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Articles 1 - 26 of 26
Full-Text Articles in Law
Charitable Subscriptions--Enforceability--Common-Law Consideration, K. J. V.
Charitable Subscriptions--Enforceability--Common-Law Consideration, K. J. V.
West Virginia Law Review
No abstract provided.
Powers - Rights Of Donees' Creditors Against Property Subject Thereto When The Power Is General And Is Exercised By Will, Charles Wright, Ill
Powers - Rights Of Donees' Creditors Against Property Subject Thereto When The Power Is General And Is Exercised By Will, Charles Wright, Ill
Michigan Law Review
In general it is said that the majority of jurisdictions in the United States allow creditors of the donee of a general power of appointment, exercisable by deed or will, or by will only, to reach the appointive property when the power is exercised by will, if the donee's personal estate is insolvent and if the appointment is to a volunteer. It would appear from a survey of the authorities dealing with the question that only twenty states have spoken on the subject at all. Of that number only sixteen have decisions which can, by any stretch of the imagination, …
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Michigan Law Review
There is very little authority upon this subject; lawyers seemingly assume that the picture is complicated enough without venturing into new fields. In only two jurisdictions are there actual reported cases where the donor has tried by specific provisions to restrain creditors of the donee.
Constitutional Law - Impairing The Obligation Of Contracts - New York Decedents' Estate Law, Robert Walsh
Constitutional Law - Impairing The Obligation Of Contracts - New York Decedents' Estate Law, Robert Walsh
Michigan Law Review
By a premarital agreement executed in 1922 the wife of decedent waived all rights in his estate. The waiver was signed but not acknowledged. In August, 1930, decedent executed a will leaving $2,000 to his wife. In September, 1930, there went into effect an amendment of the Decedents' Estate Law of New York, which gave to a widow an election to take under or against the will of her husband and provided that such election could be waived only by an instrument signed and acknowledged. The statute applied only to wills executed after September, 1930. The decedent executed a codicil …
Wills - Interpretation Of "Existence" As Used In Statutes Providing For Probate Of Lost Or Destroyed Wills, Edward P. Dwyer, Jr.
Wills - Interpretation Of "Existence" As Used In Statutes Providing For Probate Of Lost Or Destroyed Wills, Edward P. Dwyer, Jr.
Michigan Law Review
Testator, about to undergo a serious operation, executed a will leaving $5,000 to his fiancée and the balance of his estate to his brother Louis. Three days later, after the operation had been performed and when testator was apparently on the road to recovery, he informed a lawyer that he desired to give his fiancée a check for $5,000 at once in lieu of the bequest to her in the will, and desired the rest of his estate to go to Louis. Testator mistakenly told the lawyer he had no other relatives. The lawyer then advised him to have the …
Executors And Administrators - Double Domicile - Inheritance Taxation Of Intangibles, Robert Walsh
Executors And Administrators - Double Domicile - Inheritance Taxation Of Intangibles, Robert Walsh
Michigan Law Review
Plaintiff was appointed executor by a Georgia court which found that decedent had been domiciled in Georgia. Defendant was appointed administrator by a New York court which found that decedent was domiciled in New York. Plaintiff and defendant were interpleaded in the Delaware court by a Delaware corporation to determine who was entitled to shares of stock owned by decedent in the Delaware corporation. Plaintiff claimed that the Delaware court was required to give full faith and credit to the Georgia finding that decedent was domiciled in Georgia. The Supreme Court of Delaware found that decedent was domiciled in New …
Trusts - Accumulation Of Income, James L. Mccrystal
Trusts - Accumulation Of Income, James L. Mccrystal
Michigan Law Review
Testator left his estate in trust until twenty-one years after the death of two nieces, the trust income to be used first to pay several annuities and the remainder "to be re-invested by the trustee for the increase and benefit of this trust fund." At the expiration of twenty-one years after the death of both nieces the trust was to terminate and the estate to be distributed. The lower court held that, while the trust did not violate the rule against perpetuities nor the District of Columbia statute as to the suspension of the power of alienation, the trust income …
Trusts - Inter Vivos Trust As A Substitute For A Will - Effect Of Settlor's Retention Of Control, H. Marshall Peter
Trusts - Inter Vivos Trust As A Substitute For A Will - Effect Of Settlor's Retention Of Control, H. Marshall Peter
Michigan Law Review
A executed an instrument without the formalities of a will, transferring securities to B. It was provided therein that B should hold, manage, sell, and invest according to A's written directions, and should retransfer to A if A so directed. A further reserved the right to alter the "ultimate beneficiary" and also to terminate the trust on notice to B, in which event B should retransfer to him securities and investments as well as net income otherwise payable to A at fixed intervals during A's life. On A's death, the trust was to become absolute …
Rights Of Withdrawing Shareholder In Building & Loan Association
Rights Of Withdrawing Shareholder In Building & Loan Association
Indiana Law Journal
Notes and Comments: Insolvent Estates
Taxation - Federal Estate Tax - Powers Of Appointment - When Property Subject Thereto Is Taxable As Part Of Donee's Estate - Effect Of A Compromise, Charles J. O'Laughlin
Taxation - Federal Estate Tax - Powers Of Appointment - When Property Subject Thereto Is Taxable As Part Of Donee's Estate - Effect Of A Compromise, Charles J. O'Laughlin
Michigan Law Review
The decedent was a beneficiary of a trust established by his father and of two other trusts created by his mother. From his father's trust the decedent was to receive a portion of the income prior to his twenty-eighth birthday, when he was to receive the principal and accumulated income. His mother's trusts gave him the income for life, subject to certain restrictions before he attained the age of twenty-eight. Under all three trusts he had a general testamentary power of appointment. In case of nonexercise of this power, decedent's descendants were to be default takers under the donor's will, …
Trusts--Necessity Of A Trust Res., P. W. H.
Trusts--Necessity Of A Trust Res., P. W. H.
West Virginia Law Review
No abstract provided.
Constitutional Law - Due Process - Jurisdiction Of A State To Tax The Exercise Of A Power Of Appointment, Charles J. O'Laughlin
Constitutional Law - Due Process - Jurisdiction Of A State To Tax The Exercise Of A Power Of Appointment, Charles J. O'Laughlin
Michigan Law Review
Decedent's father, a resident of Massachusetts, by his last will created a trust of the residue of his estate, consisting of intangibles, and gave one share to decedent for life, with remainder to whomsoever decedent should appoint by will. The trust was administered in Massachusetts and there was no question as to that state's power to tax. Decedent, a resident of New York, appointed his share to his widow. The New York courts held that although the interest of the decedent fell within the provisions of the New York tax law imposing a tax upon the transfer of the net …
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Michigan Law Review
Stated briefly, the effect of T. D. 5032 has thus been to revert to the original test of payment of premiums for determining when insurance has been "taken out" by the decedent, and to abandon ownership of the policy as a basis for including the proceeds in decedent's estate, thereby departing from the fundamental theory of estate taxation. Thus the regulations, in closing one door to tax avoidance, apparently open another. While this avenue of escape may be narrowed by judicial interpretation, a change in the regulations probably will be required to seal it completely.
Trusts - Division Of Proceeds From United States Savings Bonds Between Life Tenant And Remainderman, William H. Shipley
Trusts - Division Of Proceeds From United States Savings Bonds Between Life Tenant And Remainderman, William H. Shipley
Michigan Law Review
Testator devised the residue of his estate in trust to pay the income to his wife for life and on her death to distribute the corpus to the children of the testator. The trustee bought ten-year bonds of the United· States Government known as United States Savings Bonds. The bonds did not bear interest payable at stated intervals, but were sold at a price sufficiently below their maturity value to yield a return equal to 2.9 per cent per annum, compounded semi-annually, it the bonds were held for the full ten years. The holder of such bonds may present them …
Taxation - Federal Estate Tax - Deduction Allowable For Gifts To Charity When There Has Been A Compromise, William H. Shipley
Taxation - Federal Estate Tax - Deduction Allowable For Gifts To Charity When There Has Been A Compromise, William H. Shipley
Michigan Law Review
The testator gave the residue of his estate to a charity. When the widow of the testator made known her intention to contest the will, the charity offered to give her "a sum equivalent to twenty-five per cent" of the amount it was to receive under the will. The widow then agreed to withdraw all objections to the probate of the will. The executors were not parties to the compromise agreement, nor was it incorporated in, or made a part of, the probate proceedings. The executors filed an estate tax return in which a deduction from the testator's gross estate …
Wills - Effect Of Codicil To Holographic Will Which Had Previously Been Revoked By An Attested Instrument, Charles G. Schwartz
Wills - Effect Of Codicil To Holographic Will Which Had Previously Been Revoked By An Attested Instrument, Charles G. Schwartz
Michigan Law Review
In June, 1927, testator executed a holographic will leaving his estate to the defendant, a second cousin. The following year he executed a duly attested will giving his estate, consisting of an undivided interest in realty, to his wife, and containing an express clause revoking all former wills. His final testamentary act was to add an annotation to the holographic will, set off by a rough bracket, bequeathing one dollar each to his wife and his niece. The codicil to the holographic will was dated, signed, and in his own handwriting. Held, the holographic will, together with the codicil, …
Taxation - Income Tax - A Fixed Investment Trust As A Taxable Association, Harry M. Nayer
Taxation - Income Tax - A Fixed Investment Trust As A Taxable Association, Harry M. Nayer
Michigan Law Review
Bonds of a prescribed kind were deposited in an investment trust with defendant, who issued certificates representing equal undivided interests in the trust corpus. Additional interests were created by the deposit of eligible bonds and sufficient cash to make up the current value of an interest, and all such bonds and cash were commingled. The depositor was not confined in making up the new units to the same kinds of bonds that were used in the original units, but could vary them in his discretion. The depositor could order the elimination of unsound bonds by sale, and the proceeds of …
Rules Against Perpetuities And Gifts To Charity, Robert G. Wolfe
Rules Against Perpetuities And Gifts To Charity, Robert G. Wolfe
Indiana Law Journal
No abstract provided.
Wills - Devise Or Bequest On Condition That Devisee Pay Debts Or Legacies, Stark Ritchie
Wills - Devise Or Bequest On Condition That Devisee Pay Debts Or Legacies, Stark Ritchie
Michigan Law Review
It is not an uncommon practice for a testator to make a gift on the condition that the devisee pay to other legatees certain sums specified by the will. For example, testator devises Blackacre to A on the condition that A pay to B $500. Simple as the plan may seem at first glance, it has given rise to several complex questions regarding the legal relationship between A and B. Is A personally liable to B? If there is a personal liability, is A obligated to pay $500 even though Blackacre may have so depreciated in value that …
Taxation -- Taxing Income From Short-Term Family Trust To Settlor, William H. Shipley
Taxation -- Taxing Income From Short-Term Family Trust To Settlor, William H. Shipley
Michigan Law Review
In 1931 a settlor executed a deed of trust and transferred securities to the trustees, who were also the settlor's lawyers. The trustees were to pay the income to the settlor's wife, children and mother-in-law. The duration of the trust was six years and sixteen days, but it was provided that the trust would terminate before that time if the settlor or his wife died. At the termination of the trust the corpus was to be returned to the settlor. The settlor reserved no power to remove the trustees or to modify or revoke the trust or to control the …
Duration Of The Trustee's Interest Where The Trust Property Is Personalty, Victor H. Laws Jr.
Duration Of The Trustee's Interest Where The Trust Property Is Personalty, Victor H. Laws Jr.
Maryland Law Review
No abstract provided.
The Classification Of Some Powers Of Appointment, Joseph Gold
The Classification Of Some Powers Of Appointment, Joseph Gold
Michigan Law Review
Many problems involving powers of appointment depend for their solution on the classification of the power in question as general or special. It is now clearly established in English law and in most American jurisdictions that this classification depends on the persons to whom an appointment may be made. The fact that the power is exercisable on a contingency or in a specified manner does not affect the character of the power. Nor is it relevant for the purpose of classification that the power permits the appointment of a limited interest only. A general power is usually said to be …
Revocation Of Wills By Subsequent Change In The Condition Or Circumstances Of The Testator, Elizabeth Durfee
Revocation Of Wills By Subsequent Change In The Condition Or Circumstances Of The Testator, Elizabeth Durfee
Michigan Law Review
Among the oldest rules in the law of wills are those by which a will is held to be revoked by implication by certain changes in the circumstances of the testator. The purpose of this paper is to investigate these rules. Special reference will be made to statutes, both those which deal generally with the subject and those which provide specifically for the effect of particular events, such as marriage; no attempt will be made, however to analyze the latter type of statute exhaustively. By way of introduction, a brief historical survey of the doctrine should be made.
Future Interests - Acceleration Of Contingent Remainders After Widow's Election To Take Against Will, Harry M. Nayer
Future Interests - Acceleration Of Contingent Remainders After Widow's Election To Take Against Will, Harry M. Nayer
Michigan Law Review
Testator made specific bequests in the first five items of his will, one bequest being directed to his wife. In the sixth item he gave his wife a life interest in all the property remaining after satisfying items one to five. Item seven provided for a remainder in some specific realty to a niece, and item eight provided that upon the death of the wife and after satisfying item seven, the residue of the estate was to go to five named beneficiaries and to all of his nephews and nieces "then living." The widow renounced her share under the will …
Taxation - Gift Tax - Transfer In Pursuance Of An Antenuptial Agreement As A Taxable Gift, Michigan Law Review
Taxation - Gift Tax - Transfer In Pursuance Of An Antenuptial Agreement As A Taxable Gift, Michigan Law Review
Michigan Law Review
Plaintiff entered into an antenuptial agreement with his intended wife whereby she waived all rights which she might acquire by virtue of the marriage in certain stock which he owned. In consideration therefor, he transferred to her two annuities and an interest as tenant by the entirety in two parcels of real estate. Plaintiff contended that such transfers did not constitute taxable gifts, and the Board of Tax Appeals decided in his favor. Held, that the transfers were taxable gifts, for a waiver of marriage rights in the property of plaintiff pursuant to an antenuptial agreement did not constitute …
Wills - Holographic Revocation - Reference To Nontestamentary Act To Determine Will To Which Revocation Refers, William H. Shipley
Wills - Holographic Revocation - Reference To Nontestamentary Act To Determine Will To Which Revocation Refers, William H. Shipley
Michigan Law Review
Testator deposited his last will and testament with a trust company for safekeeping and received a receipt acknowledging the deposit. Several years later he wrote on the bottom of the receipt: "The Will and Testament above referred to I hereby declare void." The writing was signed and dated. On his death his widow alleged that he had died intestate and the probate court entered a decree recognizing the widow as sole distributee of the estate, valued at twelve million dollars. The legatees in the will instituted the present proceedings against the widow for a rule to show cause why she …