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Intestacy Concerns For Same-Sex Couples: How Variations In State Law And Policy Affect Testimentary Wishes, Megan Moser 2015 Seattle University School of Law

Intestacy Concerns For Same-Sex Couples: How Variations In State Law And Policy Affect Testimentary Wishes, Megan Moser

Seattle University Law Review

As the number of same-sex couples increases in the United States, concerns regarding the evolution of federal and state law, with respect to rights for same-sex couples, also continue to rise. As marriage is not always available to same-sex couples, they often face very different legal issues than couples in a traditional marriage. Because marriage is typically not a legal cause of action, the question of a marriage’s validity often arises incidentally to another legal question, such as the disposition of a decedent’s estate.


An Approach To The Regulation Of Spanish Banking Foundations, Miguel Martínez 2015 Universidad Pontificia de Comillas

An Approach To The Regulation Of Spanish Banking Foundations, Miguel Martínez

Miguel Martínez

The purpose of this paper is to analyze the legal framework governing banking foundations as they have been regulated by Spanish Act 26/2013, of December 27th, on savings banks and banking foundations. Title 2 of this regulation addresses a construct that is groundbreaking for the Spanish legal system, still of paramount importance for the entire financial system insofar as these foundations become the leading players behind certain banking institutions given the high interest that foundations hold in the share capital of such institutions.


How The Über-Wealthy Benefit From Investing Outside Retirement Plans (And How You Can Too), Sergio Pareja 2015 The Catholic University of America, Columbus School of Law

How The Über-Wealthy Benefit From Investing Outside Retirement Plans (And How You Can Too), Sergio Pareja

Catholic University Law Review

Current law incentivizes the use of traditional retirement plans, but those plans may not actually produce the best long-term tax situation for the taxpayer. The stepped-up basis at death does not apply to what is known as “income in respect of a decedent” (IRD). Generally, IRD is income that cannot be assigned from one person to another for income tax purposes. This includes pre-tax income set aside in a traditional employer-sponsored retirement plan, such as a 401(k) plan, as well as contributions to a deductible individual retirement account (IRA). Thus, stock held within a traditional employer-sponsored retirement plan or ...


A Trustee’S Fiduciary Duties At The Start And End Of Administration, Robert Whitman 2015 The Catholic University of America, Columbus School of Law

A Trustee’S Fiduciary Duties At The Start And End Of Administration, Robert Whitman

Catholic University Law Review

Prior to the creation of a trust and at its termination, a trustee’s fiduciary duties are often ambiguous. It is argued that, where fiduciary duties do not exist, contract law may be found to govern the rights of the settlor, the trustee, and the beneficiaries. This article refutes this argument because under the principles of modern contract law, certain conduct may be permitted that would not be acceptable if fiduciary duties existed more clearly. The most common problems arise in three areas: (1) the seeking of a receipt and release by a corporate fiduciary upon an informal termination of ...


Heir Property In The African American Community: From Promised Lands To Problem Lands, Roy W. Copeland 2015 Langdale College of Business Administration, Valdosta State University

Heir Property In The African American Community: From Promised Lands To Problem Lands, Roy W. Copeland

Professional Agricultural Workers Journal

Abstract

African American landowners have been reluctant to take advantage of intergenerational succession laws which provide for an orderly transfer of property from one generation to the next. This reluctance has led to a prevalence of heir property. Heir property is created when a person dies intestate. Heir property has created an impediment to wealth accumulation and has contributed to African American land loss in America. Partition actions are a byproduct of heir property which has operated to accelerate the loss of real property in the African American community. The Uniform Partition of Heir Property Act provides for procedural safeguards ...


Tax Planning: Foreign Investment In United States Real Property, William H. Newton III 2015 Kimbrell, Hamann, Jennings, Womack, Carlson & Kniskern

Tax Planning: Foreign Investment In United States Real Property, William H. Newton Iii

Georgia Journal of International & Comparative Law

No abstract provided.


Whose Fault Is It Anyway?: Analyzing The Role “Fault” Plays In The Division Of Premarital Property If Marriage Does Not Ensue, Arielle L. Murphy 2015 The Catholic University of America, Columbus School of Law

Whose Fault Is It Anyway?: Analyzing The Role “Fault” Plays In The Division Of Premarital Property If Marriage Does Not Ensue, Arielle L. Murphy

Catholic University Law Review

Whenever an engagement comes to a premature end, the first question that seems to be asked is: “who gets the engagement ring?” This Comment seeks to answer this question. As societal views regarding marriage and a woman’s role within it began to change in the mid-twentieth century, courts started to recognize engagement rings as conditional gifts that were conditioned upon the marriage actually occurring. Even with this framework, states remain divided on whether fault should be included as part of the analysis in determining which party is entitled to the ring if an engagement ends before marriage occurs. This ...


Canadian Mortgage Law And Prepayment Penalties, Peter Spiro 2015 University of Toronto

Canadian Mortgage Law And Prepayment Penalties, Peter Spiro

Western Journal of Legal Studies

This article illustrates the imbalance of power between the mortgagor and mortgagee, which is particularly apparent for individual mortgagors. Prepayment and due on sale provisions are standard mortgage terms that contribute to this imbalance. Although these clauses purport to operate separately, in reality, both are frequently triggered by the sale of a property; the law of contract suggests that these provisions should not be enforceable. Relevant legislation is lacking in this area and should be reformed to provide more effective consumer protection while acknowledging that banks operate with the goal of maximizing business. A reasonable compromise would involve basing the ...


The Proposed Inheritance Tax And Its Impact On China's Economy, Michael Steve 2015 Southern Methodist University

The Proposed Inheritance Tax And Its Impact On China's Economy, Michael Steve

Michael Steve

No abstract provided.


Summary Of In Re Estate Of Murray, 131 Nev. Adv. Op. 8, Godinho M. Vincent 2015 Nevada Law Journal

Summary Of In Re Estate Of Murray, 131 Nev. Adv. Op. 8, Godinho M. Vincent

Nevada Supreme Court Summaries

The Court determined NRS Chapter 126 (the Nevada Parentage Act) and not NRS Chapter 123 (Nevada’s probate laws) controls for parentage determinations of potential heirs, including determinations sought for probate matters.


The Secret Economy Of Charitable Giving, Allison Anna Tait 2015 Columbia Law School

The Secret Economy Of Charitable Giving, Allison Anna Tait

Allison Anna Tait

Charitable giving is big business. In 2009, the Internal Revenue Service reported close to 100,000 private foundations, almost double the number from fifteen years earlier. Some of these charitable trusts, like the Gates Foundation, are multi-billion dollar enterprises. Trust instruments and other governing documents set forth the terms that control these gifts. Because charitable trusts can exist in perpetuity, however, changing circumstances sometimes render the terms difficult to fulfill. Courts can apply cy pres, a saving doctrine that allows for the modification of gift restrictions, but in the past courts have tended to apply cy pres narrowly and privilege ...


The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell 2015 George Mason University

The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell

Evan M Purcell

No abstract provided.


On Becoming Charitable: Predicting And Encouraging Charitable Bequests In Wills, Kristine Knaplund 2015 University of California- Irvine School of Law

On Becoming Charitable: Predicting And Encouraging Charitable Bequests In Wills, Kristine Knaplund

Kristine Knaplund

On Becoming Charitable: Predicting and Encouraging Charitable Bequests in Wills

Kristine S. Knaplund, Professor of Law

What causes people to leave their property to charity in their wills? Many scholars have explored the effects of tax laws on charitable bequests, but now that more than 99% of Americans’ estates are exempt from federal taxes, what non-tax factors predict charitable giving? This Article explores charitable bequests before the federal estate tax and a deduction for charitable bequests were enacted by Congress. By examining two years of probate files in Los Angeles and St. Louis, in which 16.6% of St. Louis ...


Revisiting The Revolution: Reintegrating The Wealth Transmission System, Melanie B. Leslie, Stewart E. Sterk 2015 Benjamin N. Cardozo School of Law, Yeshiva University

Revisiting The Revolution: Reintegrating The Wealth Transmission System, Melanie B. Leslie, Stewart E. Sterk

Boston College Law Review

Thirty years ago, John Langbein published “The Nonprobate Revolution and the Future of Succession.” The article celebrated testators’ newfound ability to avoid the expense and delay of the probate court system by holding assets in a variety of non-probate devices, such as retirement and bank accounts with beneficiary designations and revocable trusts. Langbein highlighted problems the revolution might generate and predicted how they might be resolved. Since then, significant problems have indeed developed. First, wills law doctrines designed to effectuate intent of testators have not been universally extended to non-probate transfers. Second, the fragmentation of the wealth transmission process has ...


Creation, Administration, And Effectiveness Of The "Failsafe" Trust For Nonresident Aliens, Andrew H. Prussack 2015 University of Georgia School of Law

Creation, Administration, And Effectiveness Of The "Failsafe" Trust For Nonresident Aliens, Andrew H. Prussack

Georgia Journal of International & Comparative Law

No abstract provided.


Dispatches From The Trenches Of America's Great Gun Trust Wars, Lee-ford Tritt 2015 Northwestern University School of Law

Dispatches From The Trenches Of America's Great Gun Trust Wars, Lee-Ford Tritt

Northwestern University Law Review

No abstract provided.


Tontine Pensions, Jonathan B. Forman, Michael J. Sabin 2015 University of Oklahoma

Tontine Pensions, Jonathan B. Forman, Michael J. Sabin

Jonathan B. Forman

No abstract provided.


Balancing Testamentary Incapacity And Undue Influence: How To Handle Will Contests Of Testators With Diminishing Capacity, Richard B. Keeton 2015 Texas Tech University

Balancing Testamentary Incapacity And Undue Influence: How To Handle Will Contests Of Testators With Diminishing Capacity, Richard B. Keeton

Richard B Keeton

Will contests involving testators with diminishing capacity present a number of challenges to attorneys and courts. One such challenge is the fact finding process to balance concurrent allegations of testamentary incapacity and undue influence. While a lack of testamentary incapacity and undue influence are two distinct grounds for avoiding a will, many courts have had conflicting opinions on whether a finding of undue influence is dependent upon a finding of requisite testamentary capacity or whether the two findings are mutually exclusive. This article attempts to provide a general understanding of basic concepts and theories relating to will contests of testators ...


Sherlock Holmes And The Problem Of The Dead Hand: The Modification And Termination Of "Irrevocable" Trusts, Richard C. Ausness 2015 University of Kentucky College of Law

Sherlock Holmes And The Problem Of The Dead Hand: The Modification And Termination Of "Irrevocable" Trusts, Richard C. Ausness

Law Faculty Scholarly Articles

This Article is about the modification and termination of so-called “irrevocable” trusts. A trust may be made irrevocable at the time of its creation or it may become so at a later time. A testamentary trust is one that is embodied in a will and becomes effective at the testator’s death. Since the testator will be dead by the time the trust becomes effective, he will not be in a position to modify or revoke it. For the same reason, a revocable trust will become irrevocable when the settlor dies or when the power to revoke is released. Finally ...


Asset Preservation And The Evolving Role Of Trusts In The Twenty-First Century, Jay A. Soled, Mitchell M. Gans 2015 Rutgers University Business School

Asset Preservation And The Evolving Role Of Trusts In The Twenty-First Century, Jay A. Soled, Mitchell M. Gans

Washington and Lee Law Review

For the vast majority of the twentieth century, trusts served two pivotal roles. The first was as a vehicle to help mitigate federal and state estate tax burdens, the rates of which could be quite significant. The second was to assist in asset preservation, safeguarding trust beneficiaries from their profligacy, former spouses, creditors, and the like.

At the start of the twenty-first century, Congress passed legislation that curtailed the impact of the federal estate tax, and many state legislatures have followed suit, either eliminating or significantly reducing their estate taxes. As a result of these legislative changes, trust instrument reliance ...


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