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Articles 1 - 30 of 1929

Full-Text Articles in Estates and Trusts

Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila Feb 2018

Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila

Akron Law Review

This Article makes suggestions for promoting retirement security among low-income workers in Illinois with pointed lessons for workers in other U.S. states. Adapting a framework from a previous study by the principal author, the Article portrays retirement preparedness for low-income workers in Illinois as a function of changes in Social Security, employer-sponsored pensions, and personal assets—the famed “three-legged stool” of retirement income—synchronized with reduction of disparities between socioeconomic groups in education, healthcare, and housing. Many studies on retirement security focus excessively on the national level sometimes at the expense of the subnational phenomena that complicate retirement security ...


Income Tax Concerns With Purpose Trusts, Thomas E. Simmons Dec 2017

Income Tax Concerns With Purpose Trusts, Thomas E. Simmons

Thomas E. Simmons

No abstract provided.


United States V. Osage Wind, Llc, Summer Carmack Dec 2017

United States V. Osage Wind, Llc, Summer Carmack

Public Land and Resources Law Review

The Osage Nation, as owner of the beneficial interest in its mineral estate, issues federally-approved leases to persons and entities who wish to conduct mineral development on its lands. After an energy-development company, Osage Wind, leased privately-owned surface lands within Tribal reservation boundaries and began to excavate minerals for purposes of constructing a wind farm, the United States brought suit on the Tribe’s behalf. In the ensuing litigation, the Osage Nation insisted that Osage Wind should have obtained a mineral lease from the Tribe before beginning its work. In its decision, the Tenth Circuit applied one of the Indian ...


Maximizing Ponzi Loss Deductions For Estate And Income Tax Purposes: Are Taxpayers Better Off Dead?, Valrie Chambers, Brian Elzweig Nov 2017

Maximizing Ponzi Loss Deductions For Estate And Income Tax Purposes: Are Taxpayers Better Off Dead?, Valrie Chambers, Brian Elzweig

William & Mary Business Law Review

There is a long history of cases interpreting whether a theft loss deduction for securities fraud is allowable for personal income taxes. The cases require that for a theft loss to be actionable as such, it would have to meet the requirements of the common law definition of theft in the U.S. state in which it occurred. This generally requires direct privity between the person claiming the loss and the person who committed the theft. Because most securities transactions are brokered, the direct privity is lost and a theft loss deduction is denied in favor a capital loss. Recently ...


Introducing Virtual Representation, Thomas E. Simmons Oct 2017

Introducing Virtual Representation, Thomas E. Simmons

Thomas E. Simmons

The general rule that a person cannot be bound by an agreement or decree unless she received notice encounters practical difficulties where a person is missing, incompetent, a minor, unascertained, or even unborn. All beneficiaries are necessary parties in a trust proceeding. But short of appointing a guardian ad litem to represent persons who are difficult to notice, uncertainty and inefficiencies would be encountered were it not for the doctrine of virtual representation. Under the doctrine of virtual representation, persons - even if not yet in existence - can be held to be parties to a proceeding or an agreement "virtually so ...


Letter To Orrin G. Hatch And Ron Wyden On Donor-Advised Funds, Ray D. Madoff, Roger Colinvaux Oct 2017

Letter To Orrin G. Hatch And Ron Wyden On Donor-Advised Funds, Ray D. Madoff, Roger Colinvaux

Law School Publications

Letter to Orrin G. Hatch, chairman of the United States Senate Committee on Finance and Ron Wyden, the ranking member of that committee. This letter was a response to a September 6 letter from the representatives of charitable foundations, which in turn responded to a July 17 letter from Madoff and Colinvaux. The subject of the letter is a set of proposed changes, proposed by Madoff and Colinvaux, to the tax code related to donor-advised funds.


Raising The Dead: An Examination Of In Re Kingsbury And Maine's Law Regarding Intestate Succession And Posthumous Paternity Testing, Dylan R. Boyd Oct 2017

Raising The Dead: An Examination Of In Re Kingsbury And Maine's Law Regarding Intestate Succession And Posthumous Paternity Testing, Dylan R. Boyd

Maine Law Review

In 2001, Ben Erskine, a man who claimed to be the son of renowned guru Paramahansa Yogananda, planned to ask a Los Angeles judge to order that the guru's body be exhumed for DNA testing to determine Erskine's paternity. Erskine's allegations threatened both Yogananda's reputation and the fortune of his estate, which belonged to his organization the Self Realization Fellowship. In 2002, seven years after the allegations arose, conclusive tests comparing Erskine's DNA and that of Yogananda's surviving male relatives in India resolved the controversy and vindicated the guru, thus putting to rest the ...


Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness Sep 2017

Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness

Richard C. Ausness

This Article focuses on non-charitable purpose trusts and how they enable estate planners to better carry out their clients’ objectives.


Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn Sep 2017

Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Letter To Orrin G. Hatch And Ron Wyden On Donor-Advised Funds, Douglas Kridler, Vikki Spruill, Dan Cardinali, Adam Meyerson Sep 2017

Letter To Orrin G. Hatch And Ron Wyden On Donor-Advised Funds, Douglas Kridler, Vikki Spruill, Dan Cardinali, Adam Meyerson

Law School Publications

Letter written on the behalf of a number of philanthropic and community foundations to Orrin G. Hatch, chairman of the United States Senate Committee on Finance and Ron Wyden, the ranking member of that committee. The letter was written in response to the July 17 letter by Ray Madoff and Roger Colinvaux, which advocated for changes in the tax code related to donor-advised funds. This letter argues against the changes suggested by Madoff and Colinvaux.


The Potential Impact Of Heir Property On Timber Management In The Southeastern United States, Becky Barlow, Conner Bailey Sep 2017

The Potential Impact Of Heir Property On Timber Management In The Southeastern United States, Becky Barlow, Conner Bailey

Professional Agricultural Workers Journal

Abstract

Active timberland management maintains forest health and productivity, which in turn contributes to the sustainability of the resource and wealth of the landowner. However, when land is held as heir property, options for timberland management are often limited. Heir property is owned as an undivided interest among many heirs of an original owner, or multiple generations of owners, who died intestate. This is common among African American landowners in the South. As a result the title is considered “clouded,” limiting access to capital and resources that are beneficial to timberland management. In this paper, the authors hope to improve ...


Fiduciary Governance, Paul B. Miller, Andrew S. Gold Aug 2017

Fiduciary Governance, Paul B. Miller, Andrew S. Gold

Paul Miller

The fiduciary relationship is one of the most fundamental legal relationships, and its importance for both public and private law is increasingly recognized. Fiduciary mandates typically involve one person—the fiduciary—administering the affairs or property of other persons—an individual beneficiary or group of beneficiaries. Yet, as we will demonstrate, this is not the only way fiduciary relationships are structured. Most accounts of fiduciary law oversimplify the law because they exclude a categorically different form of fiduciary relationship. A significant set of fiduciary relationships feature governance mandates in which the fiduciary is charged with pursuing abstract purposes rather than ...


No Child Left Behind: Extending Ohio's Pretermitted Heir Statute To Revocable Trusts, Danielle J. Halachoff Aug 2017

No Child Left Behind: Extending Ohio's Pretermitted Heir Statute To Revocable Trusts, Danielle J. Halachoff

Akron Law Review

Generally, pretermitted heir statutes protect a child, and under some statutes a more remote descendant of the testator from unintentional disinheritance. Their purpose is to carry out the presumed intent of the decedent to provide for a child inadvertently omitted from the will. Because revocable trusts are regularly used as substitutes for wills, primarily to avoid probate administration, presumptions regarding the intent of a decedent that are applicable to wills should also be applicable to revocable trusts. Additionally, many other problems that arise when disposing of a testator’s property at death may also arise with a settlor’s use ...


Arbitration In Wills And Trusts: From George Washington To An Uncertain Present, Edward F. Sherman Aug 2017

Arbitration In Wills And Trusts: From George Washington To An Uncertain Present, Edward F. Sherman

Arbitration Law Review

No abstract provided.


A Novel Tool For Teaching Property: Starting With The Questions, Tim Iglesias Jul 2017

A Novel Tool For Teaching Property: Starting With The Questions, Tim Iglesias

Tim Iglesias

For most Property Law professors teaching Property Law is both a joy and a challenge. We are convinced of the importance of the subject for law practice and society at large, but we face numerous challenges in the classroom. Our pedagogical objectives vary, but most of us want to teach some doctrine, some policy and some theory. Engaging fruitfully in policy and theoretical debates requires some grasp of doctrine, but many of the doctrines are complex and not intuitive. This essay offers Property Law professors a new tool that will help them teach doctrine more efficiently so that they can ...


Fiduciary Obligations And Aboriginal Peoples, Kent Mcneil Jul 2017

Fiduciary Obligations And Aboriginal Peoples, Kent Mcneil

Kent McNeil

No abstract provided.


Letter To Orrin G. Hatch On Donor-Advised Funds, Ray D. Madoff, Roger Colinvaux Jul 2017

Letter To Orrin G. Hatch On Donor-Advised Funds, Ray D. Madoff, Roger Colinvaux

Law School Publications

Letter advising Orrin G. Hatch, Chairman of the United States Senate Committee on Finance, to consider reforms in the treatment of donor-advised funds under the tax code.


Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness Jul 2017

Non-Charitable Purpose Trusts: Past, Present, And Future, Richard C. Ausness

Law Faculty Popular Media

This Article focuses on non-charitable purpose trusts and how they enable estate planners to better carry out their clients’ objectives.


Equity And Trusts [2016], Hang Wu Tang Jul 2017

Equity And Trusts [2016], Hang Wu Tang

Research Collection School Of Law

No abstract provided.


Equity And Trusts [2016], Hang Wu Tang Jul 2017

Equity And Trusts [2016], Hang Wu Tang

Research Collection School Of Law

No abstract provided.


Common Law Trusts As Business Enterprises, Robert C. Brown Jun 2017

Common Law Trusts As Business Enterprises, Robert C. Brown

Robert C. Brown

No abstract provided.


In Re Davis Family Heritage Trust, 133 Nev. Adv. Op. 26 (May 25, 2017)., Ping Chang May 2017

In Re Davis Family Heritage Trust, 133 Nev. Adv. Op. 26 (May 25, 2017)., Ping Chang

Nevada Supreme Court Summaries

No abstract provided.


Klabacka V. Nelson, 133 Nev. Adv. Op. 24 (May 25, 2017), Christopher Kelly May 2017

Klabacka V. Nelson, 133 Nev. Adv. Op. 24 (May 25, 2017), Christopher Kelly

Nevada Supreme Court Summaries

The Court determined that (1) family courts have subject matter jurisdiction in divorce proceedings that involve issues otherwise outside the scope of family courts, (2) parol evidence may not be considered to determine party intent to form separate property agreements and self-settled spendthrift trusts where the written agreements are valid and unambiguous, (3) a court order equalizing assets between different spendthrift trusts is improper because the NRS protects against court orders that move assets from trusts and against moves that do not benefit trust beneficiaries, (4) spendthrift trusts may not be reached for payment of personal obligations not known at ...


In Re Connell Living Trust, 133 Nev. Adv. Op. 19 (May. 04, 2017), Marco Luna May 2017

In Re Connell Living Trust, 133 Nev. Adv. Op. 19 (May. 04, 2017), Marco Luna

Nevada Supreme Court Summaries

The Nevada Supreme Court affirmed the decision of the district court that found Appellant had breached her fiduciary duty when she withheld assets from entering a trust created for her children, the Respondents. The Court found that the mother had insufficient evidence to raise a genuine issue of material fact that she owned 100% of a trust created by her parents when her children were slated to receive 65% of said trust from their grandparents. The Court affirmed the lower court, ordered the assets be moved to the children's trust, and awarded them attorney's fees.


Asymmetries In The Generation And Transmission Of Wealth, Felix B. Chang Apr 2017

Asymmetries In The Generation And Transmission Of Wealth, Felix B. Chang

Faculty Articles and Other Publications

This Article assigns a redistributive role to the legal rules of trusts and estates. Unlike business law, trusts and estates has lagged in articulating a comprehensive theory on inequality. Consequently, income inequality is compounded intergenerationally as wealth inequality, with dire consequences for economic productivity and social stability. To move the discourse on wealth inequality, this Article explores the divergent approaches toward inequality in business law and trusts and estates.

Additionally, this Article recasts trusts and estates’ legal rules as wealth transfer mechanisms. Four categories of rules are implicated: (1) rules that interact with the tax system, (2) rules that govern ...


Expanding The Slayer Rule In Florida: Why Elder Abuse Should Trigger Disinheritance, Natasa Glisic Apr 2017

Expanding The Slayer Rule In Florida: Why Elder Abuse Should Trigger Disinheritance, Natasa Glisic

Barry Law Review

No abstract provided.


The Method In Fiduciary Law's Mixed Messages, Evan J. Criddle Apr 2017

The Method In Fiduciary Law's Mixed Messages, Evan J. Criddle

Popular Media

No abstract provided.


Tomorrow's Inheritance: The Frontiers Of Estate Planning Formalism, David Horton Apr 2017

Tomorrow's Inheritance: The Frontiers Of Estate Planning Formalism, David Horton

Boston College Law Review

The rules that govern the creation of an estate plan are in flux. Courts once demanded strict adherence to the Wills Act. Yet, this legacy of hyper-vigilance is waning, as the Uniform Probate Code, the Restatement (Third) of Property, and ten states have adopted the harmless error rule. Meanwhile, trusts, which need not comply with the Wills Act, have eclipsed wills as the dominant method of posthumous wealth transmission. This Article explores three budding topics that threaten to further complicate this area. First, there are anecdotal accounts of decedents trying to make electronic wills. In both strict compliance and harmless ...


Liberty In Loyalty: A Republican Theory Of Fiduciary Law, Evan J. Criddle Apr 2017

Liberty In Loyalty: A Republican Theory Of Fiduciary Law, Evan J. Criddle

Faculty Publications

Conventional wisdom holds that the fiduciary duty of loyalty is a prophylactic rule that serves to deter and redress harmful opportunism. This idea can be traced back to the dawn of modern fiduciary law in England and the United States, and it has inspired generations of legal scholars to attempt to explain and justify the duty of loyalty from an economic perspective. Nonetheless, this Article argues that the conventional account of fiduciary loyalty should be abandoned because it does not adequately explain or justify fiduciary law’s core features.

The normative foundations of fiduciary loyalty come into sharper focus when ...


Freedom Of Inheritance, Mark Glover Apr 2017

Freedom Of Inheritance, Mark Glover

Utah Law Review

The law grants individuals the broad freedom of disposition to decide how their property should be distributed upon death. The rationale underlying freedom of disposition is that the choices of individual donors produce results that maximize social welfare. Policymakers are rightfully skeptical that they can craft a mandatory estate plan that fits all situations or that probate courts can consistently and accurately assess the merits of particular dispositions of property. By contrast, the donor is in the best position to evaluate her own specific circumstances and to place property in the hands of the donees who will benefit the most ...