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Full-Text Articles in Law
Divorcees Turn About In Their Graves As Ex-Spouses Cash In: Codified Constructive Trusts Ensure An Equitable Result Regarding Erisa-Governed Employee Benefit Plans, Sarabeth A. Rayho
Divorcees Turn About In Their Graves As Ex-Spouses Cash In: Codified Constructive Trusts Ensure An Equitable Result Regarding Erisa-Governed Employee Benefit Plans, Sarabeth A. Rayho
Michigan Law Review
A revocation-by-divorce statute essentially nullifies a devise in a divorced decedent's will when the devise bequeaths property to the decedent's ex-spouse and the will was executed during their marriage. Until recently, state revocation-by-divorce statutes unquestionably applied not only to wills but also to will substitutes, including ERISA-governed employee benefit plans. In 2001, the Supreme Court held in Egelhoff v. Egelhoff ex rel. Breiner that ERISA preempts traditional state revocation-by-divorce statutes as applied to ERISA-governed employee benefit plans. In the wake of the Egelhoff decision, plan administrators may automatically pay proceeds to the listed beneficiary, even an ex-spouse, regardless of the …
Private Trusts For Indefinite Beneficiaries, George E. Palmer
Private Trusts For Indefinite Beneficiaries, George E. Palmer
Michigan Law Review
Recently, in McPhail v. Doulton (In re Baden's Deed Trusts), the House of Lords reached a decision that marks an important change in the English law of trusts which could be important also for American law. It held that there is a single test of validity for private trusts and for powers of appointment where the issue is whether the beneficiaries of the trust or the objects of the power are sufficiently definite, and that this single test is that applicable to powers of appointment. For nearly 170 years, since the decision in Morice v. Bishop of Durham, …
Taxation-Income Tax -Jurisdiction -Trusts - State Tax On Resident Beneficiary's Net Income From Trust Established And Administered By Non-Resident Trustee, Allan A. Rubin
Michigan Law Review
The state of Virginia imposed an income tax upon the income received by a resident of Virginia as beneficiary of a discretionary trust established and administered in New York by a resident of New York, which state had levied and collected an income tax on the entire income of the trust fund. Petitioner protested the payment of the Virginia tax, alleging the taking of property without due process of law and the denial of equal privileges in contravention of the Fourteenth Amendment of the Federal Constitution. Held, that the tax was valid, since it was ascertained by the beneficiary's …
Testamentary Conditions Against Contest, Olin L. Browder Jr.
Testamentary Conditions Against Contest, Olin L. Browder Jr.
Michigan Law Review
It is the natural desire of any testator that his will be speedily probated after his death and that there be no rancorous bickerings over his estate by his beneficiaries. One might, therefore, expect that no-contest conditions--conditions prescribing forfeiture of any interest under the will if a beneficiary contests probate-would be of common occurrence and that the rules regulating a testator's right to employ them would be well settled. As a matter of fact, conditions of this type have appeared from time to time ever since cases were first reported, but their validity is far from settled; the state of …
Trusts - Restraints On Alienation - Ability Of A Divorced Wife To Reach The Corpus Of A Spendthrift Trust For Alimony Claim
Michigan Law Review
Testator placed the residue of his estate in trust, and, after making provision as to one-third of the principal and income for his widow, left the remaining two-thirds to his children, or their children by right of representation, the net annual income to be paid to them in convenient installments for twenty years after his death, the principal share of each to be transferred in four as nearly equal installments as possible at five-year intervals. By a codicil, executed after plaintiff, the wife of one of testator's sons, had announced her intention of securing a divorce, it was provided that …
Taxation - Deduction Of Capital Losses
Taxation - Deduction Of Capital Losses
Michigan Law Review
Executors were directed to sell the testator's residuary estate. Out of one-fifth of the proceeds a trust fund of $500,000 was to be set up, and the balance given to plaintiff absolutely. The testator in his will then stated that a large part of his residuary estate would consist of realty "which should not be sold excepting under favorable conditions," and directed his executors to hold and manage it until it could be advantageously sold. After some years the executors sold a piece of land at a loss. Plaintiff was entitled to one-fifth of the proceeds, and so he deducted …
Trusts-Right Of Trustee To Purchase Trust Property
Trusts-Right Of Trustee To Purchase Trust Property
Michigan Law Review
The trustees under a will filed a petition in the district court asking for an order of court authorizing them to sell and convey to two of the trustees a portion of the real estate held by them in trust, and for authority to sell and convey the remainder of the real estate to the husband of one of the trustees. Three of the beneficiaries were not sui juris, and the remaining beneficiaries refused to give their consent. Held, that a trustee can not purchase trust property from himself when the beneficiary is not sui juris or when …