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Full-Text Articles in Law
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Michigan Law Review
A father conveyed real estate to his daughter three years before his death by warranty deeds, absolute on their face but with the oral understanding that the father was to have all the income from the property during his lifetime. In a letter which the daughter wrote to her father several years later the terms of this oral agreement are given, but this letter, set forth in the statement of facts, is apparently not relied on by the court since no mention of it is made in the opinion. Held, that the gift was taxable under the inheritance tax …
Taxation Of Trust Estates-Reservation Of Life Income
Taxation Of Trust Estates-Reservation Of Life Income
Michigan Law Review
Settlor executed a deed of trust, retaining a life income, but no power of revocation. Held, that the State of Connecticut could tax the transfer as a gift to take effect in possession or enjoyment at or after death without violating the federal constitution. Guaranty Trust Co. of New York v. Blodgett, (U.S. 1933) 53 Sup. Ct. 244.
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Michigan Law Review
Under the overwhelming weight of authority the reservation by the settlor of the income from trust property, or of other benefits, during his lifetime, and of the power to revoke the trust and so recover all or any part of the principal does not invalidate the trust; nor does the trust fail because the trust instrument is not executed in accordance with the Statute of Wills. Upon the death of the settlor the corpus of such a trust is distributable by the trustee in accordance with the terms of the trust instrument and does not pass to the executor or …
Receivers - Individual Incorporating His Assets To Secure Consent Receivership
Receivers - Individual Incorporating His Assets To Secure Consent Receivership
Michigan Law Review
One Robinson, a lumber dealer in Philadelphia, was unable to pay his debts as they matured, but believed that he could satisfy his creditors and leave a surplus if he was not pressed. Neither in federal nor in Pennsylvania practice will a receiver be appointed for an individual. Robinson transferred his property to a Delaware corporation organized by him, receiving in return substantially all of the company's stock. The corporation agreed to assume his debts. A few days later Robinson and a simple contract creditor petitioned a federal district court for Pennsylvania for the appointment of receivers for the corporation, …