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Estates and Trusts

2014

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Articles 1 - 30 of 87

Full-Text Articles in Law

Ademption And The Domain Of Formality In Wills Law, Gregory S. Alexander Dec 2014

Ademption And The Domain Of Formality In Wills Law, Gregory S. Alexander

Gregory S Alexander

The 1990 revision of the Uniform Probate Code ("UPC") marks the second stage of probate reform in the second half of this century. The first stage was the adoption of the original UPC. While it included some changes in the substantive law of wills, its primary objective was to simplify probate procedure. The second stage, by contrast, focuses almost entirely on the substantive law of wills and will substitutes. It changes several of the primary rules of wills law, including the traditional rule requiring strict compliance with execution formalities. It also makes significant changes in the subsidiary rules of wills …


The Transformation Of Trusts As A Legal Category, 1800-1914, Gregory Alexander Dec 2014

The Transformation Of Trusts As A Legal Category, 1800-1914, Gregory Alexander

Gregory S Alexander

Sometimes we are least aware of that which most affects us. So it seems with respect to legal categories. Lawyers do not take legal categories very seriously today. But they should. Legal categories are central to legal reasoning; indeed it is almost impossible to imagine legal reasoning without the use of categories. Categorical thinking affects every area of law. The purpose of this article is to illuminate, through a case-study, the contingent and ideological character of legal categories. It focuses on the development of trusts into and then as a discrete legal category during the period between the beginning of …


Forty Years Of Codification Of Estates And Trusts Law: Lessons For The Next Generation, Gregory S. Alexander, Mary L. Fellows Dec 2014

Forty Years Of Codification Of Estates And Trusts Law: Lessons For The Next Generation, Gregory S. Alexander, Mary L. Fellows

Gregory S Alexander

In this paper we develop two theses. First, we argue that uniform law proposals that ask courts and practitioners to abandon revered legal traditions and ways of thinking about estates and trusts, even when they are intent-furthering proposals, face resistance until in time the glories of the past and the risks of a new legal regime fade in importance in legal thought. Second, we argue that, especially within an environment in which states seek to gain competitive advantage over their counterparts in other states, the glories of the past and the risks of a new legal regime fade fastest when …


Alternative Models Of Ante-Mortem Probate And Procedural Due Process Limitations On Succession, Gregory S. Alexander, Albert M. Pearson Dec 2014

Alternative Models Of Ante-Mortem Probate And Procedural Due Process Limitations On Succession, Gregory S. Alexander, Albert M. Pearson

Gregory S Alexander

Ante-mortem probate stands as a significant recent development in the American law of wealth succession. It confronts a problem that seriously impairs our probate system, the depredatious will contest, and promises to help revitalize the probate process. Already enacted in several states and currently under active study by the Joint Editorial Board of the Uniform Probate Code and the National Conference of Commissioners on Uniform State Laws, ante-mortem probate is likely to be widely implemented in some form. But while legislators and academics alike support ante-mortem probate as a general idea, disagreement has emerged over the specific form it should …


The Conservatorship Model: A Modification, Gregory S. Alexander Dec 2014

The Conservatorship Model: A Modification, Gregory S. Alexander

Gregory S Alexander

Reform-minded probate lawyers have discussed the idea of ante-mortem probate for many years. Yet, owing to several seemingly unavoidable defects, it has never attracted widespread support and only recently has been implemented anywhere in the United States. In his article, Living Probate: The Conservatorship Model, Professor John Langbein has eliminated many of those defects and has made the idea much more feasible. In doing so, he has contributed to the development of simple, convenient, and efficient systems of probate. However, his proposal introduces new flaws that threaten the practical working of his procedural model. Basically, Langbein proposes that living probate …


The Dead Hand And The Law Of Trusts In The Nineteenth Century, Gregory Alexander Dec 2014

The Dead Hand And The Law Of Trusts In The Nineteenth Century, Gregory Alexander

Gregory S Alexander

This article discusses a basic paradox at the core of liberal property law. Individual freedom to dispose of consolidated bundles of rights cannot simultaneously be allowed and fully maintained. If the donor of a property interest tries to restrict the donee's freedom to dispose of that interest, the legal system, in deciding whether to enforce or void that restriction, must resolve whose freedom it will protect, that of the donor or that of the donee. Although post-realist American property lawyers acknowledge this conflict, at least nominally, it did not emerge in legal consciousness in so starkly visible a form until …


Review: Compassionate Care For The Living And The Dying, Browne C. Lewis Dec 2014

Review: Compassionate Care For The Living And The Dying, Browne C. Lewis

Law Faculty Articles and Essays

This is a review of "The End of End-of Life Law" (92 N.C.L. Rev. 1693 (2014), by Lois L. Shepard. In light of medical advances and increasing health care costs, conversations about end-of-life care will continue to occur. A significant portion of the discussion will focus on ways to handle surrogate decision-making. The practical suggestions Professor Shepherd includes in her article could be a valuable part of that dialogue.


Tipping The Scales In Favor Of Charitable Bequests: A Critique, Elizabeth R. Carter Dec 2014

Tipping The Scales In Favor Of Charitable Bequests: A Critique, Elizabeth R. Carter

Pace Law Review

The public policy favoring testamentary bequests to charities is well established in the law. However, that public policy can, and does, conflict with other equally well-founded public policies. When confronted with this conflict, courts are often dismissive or even hostile towards the parties seeking to challenge a testamentary bequest to a charity. I argue that the policy favoring charitable giving has gone too far and has, in some instances, undermined other important public policies. Specifically, courts and legislators have strengthened the charitable bequest policy without giving enough consideration to other, equally important public policies. This problem is not new. History …


Sperms And Estates: An Unadulterated Functionally Based Approach To Parent-Child Property Succession, Lee-Ford Tritt Dec 2014

Sperms And Estates: An Unadulterated Functionally Based Approach To Parent-Child Property Succession, Lee-Ford Tritt

Lee-ford Tritt

The Article argues that the sanguinary nexus test, the dominant standard for determining whether an individual has a right to inherit property when another dies, has become an increasingly frustrating, and arguably arcane, legal tool in light of the diversity of family relationships extant in modern American life. The sanguinary nexus test determines child status based upon ties of “blood.” Considering the evolving notions of family structures and advances in reproductive technologies involving cloning, surrogacy and egg/sperm donation, serious questions arise about whether the existing sanguinary nexus test can produce results consistent with the fundamental principle of testamentary freedom underlying …


Wills, Trusts, Guardianships, And Fiduciary Administration, Mary F. Radford Dec 2014

Wills, Trusts, Guardianships, And Fiduciary Administration, Mary F. Radford

Mercer Law Review

This Article describes selected cases and significant legislation from June 1, 2013 through May 31, 2014 pertaining to Georgia fiduciary law and estate planning.


Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch Nov 2014

Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch

Karen Burke

Family partnerships have been become increasingly popular as a means of avoiding estate and gift taxes. As other estate freezing techniques have been closed off by statutory anti-abuse rules, estate planners have increasingly resorted to partnerships as a vehicle for transferring assets within a family at deeply discounted values. Discounts ranging from one-third to over one-half of the value of the underlying assets are routinely claimed, and often allowed, based on lack of marketability and lack of control, even where these disabilities have no lasting or ascertainable economic effect. Nevertheless, the use of family partnerships to suppress value for transfer …


A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison Nov 2014

A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison

Jeffrey L Harrison

Select financial institutions and members of the Bar have seized upon the presence of the limited exemption from the generation skipping transfer tax provided under the Internal Revenue Code to promote so-called dynasty trusts as a means whereby individuals can build dynastic wealth for a family forever free from transfer taxes. To realize such benefits, state law that does not impose the Rule Against Perpetuities must govern the trust. The promise of dynastic wealth is unlikely to be realized due to several factors. Administrative and tax costs are likely to reduce the yield on such trusts to a level where …


Probate Law Reform And Nonprobate Transfers, Grayson M.P. Mccouch Nov 2014

Probate Law Reform And Nonprobate Transfers, Grayson M.P. Mccouch

Grayson McCouch

The advent of widespread, large-scale probate avoidance has added a new dimension to the project of probate law reform. When the Uniform Probate Code made its debut in 1969, its primary goal was to modernize traditional probate procedures and make them more uniform, flexible, and efficient. The Code's reforms were in part a response to the rise of will substitutes which offered a ready means of transferring property at death outside the probate system. In the intervening years, however, will substitutes have continued to proliferate, while traditional probate procedures have resisted comprehensive reform. The probate system has not become obsolete …


Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch Nov 2014

Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch

Grayson McCouch

Family partnerships have been become increasingly popular as a means of avoiding estate and gift taxes. As other estate freezing techniques have been closed off by statutory anti-abuse rules, estate planners have increasingly resorted to partnerships as a vehicle for transferring assets within a family at deeply discounted values. Discounts ranging from one-third to over one-half of the value of the underlying assets are routinely claimed, and often allowed, based on lack of marketability and lack of control, even where these disabilities have no lasting or ascertainable economic effect. Nevertheless, the use of family partnerships to suppress value for transfer …


Appellate Division, Second Department, Langan V. St. Vincent's Hospital Of New York, Christin Harris Nov 2014

Appellate Division, Second Department, Langan V. St. Vincent's Hospital Of New York, Christin Harris

Touro Law Review

No abstract provided.


Contemporary Trusts And Estates: An Experiential Approach (2nd Ed)., Susan Gary, Jerome Borison, Naomi Cahn, Paula Monopoli Nov 2014

Contemporary Trusts And Estates: An Experiential Approach (2nd Ed)., Susan Gary, Jerome Borison, Naomi Cahn, Paula Monopoli

Paula A Monopoli

Contemporary Trusts and Estates: An Experiential Approach uses cases and statutory materials, along with exercises and problems, to integrate legal analysis and practice skills. Consistent with the Carnegie Report‘s call for more practice skills, it includes exercises in document drafting, role-playing, and letter writing to clients.


Probate Law Meets The Digital Age, Naomi Cahn Nov 2014

Probate Law Meets The Digital Age, Naomi Cahn

Vanderbilt Law Review

This Article explores the impact of federal law on a state fiduciary's management of digital assets. It focuses on the lessons from the Stored Communications Act ("SCA'), initially enacted in 1986 as one part of the Electronic Communications Privacy Act. Although Congress designed the SCA to respond to concerns that Internet privacy posed new dilemmas with respect to application of the Fourth Amendment's privacy protections, the drafters did not explicitly consider how the SCA might affect property management and distribution. The resulting uncertainty affects anyone with an email account. While existing trusts and estates laws could legitimately be interpreted to …


Perpetuities And The Genius Of A Free State, Joshua C. Tate Nov 2014

Perpetuities And The Genius Of A Free State, Joshua C. Tate

Vanderbilt Law Review

Legal history, like all history, is inevitably a speculative affair. No one can be sure what the editors of Justinian's Digest might have excised from long-lost works of classical Roman law; nor can one know for certain what went through the minds of certain justices of the U.S. Supreme Court in the mid-twentieth century when they formed and reformed their views on Roosevelt's New Deal. Of course, scholars can try to chip away at this uncertainty: great progress can be made through educated guesses and learned theories. But certainty about the past is reserved for those who lived in it. …


Unconstitutional Perpetual Trusts, Steven J. Horowitz, Robert H. Sitkoff Nov 2014

Unconstitutional Perpetual Trusts, Steven J. Horowitz, Robert H. Sitkoff

Vanderbilt Law Review

"I never can be thankful, Mr. Bennet, for any thing about the entail."t Perpetual trusts are an established feature of today's estate planning firmament. Yet little-noticed provisions in the constitutions of nine states, including in five states that purport to allow perpetual trusts by statute, proscribe ')erpetuities." This Article examines those provisions in light of the meaning of ')erpetuity" as a legal term of art across history. We consider the constitutionality of perpetual trust statutes in states that have a constitutional ban on perpetuities and whether courts in states with such a ban may give effect to a perpetual trust …


Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey Nov 2014

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.


Proposals For Revising Georgia's Probate Code, Mary F. Radford Oct 2014

Proposals For Revising Georgia's Probate Code, Mary F. Radford

Mary F. Radford

No abstract provided.


Advantages And Disadvantages Of Mediation In Probate, Trust, And Guardianship Matters , Mary F. Radford Oct 2014

Advantages And Disadvantages Of Mediation In Probate, Trust, And Guardianship Matters , Mary F. Radford

Mary F. Radford

Mediation is the ADR process by which a neutral third party works with disputants to reach a mutually agreeable resolution. Mediation is arguably the oldest and most popular ADR technique in use today. Part I of this essay discusses the commonly accepted advantages of mediation as an alternative to litigation, and, in some instances, questions whether those advantages become disadvantages in the context of probate, trust, and guardianship cases. Part II examines the use of mediation as a component of the actual estate planning process rather than as an alternative to litigation.


Spendthrift Trusts: It's Time To Codify The Compromise, Anne S. Emanuel Oct 2014

Spendthrift Trusts: It's Time To Codify The Compromise, Anne S. Emanuel

Anne S. Emanuel

No abstract provided.


The Fiduciary Duty Of Care: A Perversion Of Words, William Gregory Oct 2014

The Fiduciary Duty Of Care: A Perversion Of Words, William Gregory

William A. Gregory

No abstract provided.


Alms To The Rich: The Facade Easement Deduction, Wendy G. Gerzog Oct 2014

Alms To The Rich: The Facade Easement Deduction, Wendy G. Gerzog

All Faculty Scholarship

This article presents the case for repeal of the façade easement deduction. Proponents of this benefit argue that the deduction encourages historic preservation by reimbursing property owners for relinquishing their right to alter the façade of their property in a way inconsistent with that conservation goal; however, this article shows that there are many reasons to urge its repeal: the revenue loss, the small number of beneficiaries, the financial demographics of that group of beneficiaries; the dubious industries that are supported by the deduction; and the continual marked overvaluation and abuse despite Congressional, court, and administrative review and expense.

After …


A Comparative Guide Of Where To Die: Should The United Kingdom Repeal Its Inheritance Tax?, William T. Thistle Sep 2014

A Comparative Guide Of Where To Die: Should The United Kingdom Repeal Its Inheritance Tax?, William T. Thistle

Georgia Journal of International & Comparative Law

No abstract provided.


Elaine Hightower Gagliardi On Flipping The Lens Of Estate Planning: An Examination Of The Effectiveness Of Lifetime Transfers To Achieve Federal And State Tax Savings, Elaine H. Gagliardi Sep 2014

Elaine Hightower Gagliardi On Flipping The Lens Of Estate Planning: An Examination Of The Effectiveness Of Lifetime Transfers To Achieve Federal And State Tax Savings, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

Estate planners are recalibrating their planning focus in response to recent tax modifications at the federal and state levels. The need to refocus planning emanates from changes wrought by recent federal tax acts, beginning in 20011 and ending in 20132 with enactment of “permanent” provisions which increase the basic exclusion amount for federal estate and gift tax and generation skipping transfer tax exemption to an inflation adjusted $5,340,000 as of 2014,3 institute the portability election for federal estate tax purposes,4 alter the transfer tax rate to essentially a flat 40 percent,5 and eliminate the state death tax credit in favor …


Front Matter Sep 2014

Front Matter

ACTEC Law Journal

No abstract provided.


Saving For Education: Creating Educational Dynasty Trusts Using 529 Plans, Susan T. Bart Sep 2014

Saving For Education: Creating Educational Dynasty Trusts Using 529 Plans, Susan T. Bart

ACTEC Law Journal

No abstract provided.


Virtual Currency Estate Planning, Bit By Bit, Abigail J. Farmer, Cory Elizabeth Tyszka Sep 2014

Virtual Currency Estate Planning, Bit By Bit, Abigail J. Farmer, Cory Elizabeth Tyszka

ACTEC Law Journal

This article addresses the issues that virtual currencies, specifically bitcoins, pose for the mindful estate planner. First, it explains what bitcoins are, where they come from, and what their legal status is. Next, it identifies special problems that bitcoins pose in estate planning. Finally, it concludes by offering solutions to these problems, including recommended transfer mechanisms and gifting strategies.