the Article recommends that the UPC adopt a form of presentation that more transparently reflects the normative theories and empirical assumptions underlying the UPC's elective share framework. Second, the Article presents demographic data suggesting that the UPC's current elective share approximation schedule may be inappropriatef or a sizable faction of married couples, those remarryingf ollowing widowhood. Finally, the Article proposes two substantive revisions to the UPC's election share framework-the first proposal is to ...


The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier Jan 2003

The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier

Articles

For more than two centuries, the Rule against Perpetuities has served as the chief means of limiting a transferor's power to tie up property by way of successive contingent interests. But recently, at least seventeen jurisdictions in the United States have enacted statutes abolishing the Rule in the case of perpetual (or near-perpetual) trusts. The prime mover behind this important development has been the federal Generation-Skipping Transfer Tax. This Article traces the gradual decline of the common law Rule against Perpetuities, considers the dynamics behind the recent wave of state legislation, examines the problems that might result from the ...


Comment On Tax Consequences On Wealth Accumulation And Transfers Of The Rich, Ray Madoff Dec 2002

Comment On Tax Consequences On Wealth Accumulation And Transfers Of The Rich, Ray Madoff

Ray D. Madoff

Despite the recent downturn in the stock market, the 1990s boom and the shift to defined contribution plans mean that more individuals will have significant wealth upon retirement. How they use that wealth will determine not only their own well-being, but also the living standards of their children, the resources available to philanthropies, and the level of investment capital in the economy.

This volume explores the reasons why people save, how they decide to allocate their wealth once they retire, and how givers select their beneficiaries. It also assesses the extent to which the estate tax and annuitization of retirement ...


Managing Assets: The Oklahoma Uniform Principal And Income Act, Katheleen Guzman, Mark Gillett Dec 2002

Managing Assets: The Oklahoma Uniform Principal And Income Act, Katheleen Guzman, Mark Gillett

Katheleen R. Guzman

No abstract provided.