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Full-Text Articles in Law
Principal And Income Allocation Of Stock Distributions--The Six Per Cent Rule, Michael C. Devine
Principal And Income Allocation Of Stock Distributions--The Six Per Cent Rule, Michael C. Devine
Michigan Law Review
A productive trust is usually dynamic in two ways: the principal assets appreciate in value, and their use produces income. When the beneficial interests in such a trust are successively divided between income recipients and principal remaindermen, every payment to the trust must be characterized either as income or as an addition to principal. The most difficult categorization problems arise when the receipt is of corporate stock.
Trusts-Trustees-Investment Duties Of Trustees And The Problem Of Unduly-Conservative Trust Investments, Lawrence Hirsch S.Ed.
Trusts-Trustees-Investment Duties Of Trustees And The Problem Of Unduly-Conservative Trust Investments, Lawrence Hirsch S.Ed.
Michigan Law Review
This comment will first examine the trustee's investment duties, particularly those relating to investments in securities, and then consider the factors which have brought to the fore the problem of the unduly-conservative trust investment. On the basis of this examination, it may be determined whether the present law in this area provides the beneficiary with adequate safeguards against the unduly-conservative investment. Finally, assuming such safeguards have not been provided, some suggested remedies for this situation will be considered, including the possible imposition of a duty upon trustees to invest at least part of the trust funds in common stock.
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Michigan Law Review
This comment will explore two problems: first, an analysis of the legislative history of the present section 2036 in an effort to discover exactly which property relationships Congress intended to reach by this provision; second, an examination of the treatment which several specific arrangements have been given by the courts to determine whether there is any degree of certainty or predictability in the application of section 2036.
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Michigan Law Review
The act of Congress of January 11, 1805, which created Michigan Territory out of Indiana Territory, provided that the new territory should have a government "in all respects similar" to that provided for the Northwest Territory by the Ordinance of 1787. The Ordinance had provided for the appointment of a court to consist of three judges who should have "a common law jurisdiction. "
Trusts - Principal And Income - Apportionment Under Pennsylvania Rule Of Stock Dividends Based On Capital Surplus, James H. Devries
Trusts - Principal And Income - Apportionment Under Pennsylvania Rule Of Stock Dividends Based On Capital Surplus, James H. Devries
Michigan Law Review
Under the terms of a trust established in New York in 1915 income was to be paid to a beneficiary for life and upon his death the principal was to be distributed to certain descendants of the settlor. Two extraordinary stock distributions were received by the trust during the life of the income beneficiary. In issuing the additional shares each of the corporations had transferred to capital stock account its entire capital surplus and sufficient earned surplus to support the additional shares at their par value. At the time of creation of the trust New York applied the Pennsylvania rule …
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Michigan Law Review
Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Michigan Law Review
A Review of The Law of Trusts (second edition). By Austin Wakeman Scott
Taxation - Federal Income Taxation - Problems Created By The Complex Trust Provisions Of The 1954 Code, Harvey A. Howard S.Ed.
Taxation - Federal Income Taxation - Problems Created By The Complex Trust Provisions Of The 1954 Code, Harvey A. Howard S.Ed.
Michigan Law Review
This comment will not be expository of all of the trust provisions but rather will attempt to deal with some of the more important interpretative difficulties likely to be encountered in the new law involving the taxation of the income of those trusts which may accumulate income, distribute corpus, or pay or set aside amounts for charitable purposes. It will be assumed that the reader is familiar with the basic statutory pattern of the trust sections of the new code.
Legal Effect Of Contracts To Devise Or Bequeath Prior To The Death Of The Promisor: Ii, Bertel M. Sparks
Legal Effect Of Contracts To Devise Or Bequeath Prior To The Death Of The Promisor: Ii, Bertel M. Sparks
Michigan Law Review
After there has been a contract to make a will it is often said that the promisor is a trustee of the property for the use of the promisee. This statement is usually offered as a reason for or an explanation of the relief granted in a particular case, without any indication as to how such a premise was arrived at and without any consideration of other possible results that might How from the designation of the relationship as a trust.
Trusts - Validity And Effect Of Assignment Of Beneficial Interest In Trust For Support - Claims Of Beneficiary's Divorced Wife And Children, William E. Parmenter Jr.
Trusts - Validity And Effect Of Assignment Of Beneficial Interest In Trust For Support - Claims Of Beneficiary's Divorced Wife And Children, William E. Parmenter Jr.
Michigan Law Review
A testamentary trust required the trustee to apply income in such amounts as might be necessary for the education, support and maintenance of H until he attained the age of 35 years; then to hand over the corpus and accrued interest. Contingent interests were created for children of H who might survive his death before the age of 35. After the death of testatrix, H married W and had two children. In an agreement subsequently incorporated in a California decree of divorce obtained by W, H promised to make monthly payments to W for her own support and for the …