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Articles 1 - 30 of 30
Full-Text Articles in Estates and Trusts
The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon
The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon
Michigan Law Review
The community property system has always been a thorn in the side of the federal tax structure. The theory that husband and wife have equal, vested, undivided one-half interests in property held by them as tenants in community, when given effect for federal tax purposes, has resulted, because of our system of graduated rates, in substantial income, estate and gift tax advantages in favor of residents of community property states over their neighbors in non-community property states. Attempts to change this situation as to federal income taxation proved uniformly unsuccessful. However, success was achieved in the field of federal estate …
Taxation-Liens-Nature Of Federal Estate Tax Lien, David D. Ring
Taxation-Liens-Nature Of Federal Estate Tax Lien, David D. Ring
Michigan Law Review
At the time of his death, decedent owned certain land in fee simple. His executrix, authorized by an order of the probate court, sold the land to herself as an individual. Subsequently, the United States began condemnation proceedings against the land, paying an award into court. Before distribution of this award was ordered, the executrix in her individual capacity and as ostensible owner was permitted in accordance with statute to withdraw a part of this award. The withdrawal was made without prejudice to her right to the remainder if it proved more than sufficient to satisfy the claims of other …
Wills--Merger Of Annuity For Life In Residue Which Passed By Intestacy, L. K. Cooperrider S.Ed.
Wills--Merger Of Annuity For Life In Residue Which Passed By Intestacy, L. K. Cooperrider S.Ed.
Michigan Law Review
Testator made several pecuniary bequests, including an annuity to his daughter of $25 per month for life. The residue was bequeathed to charity, but this gift failed, and it went instead, by intestacy, to the daughter and a granddaughter. The latter, objecting to a plan of distribution proposed by the auditor, petitioned for immediate payment to herself of one-half of the entire estate, contending that the daughter's annuity merged in her intestate share. The Orphans' Court dismissed the petition, and decreed that $12,831.44 of the estate of $32,831.44 be retained to carry out the testator's delayed bequests, including the annuity, …
Wills-Bequests Of Annuities-Right Of Legatee To Receive Principal In Lieu Of Annuity, Daniel W. Reddin Iii S.Ed.
Wills-Bequests Of Annuities-Right Of Legatee To Receive Principal In Lieu Of Annuity, Daniel W. Reddin Iii S.Ed.
Michigan Law Review
Decedent left a will in which she made a bequest of $3000, $1000 to be paid in cash and the balance to be invested by her executor in annuities to be purchased from certain specified companies. In his final report, which was upheld by the district court, the executor expressed his belief that the legatee had the right under this will to elect either to receive the entire bequest in cash or to have the designated part invested in the specified annuities, and stated that since the legatee had elected to receive the cash, the entire $3000 would be distributed …
Taxation-Trust Income-Taxability To Person Other Than Settlor On Basis Of "Unfettered Command", L. K. Cooperrider S.Ed.
Taxation-Trust Income-Taxability To Person Other Than Settlor On Basis Of "Unfettered Command", L. K. Cooperrider S.Ed.
Michigan Law Review
Petitioner's father, who owned the entire capital stock of a manufacturing corporation, bequeathed a controlling interest therein to his wife and son, in equal shares. The widow transferred her shares in trust to a corporate trustee, the evident purpose being to vest in the son, petitioner here, the power to control the corporation. According to the terms of the trust the income was to be accumulated and added to the corpus for the joint lives of the settlor and petitioner, and after death of settlor to be disposed of according to the directions of petitioner. The shares were to be …
Powers-General Testamentary Power:-Ineffective Appointment- Devolution Of Appointive Property, Richard L. Eckhart S.Ed.
Powers-General Testamentary Power:-Ineffective Appointment- Devolution Of Appointive Property, Richard L. Eckhart S.Ed.
Michigan Law Review
In the usual case, the question of the devolution of property subject to a general testamentary power where the appointment is ineffective arises in a contest between those representing the estate of the donee on the one hand and those representing the estate of the donor, including the takers in default, on the other. The historical concept that the devolution of appointive property is from the donor to the appointee competes with the modern concept that the donee's interest in the property is, for many purposes, close to absolute ownership.
Executors And Administrators-Powers Of Executor Prior To The Grant Of Letters Testamentary, R. V. Wellman
Executors And Administrators-Powers Of Executor Prior To The Grant Of Letters Testamentary, R. V. Wellman
Michigan Law Review
Testator's will was probated solely for the purpose of passing title to the real estate involved. There was no request for letters testamentary by those named executors in the will, it being alleged that there was no personal estate necessitating administration. Six days prior to the expiration of the statutory period for commencing such an action, plaintiffs, creditors, started a suit against the persons named as executors for the purpose of extending the lien of their debt against the land in the estate. The defendants appeared specially to question the propriety of the action against them. On appeal from the …
Taxation - Federal Income Tax - Choice Of Remedies-Tax Court Or District Court, Samuel N. Greenspoon S.Ed.
Taxation - Federal Income Tax - Choice Of Remedies-Tax Court Or District Court, Samuel N. Greenspoon S.Ed.
Michigan Law Review
Plaintiff, in 1935, purported to set up a trust of $300,000 for the benefit of her infant daughter; and thereafter in 1936 paid the gift tax thereon. She then borrowed from the trustee; (herself and husband) $298,000 of the trust corpus. In 1938 she paid $35,760 interest to the trustees and attempted to deduct it as an expense. This deduction was disallowed and the plaintiff then filed in the Tax Court a petition for redetermination on the ground that the gift tax of 1936 had been erroneously paid and should now be allowed as a credit against the assessed deficiency …
Quasi-Contracts-Taxation-Rescission Of Gifts Where Gift Fails To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, Charles M. Soller S.Ed., Edwin F. Uhl S. Ed.
Quasi-Contracts-Taxation-Rescission Of Gifts Where Gift Fails To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, Charles M. Soller S.Ed., Edwin F. Uhl S. Ed.
Michigan Law Review
A recent Michigan case, Stone v. Stone, presents problems of complexity and far-reaching importance. The plaintiffs, husband and wife, each owned a one-half interest in a family business partnership, and each apparently reported a proportionate share of the partnership earnings for federal income tax purposes. For the purpose of further reducing taxes on the income of the family unit, each parent transferred a one-quarter interest in the partnership to one of their two minor children, and thereafter each parent and child filed separate income tax returns reporting one-fourth of the partnership earnings as individual income. Each parent, under a …
Descent And Distribution-Uniform Simultaneous Death Act--Applicability Of Lapse Statute, Edward S. Tripp S.Ed.
Descent And Distribution-Uniform Simultaneous Death Act--Applicability Of Lapse Statute, Edward S. Tripp S.Ed.
Michigan Law Review
H and W were found dead or near death. The will of each left all property to the other. Nephews and nieces survived W while no relatives survived H. W's relatives claimed both estates against a claim of escheat. The lower court found that H survived W and that W's kin were entitled to take under the Maryland lapse statute. On appeal, held, affirmed. Regardless of which party survived, application of the Uniform Simultaneous Death Act and the lapse statute entitled W's relatives to take against the claim of escheat. Mayor and City Council of …
Taxation-Debt Reduction, John M. Veale S.Ed.
Taxation-Debt Reduction, John M. Veale S.Ed.
Michigan Law Review
Inherent in an economy financed by a large volume of credit, extending over varying intervals of time, is the problem of debt reduction and revalorization. The ramifications of this problem in the income tax field have long intrigued legal scholars and confounded the courts. A recent case illustrates anew the danger, to client and counsel, lurking in the assumption that the tax significances of debt reduction have finally been reduced to mathematical certainty. The taxpayer borrowed $90,000 from a bank in 1925, using the funds to pay off encumbrances upon, and make improvements on, a piece of property. As a …
Future Interests-Deeds-Construction Of Language To Create A Trust And A Condition Subsequent, Ira M. Price, Ii S.Ed.
Future Interests-Deeds-Construction Of Language To Create A Trust And A Condition Subsequent, Ira M. Price, Ii S.Ed.
Michigan Law Review
A deed conveyed land to a named schoolmaster of Bristol and his successors forever "for their support for instruction of the children of the town, . . . Provided always . . . that if the said town shall neglect to place a good and sufficient Grammar schoolmaster in the said town at the death or removal of any schoolmaster . . .for the space of twelve months after the said death or removal, that the land shall" revert to me . . . and my heirs as fully and as effectively as if this deed had not been made …
Insurance-Gift-Right Of Named Beneficiary Of Life Policy To Proceeds As Against A Donee By Delivery, Bruce L. Moore S.Ed.
Insurance-Gift-Right Of Named Beneficiary Of Life Policy To Proceeds As Against A Donee By Delivery, Bruce L. Moore S.Ed.
Michigan Law Review
Insured, in accordance with the terms of a life insurance policy, named the woman with whom he was then living as beneficiary. Subsequently, he returned to his wife and handed the policy to her with appropriate words indicating an intention to make a present and absolute delivery of it to her as a gift. No notice of a change of beneficiary was given to the insurance company. The policy reserved the right to insured to change the beneficiary by filing a written request with the company, such change to take effect only when indorsed on the policy by the company. …
Wills-Dependent Relative Revocation When Revocatory Codicil Contains Ineffective Substituted Bequest, F. William Hutchinson S.Ed.
Wills-Dependent Relative Revocation When Revocatory Codicil Contains Ineffective Substituted Bequest, F. William Hutchinson S.Ed.
Michigan Law Review
Testator's will, executed in 1926, provided a trust fund for his adopted daughter, then a minor, and named his wife as residuary legatee. By the terms of the will the daughter was to receive the trust income after she became twenty-one and the principal when she reached the age of thirty-five. In 1942, when the daughter was thirty-one, married, and the mother of two children, the testator added a codicil which included the following provision: "I hereby revoke the Trust Fund in favor of my Daughter Mildred, and substitute a lump sum of ___ dollars in cash." The testator died …
Taxation-Estate Tax-Reservation Of Power To Amend Trust, Samuel N. Greenspoon S.Ed.
Taxation-Estate Tax-Reservation Of Power To Amend Trust, Samuel N. Greenspoon S.Ed.
Michigan Law Review
Settlor executed a trust indenture in 1915 whereby a trust was established for the benefit of his three minor children. Income was to be accumulated for the benefit of the three children until they respectively attained majority, and provision was made for the death of any child under 21 without surviving issue. The settlor then reserved "the power from time to time by an instrument in writing signed by me to amend this trust instrument so that it will more clearly express my actual intentions if I shall consider such amendments advisable, as to which I shall be the sole …
Wills-Preference For Vesting Under Joint And Mutual Will, L. K. Cooperrider S.Ed.
Wills-Preference For Vesting Under Joint And Mutual Will, L. K. Cooperrider S.Ed.
Michigan Law Review
Chadwick and his wife executed in 1928 a joint and mutual will containing an express agreement that it should not be changed except by the agreement of both parties. The will then devised and bequeathed "unto the survivor of us . . . all of the property real or personal--of which we may die seized or possessed . . . and the survivor of us in accepting under the will shall be bound to carry out the provisions hereinafter and heretofore set forth. To have and to hold such property and and estate unto the survivor of us, for and …
Future Interests - Statute Abolishing The Rule In Shelley's Case Applied To The Worthier Title Doctrine, Joseph W. Morris
Future Interests - Statute Abolishing The Rule In Shelley's Case Applied To The Worthier Title Doctrine, Joseph W. Morris
Michigan Law Review
Plaintiff set up an irrevocable trust of $75,000 to pay the income to himself for life, and upon his death to distribute the remainder of the trust to his heirs at law according to the laws of succession of the State of California in existence at his death. He later brought suit to terminate the trust on the theory that the worthier title doctrine prevented the creation of a remainder in his heirs at law, and that as sole beneficiary of the trust, he was entitled to termination. Held, the worthier title doctrine was inapplicable because of a statute …
Mcgowan: Trust Receipts, Michigan Law Review
Mcgowan: Trust Receipts, Michigan Law Review
Michigan Law Review
A Review of TRUST RECEIPTS. By George B. McGowan.
Trusts-Charities-Erection Of Monument, J. Barrett
Trusts-Charities-Erection Of Monument, J. Barrett
Michigan Law Review
Testatrix directed "that my executors . . . erect in the courthouse park at Madera, California, a granite tower . . . to contain a carillon . . . to be placed in the park at a reasonable cost . . . with an inscription . . . to be cut in a conspicuous place on the granite . . . to read as follows: 'Dedicated to the memory of all those . . . who strove to make Madera and Madera County all that it is. John L. Butin, M.D. Mary Ryerson Butin, M.D.'" Held, the devise constituted …
Witnesses-Dead Man Statutes-Competence Of Spouse Of Party Or Interested Person-Effect Of Divorce, James E. Tobin S.Ed.
Witnesses-Dead Man Statutes-Competence Of Spouse Of Party Or Interested Person-Effect Of Divorce, James E. Tobin S.Ed.
Michigan Law Review
The "Dead Man" statutes, enacted in various forms in almost every state, generally forbid a party or person interested to testify in an action involving a decedent's estate. As is well known, these statutes are the lone survival of the common law rule disqualifying parties and persons interested as witnesses in all actions, a rule which has otherwise been universally repudiated because of the realization that pecuniary interest does not necessarily raise any large probability of falsehood and that, even if it did, the risks of admitting such testimony can easily be minimized and are far outweighed by the advantages …
Kennedy: Federal Income Taxation Of Trusts And Estates, Michigan Law Review
Kennedy: Federal Income Taxation Of Trusts And Estates, Michigan Law Review
Michigan Law Review
A Review of FEDERAL INCOME TAXATION OF TRUSTS AND ESTATES. By Lloyd W. Kennedy.
Trusts-Rule Against Perpetuities-Tetamentary Trust For Maintenance Of Testatrix' Home As Depository For Ashes Of Testatrix And Daughter, Richard L. Eckhart S.Ed.
Trusts-Rule Against Perpetuities-Tetamentary Trust For Maintenance Of Testatrix' Home As Depository For Ashes Of Testatrix And Daughter, Richard L. Eckhart S.Ed.
Michigan Law Review
Testatrix provided that her body should be cremated, the ashes mixed with the ashes of her deceased daughter, and both placed in a designated room on the second floor of testatrix' home. The executors were directed not to sell the home but to use rentals from the first floor to maintain it, such rentals to be obtained from any member of the Socialist Party whom the executors should find proper and able to pay the rental. Held, the attempted disposition was invalid as a violation of the rule against restraints on alienation. Alexander v. House, (Conn. 1947) 54 …
Wills-Failure Of Residuary Clause To Pass Undevised Property, Robert T. Haines
Wills-Failure Of Residuary Clause To Pass Undevised Property, Robert T. Haines
Michigan Law Review
Decedent, in his will, declared that he had, by trust agreement of even date, "disposed of all my intangible personal property, both during the remainder of my lifetime and after my death. Said Trust Agreement does not include within its terms my real estate, my tangible personal property, or any money. . . . This will is, therefore, specifically designed to provide for the distribution of said real estate, tangible personal property, and money." After certain specific gifts decedent directed that, "all the rest and residue of my estate, of every description, real, personal and mixed, and wherever situated," be …
Wills-Letters As Holographic Wills-Testamentary Intent, Charles M. Soller
Wills-Letters As Holographic Wills-Testamentary Intent, Charles M. Soller
Michigan Law Review
A church trustee offered for probate as decedent's will a letter wholly written, dated, and signed in the handwriting of decedent. The letter was addressed to proponent, and read: "I am sending you a cashier's check for the $5000.00 I wrote you about last week. Now as to my heirs-I have three nieces, and a husband who has had enough. I'm not interested in any of them. If I leave $5.00 or $5,000.00 I want the church to have it." Probate was denied, and proponent appealed. Held, the letter was entitled to probate. De Lapp v. Anderson, .(Ky. …
Future Interests-Parties-Unborn Persons-Virtual Representation, A. E. Anderson S.Ed.
Future Interests-Parties-Unborn Persons-Virtual Representation, A. E. Anderson S.Ed.
Michigan Law Review
Testator devised land to his six children for life with provision for a division into six equal parcels, and with remainder over to each life tenant's surviving issue. Subsequently, four of the life tenants brought an action against the other two life tenants and the three children of the life tenant then living, and obtained a decree ordering a sale of the land, and requiring each life tenant to file a bond conditioned that he safely keep such portion of his share of the proceeds as would be necessary to, protect the interests of any after-born child. The vendee gave …
Bills And Notes-Construction Of Negotiable Instruments And Contemporaneous Written Agreements, Ralph J. Isackson
Bills And Notes-Construction Of Negotiable Instruments And Contemporaneous Written Agreements, Ralph J. Isackson
Michigan Law Review
On April 12, 1938, M executed a demand promissory note, negotiable in form, payable to the order of his daughter, the plaintiff. Simultaneously M prepared and attached a written instrument to the note stating that the plaintiff agreed that she would not attempt to collect the note until M died. The attached instruments were delivered to plaintiff immediately after execution. M died May 23, 1945. Plaintiff, who held the instruments from the date of execution without making any demand for payment, filed the note with the defendant, M's administrator, as a claim against M's estate. The defendant objected …
Wills-Validity Of A Statutory Compromise Of A Will Contest Which Alters Or Reduces Possible Interests Created Under The Will, John M. Veale S.Ed.
Wills-Validity Of A Statutory Compromise Of A Will Contest Which Alters Or Reduces Possible Interests Created Under The Will, John M. Veale S.Ed.
Michigan Law Review
Testator's will created a trust of realty and personalty worth about nine million dollars. Small life annuities, subject to spendthrift provisions, were given to various heirs, with remainder on the death of the survivor of two grandsons to T's "legal heirs." Several years after T's death the heirs filed a bill to construe the will, claiming that it gave them vested remainders in the trust estate. Pending decision, all the present heirs executed an agreement to compromise the controversy which provided for immediate distribution to themselves of six million dollars from the corpus. The agreement was submitted to …
Wills-Interpretation-Revoked Will As Admissible Extrinsic Evidence, Daniel W. Reddin, Iii
Wills-Interpretation-Revoked Will As Admissible Extrinsic Evidence, Daniel W. Reddin, Iii
Michigan Law Review
Two nonprofit organizations, Meadville Volunteer Fireman's Relief Association and Paid Firemen's Relief and Pension Association of Meadville, Pennsylvania, claimed a legacy under the will of L. F. Williamson, deceased, "unto the Meadville Firemen's Relief Association, Division No. 43," and at the request of the corporate executor, the court below appointed an auditor to hear testimony to determine which organization was entitled to the legacy. The auditor awarded the legacy to the Volunteer Association after admitting testimony of the attorney who drew the will that wills executed by the testator before the existence of the Paid Association contained a similarly worded …
Real Property-Tenancy By Entireties-Estate Created By Parol Gift Followed By A Voluntary Settlement, Ralph J. Isackson
Real Property-Tenancy By Entireties-Estate Created By Parol Gift Followed By A Voluntary Settlement, Ralph J. Isackson
Michigan Law Review
Prior to his death in 1892, X made a parol gift of 60 acres in a 360 acre tract to his daughter, W, or to W and her husband, H, and put them into actual possession but gave them no deed to the land. No evidence was shown to indicate that either W or H had paid the taxes or made any improvements on the land during X's lifetime. X died intestate and left surviving him five children, including W. All the heirs, except W, conveyed the 60 acre tract to W and H in …
Statute Of Frauds-Extinguishment Of Beneficial Interest In Constructive Trust In Land, Richard J. Archer
Statute Of Frauds-Extinguishment Of Beneficial Interest In Constructive Trust In Land, Richard J. Archer
Michigan Law Review
In order to increase borrowing capacity the husband conveyed several parcels of land to his wife so as to establish a separate credit for her; parol evidence indicated that the conveyance was for the use of the husband. Subsequently their relations became estranged, and the husband attempted a parol surrender of the parcels to his wife. The New Jersey Statute of Frauds is the counterpart of the English Statute requiring the creation of an express trust to be manifested and proved by writing but excluding from the requirement of writing creations, transfers, or extinguishments by operation of law. In a …