Estates and Trusts Commons^™

Guidry V. Pinellas Central Bank And Trust Co., 310 So. 2d 386 (Fla. 2d Dist. Ct. App. 1975), Carol E. Gilmore

Florida State University Law Review

Wills and Trusts- TRUST INSTRUMENT PROVIDING FOR PAYMENT OF ESTATE TAXES IS INSUFFICIENT TO AVOID APPLICATION OF FLORIDA APPORTIONMENT STATUTE, ABSENT EXPRESS PROVISION IN TESTATOR'S WILL.

Estate Planning And Administration, Robert S. Hightower

Florida State University Law Review

By William C. Clay, Jr., Indianapolis, Indiana: The Research & Review Service of America, Inc. 1977. Pp. xi, 298. $19.95.

The Optimum Marital Deduction Survives The Tax Reform Act, J. Rodney Johnson

Law Faculty Publications

Several years ago an article appeared in the pages of this journal which suggested that those attorneys who regularly focused on obtaining the maximum marital deduction in the wills they were drafting for their clients might be suffering from a form of estate planner's myopia. That is, they were losing sight of their ultimate goal of minimizing the total estate tax burden imposed on the husband's assets as they pass from him, through the wife, on to the ultimate beneficiaries. The danger foreseen was that, as an attorney employed one of the various formula clauses designed to obtain every possible …

Current Problems Facing The Executor Taking The Section 2053 Estate Tax Deduction, Jay D. Christiansen

Vanderbilt Law Review

Section 2053 of the Internal Revenue Code allows the executor to deduct from the gross estate amounts attributable to expenses, indebtedness, and taxes. This Note will examine problems currently confronting an executor who is attempting to utilize the 2053 deduction. The first problem examined in this Note is the conflict in the federal courts of appeals regarding the deductibility of expenses incurred as a result of a sale of decedent's property. The statute,cases, and regulations in this area will be examined, and a suggested approach for the executor encountering this problem will be provided. The second problem considered is the …

Giving Or Leaving--What Is A Will?, Olin L. Browder

Michigan Law Review

The question raised by the title of this essay should be essentially as simple as that: Do you want to give property, so that, having given it, it is no longer yours, or do you want to leave it behind at your death, directing who will receive it at that time? The statement of that issue suggests obvious differences in the consequences of inter vivos and testamentary dispositions. Most people also understand that a testamentary disposition invokes the elaborate machinery involved in the administration of a testator's estate, which confers special rights in the creditors and the spouse of the …

The Estate And Gift Tax Revisions Of The Tax Reform Act Of 1976, Howard Zaritsky

Washington and Lee Law Review

No abstract provided.

Taxation Of Distributions From Accumulation Trusts: The Impact Of The Tax Reform Act Of 1976, David T. Link, Michael J. Wahoske

Journal Articles

The complex rules governing the taxation of income from trusts and estates have at times been described as incomprehensible. Perhaps the most confusing of these are the accumulation distribution throwback rules. In an effort to alleviate some of this confusion, Congress included accumulation trusts within the purview of the Tax Reform Act of 1976. Though Congress claimed that the rules are now "considerably simplified," it is not without some effort that one is able to translate the statutory language into a form useful to the practitioner.

Given the complexity of the rules, it is necessary to begin with a caveat. …

Foreign Accumulation Trusts And The Tax Reform Act Of 1976, David H. Simmons

Vanderbilt Journal of Transnational Law

If the foreign trust is not a grantor trust under the Grantor Trust Provisions (sections 671-679), then the new Act creates several new disparities in the tax treatment between it and a corresponding domestic accumulation trust. Domestic accumulation trusts are no longer subjected to a capital gains throw back, while capital gains of foreign trusts are included in DNI, subject to throw back, and then taxed as ordinary income to the beneficiary because of the abolition of the character rules upon accumulation distribution. Foreign trusts are subjected to throw back of accumulation distributions even though the accumulation was during the …

Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner

Articles

The most litigated estate tax issue concerning life insurance is whether the proceeds should be included in the insured's gross estate. This question usually is governed by section 2042 of the Internal Revenue Code of 1954, the estate tax provision directed specifically at life insurance. While the Tax Reform Act of 1976 wrought enormous changes in many areas of estate taxation, Congress did not change section 2042. Thus the several unresolved questions concerning the interpretation of that section remain unsettled. But the question of the includability of life insurance proceeds in the gross estate of the insured is not always …

Close Corporations In Estate Planning After The Tax Reform Act Of 1976, Edwin T. Hood

Faculty Works

No abstract provided.

The Illinois Probate Act: Dispositions Subject To Contrary Will Intent, 11 J. Marshall J. Prac. & Proc. 154 (1977), Louise M. Calvert

UIC Law Review

No abstract provided.

Reflections On Estate Of Rothko: The Role Of The Legal Advisor In Relation To The Artist, Gustave Harrow

Cleveland State Law Review

Estate of Rothko reveals the type of responsibility a legal advisor to an artist ought to assume if he is to render a service designed to advance not only his client's monetary interests, but the integrity of his art and his artistic aspirations as well.

Pendleton V. Pendleton: An Equal Right Of Inheritance For The Illegitimate?, Donna Chu

Kentucky Law Journal

No abstract provided.

The Uniform Disposition Of Community Property Rights At Death Act, Sarah N. Welling

Law Faculty Scholarly Articles

In 1977, eight of the United States use community property systems instead of the common law systems used in the other 42 states. Because the community property system is totally alien to common law states which do not recognize community interests in property, when domiciliaries of a community property state migrate to a common law state problems develop over the definition of property rights. Two questions usually arise: do the spouses’ rights and interests in the community property change if they move to a common law state? And if not, how are these rights and interests protected? The first question …

Wills, Trusts And Administration Of Estates, James C. Rehberg

Mercer Law Review

Both the General Assembly and the courts were active during the past year in the area of fiduciary law. The marked increase in legislation, at least as compared to that of the immediately preceding session, may be a reflection of the nationwide attention being given to revision of the probate codes. The work of the General Assembly and of the courts will be discussed in that order.

Prudence, Information, And Trust Investment Law, John A. Humbach

Elisabeth Haub School of Law Faculty Publications

Professors Langbein and Posner recently proposed that fiduciaries be allowed to invest in market funds under a relaxation of the prudent investor standard. But a relaxation of the selectivity requirements may be destructive of capital market efficiency and perhaps of the capital markets themselves.

Report Of Third Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Joseph C. Oldham, J. E. Banahan, John Peter Frank, T. O. Jack Hall, Timothy R. Futrell, Michael W. Mcgrath Jr., Edward A. Rothschild, John G. Atchison Jr., W. Van Meter Alford, Scott T. Smith, Russell H. Riggs, Stephen J. Vasek Jr.

Continuing Legal Education Materials

Reports from the UK/CLE Third Annual Seminar on Estate Planning held July 23-24, 1976.

An Attack On The Optimum Marital Deduction: Revenue Ruling 76-176, J. Rodney Johnson

Law Faculty Publications

A recent development in the field of estate and gift taxation-the issuance of Revenue Ruling 76-156 may be an indication of a policy decision on the part of the Internal Revenue Service to clamp down on the increasing utilization of the estate planner's most flexible tool in the ·area of post-mortem estate planning-the disclaimer. Due to the potential importance of this ruling, it seems desirable ( 1 ) to deal with the ruling, itself, in some detail, ( 2) to see how the ruling might affect an estate planning concept suggested in these pages last year, and ( 3) to …

The Sleeping Tort: Testamentary Libel, Leona M. Hudak

Mercer Law Review

Good name in man and woman ..... .Is the immediate jewel of their souls; . . . he that filches from me my good name Robs me of that which not enriches him, And makes me poor indeed.

A man's last will and testament may be described as not only an express disposition of his earthly assets, but a valedictory to the living. This valedictory may in some instances irreparably blot the escutcheon of the living for a curious and hostile world to witness in perpetuity or, at least, until some unforeseen disaster destroys the probate records wherein it reposes. …

The Five Or Five Power: An Obscure Estate Planning Tool, Edward W. Turley, Jr.

Washington and Lee Law Review

No abstract provided.

Estate Taxation Of Life Insurance Under §2042: Recent Decisions Defining Incidents Of Ownership

Washington and Lee Law Review

No abstract provided.

Living Wills--Need For Legal Recognition, James C. Turner

West Virginia Law Review

No abstract provided.

Articles Ii And Iii Of The Uniform Probate Code As Enacted In Utah, Dale F. Gardiner, Michael A. Neider

BYU Law Review

No abstract provided.

The Uniform Probate Code-Does It Really Work?, Terry L. Crapo

BYU Law Review

No abstract provided.

Uniformity In State Inheritance Laws: How Upc Article Ii Has Fared In Nine Enactments, Richard V. Wellman, James W. Gordon

BYU Law Review

The Uniform Probate Code was drafted to facilitate modernization, simplification, and uniformity of state inheritance laws. Since its approval by the National Conference of Commissioners on Uniform State Laws and by the American Bar Association in August 1969, the Code has been enacted in various forms by 11 states. In this article, Messrs. Wellman and Gordon analyze significant deviations from the recommended version of article II in the first nine enactments of the UPC. The authors argue that all but exceptionally meritorious changes in enacted versions of the UPC should give way to the goal of state uniformity in inheritance …

The Educational Benefit Trust:Loophole Or Sinkhole?, John L. Van Cleave

Vanderbilt Law Review

This Note indicates clearly that the likelihood of the court's upholding the tax advantages claimed to be available under EBTs is far from certain. More than an "element of risk" is involved in recommending that a client adopt an educational benefit trust, but does this require an attorney to avoid such arrangements? On the other hand, does an attorney owe an obligation to the legal process and to society to challenge the Service whenever it, in his opinion,has taken a position more favorable to the Treasury than intended by Congress in enacting the legislation underlying the matter in controversy? While …

Property—Probate Law & Procedure—No More Probate? Wash. Rev. Code § 11.02.090 (1974), Tom Graafstra

Washington Law Review

A new section of the Revised Code of Washington, effective October 1, 1974, has the potential for making probate the exception in Washington rather than the rule. The statute, R.C.W. § 11.02.090, characterizes as nontestamentary certain provisions in a variety of written instruments and enables property to pass at death without compliance with the statute of wills. It may extend the concept of probate-avoidance, best exemplified by the community property agreement, to a broader range of circumstances than under prior Washington case law. Although this section makes the Washington law on probate-avoiding instruments clearer and more consistent, as it was …

Uniformity In State Inheritance Laws: How Upc Article Ii Has Fared In Nine Enactments, Richard V. Wellman, James W. Gordon

Faculty Scholarship

The Uniform Probate Code was drafted to facilitate modernization, simplification, and uniformity of state inheritance laws. Since its approval by the National Conference of Commissioners on Uniform State Laws and by the American Bar Association in August 1969, the Code has been enacted in various forms by 11 states. In this Article, the Authors analyze significant deviations from the recommended version of article II in the first nine enactments of the UPC. The Authors argue that all but exceptionally meritorious changes in enacted versions of the UPC should give way to the goal of state uniformity in inheritance laws, and …

When Does Influence Become Undue?, John J. Hogan

Loyola University Chicago Law Journal

No abstract provided.

The Use Of Restrictive Agreements In Estate Tax Valuation Of Farmlands And Other Properties, Don R. Castleman

Kentucky Law Journal

No abstract provided.