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Articles 31 - 60 of 796
Full-Text Articles in Estates and Trusts
Gifts-Lnformal Writing As Substitute For Delivery, Michigan Law Review
Gifts-Lnformal Writing As Substitute For Delivery, Michigan Law Review
Michigan Law Review
Traditionally, three requirements must be satisfied in order to make a valid inter vivos gift of personal property: (1) the donor must demonstrate his intention to make such a gift; (2) there must be a delivery to the donee of the property itself or of an instrument or deed of gift; and (3) the donee must accept this delivery. If the subject matter of the gift is not susceptible of immediate delivery, a question arises as to the means by which the delivery requirement may be satisfied. Although a donor in such a situation commonly delivers an informal writing which …
Inter Vivos Trusts-Potential Beneficiary's Right To Compel Trustee To Render A Formal Accounting And Disclose Information, Michigan Law Review
Inter Vivos Trusts-Potential Beneficiary's Right To Compel Trustee To Render A Formal Accounting And Disclose Information, Michigan Law Review
Michigan Law Review
In recent years the inter vivos or living trust has become a popular method of disposing of property and in the future its use is likely to be even more widespread. Consequently, it has become increasingly important that the law governing such dispositions be both unequivocal and just. Unfortunately, in at least one situation this is not the case: When a person, believing himself to be a potential beneficiary of an inter vivos trust, seeks to compel the trustee to render a formal accounting or disclose information concerning the extent of his interest, he will find the law ambiguous and …
Loopholes And Ambiguities Of Section 2036, James C. Ervin Jr.
Loopholes And Ambiguities Of Section 2036, James C. Ervin Jr.
Michigan Law Review
The possibility of divergent tax treatment of economically similar situations has made section 2036 of the Internal Revenue Code' one of the most abused of the federal estate tax provisions. Originally enacted to ensure inclusion within the gross estate of the value of all property ostensibly transferred by the decedent prior to his death and yet beneficially enjoyed by him during his lifetime, the section is being circumvented by an increasing number of tax avoidance patterns. Although some of the confusion can be traced to the erratic approach of the courts to cases involving section 2036, the primary interpretive difficulty …
Estate Tax-The Failure Of I.R.C. Section 2039 To Reach Death Benefits Arising Out Of The Employment Relationship-Estate Of Fusz, Michigan Law Review
Estate Tax-The Failure Of I.R.C. Section 2039 To Reach Death Benefits Arising Out Of The Employment Relationship-Estate Of Fusz, Michigan Law Review
Michigan Law Review
Decedent's employment contract provided for a salary payable to him and monthly payments to his widow for life if he died during the term of the contract. No post-retirement benefits were payable to decedent under the contract or pursuant to any other agreement with the employer. After decedent's death during the term of the contract the payments to his widow commenced; their commuted value, however, was not included in the gross estate of decedent. The Commissioner of Internal Revenue, ruling that the payments to the widow constituted an annuity, the commuted value of which was includable in decendent's gross estate …
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
Michigan Law Review
The thesis of this article is that a trustee cannot exploit the advantage of the lien or security of any creditor unless he can avoid it and displace a creditor. Moreover, when he can and does avoid a lien and displace a creditor, he can enforce the rights of that creditor as against any lien or interest otherwise indefeasible in bankruptcy only to the extent of the lien or security of the creditor he displaces.
Conflict Of Laws-Public Policy Used To Apply Forum Law To Joint Bank Accounts Of Foreign-Domiciliaries Wyatt V. Fulrath, Michigan Law Review
Conflict Of Laws-Public Policy Used To Apply Forum Law To Joint Bank Accounts Of Foreign-Domiciliaries Wyatt V. Fulrath, Michigan Law Review
Michigan Law Review
The Duke and Duchess of Arion, nationals and domiciliaries of Spain, neither of whom had ever been to New York, deposited community property consisting of cash and securities in several New York banks. In establishing these accounts, the Duke and Duchess either expressly agreed in writing that the New York law of survivorship would apply to their accounts or signed standard bank survivorship forms which incorporated the survivorship laws of that state. After her husband's death, the Duchess made the entire amount on deposit in New York subject to her will. Following the Duchess' death and during probate of her …
Estate Tax-"Disallowance Of Double Deductions" In I.R.C. Section 642 (G) Applies Only To "Statutory Deductions"-Estate Of Bray, Michigan Law Review
Estate Tax-"Disallowance Of Double Deductions" In I.R.C. Section 642 (G) Applies Only To "Statutory Deductions"-Estate Of Bray, Michigan Law Review
Michigan Law Review
Petitioners, as executors for a substantial estate, had to sell a large amount of securities in order to pay administration expenses incurred by the estate. The estate received $2,250,000 from this sale, which was $50,000 in excess of the value of the stock at the time of decedent's death and thus as reported on the estate tax return. The brokerage commissions and taxes on the sale, which totaled $23,000, were deducted from the value of the gross estate as administration expenses pursuant to section 2053(a)(2) of the 1954 Internal Revenue Code. The same $23,000 was also subtracted from the $50,000 …
Mutual Funds-Trusts And Trustees-Capital Gains Distributions From Mutual Funds: Income Or Principal?, Michigan Law Review
Mutual Funds-Trusts And Trustees-Capital Gains Distributions From Mutual Funds: Income Or Principal?, Michigan Law Review
Michigan Law Review
The growing prevalence of mutual fund shares in the assets of small and medium-sized estates has made the problem of allocating capital gains distributions between income and principal a matter of great concern to the trustees of such estates. A "capital gains" distribution represents a gain resulting from the profitable sale of securities held by the mutual fund. The uncertain state of the law regarding capital gains distributions from mutual funds presents a serious dilemma to the trustee: if he distributes the capital gains to the life beneficiary, the remainderman may claim that such distributions represent a partial liquidation of …
Toward Uniform Guardianship Legislation, William F. Fratcher
Toward Uniform Guardianship Legislation, William F. Fratcher
Michigan Law Review
The Model Probate Code, part IV of which covers guardianship of the persons and property of infants and mental incompetents, was published in 1946 under the auspices of the University of Michigan Law School. It was prepared for the Probate Law Division of the Section of Real Property, Probate, and Trust Law of the American Bar Association by its Model Probate Code Committee in cooperation with the research staff of the Law School. No state has adopted the Model Probate Code in its entirety, but parts of it have been enacted in Arkansas, California, Colorado, Delaware, Hawaii, Illinois, Indiana, Missouri, …
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Michigan Law Review
Under section 2042 of the Internal Revenue Code of 1954, proceeds of insurance policies on the life of the decedent payable to beneficiaries other than the decedent's executor are included in the gross estate only if the decedent possessed at the time of his death "any of the incidents of ownership [in the insurance policies], exercisable either alone or in conjunction with any other person." To determine the extent of the decedent's "incidents of ownership," the Regulations provide for the application of state property law. The problems inherent in relying upon state law to govern federal estate taxation of the …
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.
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Michigan Law Review
The discussion which follows will be divided into three major parts. First, it will be important to see why so much real and personal property remains in joint tenancy between husband and wife or in entireties tenancy. It has been almost eighteen years since Congress eliminated the necessity of holding property in this form in order to split income therefrom for income tax purposes. Is inertia the only reason for the popularity of joint ownership, or are there other reasons? Second, we shall review the familiar but false assumptions most laymen (and even a few attorneys) commonly make regarding the …
Future Interests--Implying A Requirement Of Survival In Future Interests: Continued Confusion--Schau V. Cecil, Michigan Law Review
Future Interests--Implying A Requirement Of Survival In Future Interests: Continued Confusion--Schau V. Cecil, Michigan Law Review
Michigan Law Review
Contingent future interests have caused considerable confusion in cases in which the holder of the future interest dies before the fulfillment of the condition. This confusion stems from a tendency by some courts to use the word "contingent" as a shorthand way of indicating that the interest holder must survive until a certain time or event. A future interest is correctly said to be "contingent" when it is subject to a condition, in addition to the termination of the prior estate, which must occur before the interest becomes a present estate. The two usages of the word are often overlapping, …
Wills--The Receipt Of Substantial Benefits Under A Will By One In Confidential Relationship With Testator Raises A Presumption Of Undue Influence Which After Rebutting Evidence Is Introduced Remains As A Permissible Inference For The Jury--In Re Wood Estate, Michigan Law Review
Michigan Law Review
Testator bequeathed to proponent, his private secretary, a substantial portion of his estate. Contestant, testator's niece and sole heir, attacked the validity of the bequest on the grounds of proponent's alleged undue influence, and introduced evidence indicating the existence of a confidential relationship between proponent and testator. Proponent denied both the existence of a confidential relationship and the allegations of undue influence, and introduced evidence that independent counsel had advised testator in the making of his will. The trial court granted proponent's motion for a directed verdict. On appeal, held reversed, two justices dissenting. The receipt of substantial benefits under …
Retention Of Control Over Stock Constitutes "Ownership" Under Section 1239 Of The Internal Revenue Code-Harry Trotz, Michigan Law Review
Retention Of Control Over Stock Constitutes "Ownership" Under Section 1239 Of The Internal Revenue Code-Harry Trotz, Michigan Law Review
Michigan Law Review
Petitioner set up a corporation, retaining seventy-nine per cent of the stock and -distributing the remainder to a third party. The third party borrowed from petitioner, pledging his stock as security and executing an option agreement under which the petitioner could recover the stock at any time. Subsequently, the newly organized corporation purchased all the depreciable assets of petitioner's proprietorship at a price in excess of their adjusted basis; petitioner reported the difference as a capital gain. The Commissioner declared a deficiency, relying on section 1239 of the Internal Revenue Code, which treats as ordinary income the gain recognized from …
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Michigan Law Review
Among claims against a bankrupt estate were those for unpaid wages and vacation pay earned within three months of the bankruptcy of the employer. The referee ordered distribution of the amount of the claims, assigning them second priority, but he refused to authorize deduction of income withholding tax and social security taxes from these payments as requested by the Government. The district court reversed, holding the trustee in bankruptcy liable for the taxes as a first priority administrative expense. On appeal, held, reversed. Taxes based on wage claims accruing prior to bankruptcy but paid during bankruptcy are section 64a(4) …
An Inquiry Into The Utility Of "Domicile" As A Concept In Conflicts Analysis, Russell J. Weintraub
An Inquiry Into The Utility Of "Domicile" As A Concept In Conflicts Analysis, Russell J. Weintraub
Michigan Law Review
No attempt is made here to conduct an exhaustive case study of any one particular area in which the concept of "domicile" is used as a tool for analysis in the conflict of laws. A number of thorough and useful studies have been made in narrow areas and are cited at appropriate places in the body of this article. Instead, this article will review the use of "domicile" in analyzing certain typical conflicts problems, particularly its use as the contact or pointing word in choice of law rules concerning the testate and intestate distribution of movables, and, as is newly …
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Michigan Law Review
Once upon a time, and not so very long ago, a child was born, much to the delight of its lawyer-parents. As children will, it brought much joy and only occasional moments of dismay and concern during its early, formative years. But one day it entered the terrible teens, and at age sixteen it became, like many teen-agers, baffling, confusing, and frustrating, giving rise to frenzied attempts to cope with and control the complexities of its behavior. Its name? The Federal Estate Tax Marital Deduction.
Widows' Allowances And Marital Deductions-The Date-Of-Death Rule, Michigan Law Review
Widows' Allowances And Marital Deductions-The Date-Of-Death Rule, Michigan Law Review
Michigan Law Review
In every state there are statutes that provide for widows' allowances in an attempt to assure adequate support for widows during the time it takes to settle their husbands' estates. A common feature in most of these state support statutes is that the local probate judge is permitted to order an amount which the court finds to be reasonably necessary for the maintenance of the widow during the period of settlement to be set aside for her from the rest of the estate. The maximum amount permitted, the method of payment, the duration of the allowance, the extent to which …
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
Michigan Law Review
Legal writers have been intrigued for years by the challenge of classifying and identifying the resulting incidents of the joint and survivor bank deposit when an attempt is made to use it as a mode of effectuating a donor depositor's intention to confer benefits on a donee co-depositor. Much in their discussions is useful to one who is concerned with the concept that has evolved in Michigan, where a 1909 statute states that some co-depositors are presumed to be joint tenants. Michigan judges and practitioners must determine, however, whether comment about national trends is applicable here, for in many respects …
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Michigan Law Review
Testator devised his farm to his son and two daughters. The son, who predeceased his father, was bequeathed an option to purchase the daughters' two-thirds interest in the farm for a specified amount. Over the objection of the daughters, the heirs of the son sought to exercise the option under an anti-lapse statute. The trial court concluded that the son's heirs had inherited the right to purchase. On appeal to the Supreme Court of Iowa, held,affirmed. An option to purchase is a valuable property right inheritable under an anti-lapse statute.
Fiduciary Administration-Power Of Court To Authorize Inter Vivos Distribution From Incompetent's Estate, Robert C. Bonges
Fiduciary Administration-Power Of Court To Authorize Inter Vivos Distribution From Incompetent's Estate, Robert C. Bonges
Michigan Law Review
The guardians of an eighty-six-year-old incompetent multi-millionaire petitioned for authorization to give a portion of the ward's assets to his children and grandchildren. It was not suggested that the proposed beneficiaries were currently in need of funds, but rather the sole purpose of the inter vivas distribution was to minimize the impact of federal estate taxes on the ward's estate at his death. It was alleged and proved, however, that the proposed distribution would follow a plan which accorded substantially with the terms of the ward's will, and which the ward presumably would have followed himself, had he remained competent …
Executors And Administrators-Sale Of Realty In The Estate-Better Price As Reason For Permitting Sale Under "Best Interests Of The Estate" Provision, William J. Bogaard
Executors And Administrators-Sale Of Realty In The Estate-Better Price As Reason For Permitting Sale Under "Best Interests Of The Estate" Provision, William J. Bogaard
Michigan Law Review
Pursuant to a Missouri statute permitting sale of real property for any purpose in the best interests of the estate, administrator filed a petition for power to sell realty in the estate of the decedent for the reason, inter alia, that a better price could be obtained at a private sale than at a judicial sale resulting from a suit for partition. The plaintiff heir's subsequent bill for partition of the real estate was dismissed by the trial court, which found that the administrator's petition for power to sell had conferred jurisdiction of the property on the probate court. …
Voluntary Payments To Widows Of Corporate Executives: Gifts Or Income?, Paul A. Rothman
Voluntary Payments To Widows Of Corporate Executives: Gifts Or Income?, Paul A. Rothman
Michigan Law Review
The solicitude of hardhearted corporations for the widows of corporate executives has given rise to an abundance of cases involving the question whether payments to these widows constitute gifts or income. In the cases to be considered in this comment, payments are made by the corporation to the decedent's widow on a purely voluntary basis. In the typical situation, the board of directors adopts a resolution eulogizing the decedent and authorizing payments to his widow in recognition of his long and faithful service. In most cases, these payments are measured by the decedent's salary and continue for periods ranging from …
International Law-Treaties-Inheritance Rights Of Residents Of Yugoslavia, Charles F. Niemeth
International Law-Treaties-Inheritance Rights Of Residents Of Yugoslavia, Charles F. Niemeth
Michigan Law Review
All the heirs at law of a Pennsylvania resident who died intestate resided in Yugoslavia. The Orphans' Court found that the distributees would not have the actual benefit, use, enjoyment or control of their intestate shares. In accordance with a state statute providing for such contingency,1 the funds were ordered paid, without escheat, into the state treasury. On appeal, held, affirmed, one judge dissenting. Because the statute is custodial rather than confiscatory, it is not repugnant to the most-favored-nation clause of the treaty between the United States and Yugoslavia which provides for reciprocal rights of inheritance between citizens of …
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Michigan Law Review
The surviving trustee of a testamentary trust petitioned the probate court for authority to terminate and distribute the trust in accordance with a compromise agreement between all interested persons apart from the possible issue of one beneficiary. Undisputed medical testimony was received that neither the beneficiary nor his wife were capable of procreation. On a question of law certified to the New Hampshire Supreme Court, held, remanded with instructions to terminate and distribute the corpus of the trust. Termination of a trust in prejudice of the interests of possible future issue is permissible when the possibility of such issue …
Trusts-Validity Of Spendthrift Trust, Charles K. Dayton
Trusts-Validity Of Spendthrift Trust, Charles K. Dayton
Michigan Law Review
Defendant, a judgment debtor, was one of three beneficiaries of a trust agreement which granted him an income of 1,500 dollars annually until his daughter reached the age of twenty-five, at which time he was to receive one-third of the corpus. The trust agreement contained a clause prohibiting voluntary or involuntary alienation of the beneficiary's interest in the income or principal of the 91,000 dollar trust estate. Plaintiff-creditor's attempt to apply the defendant's right to receive annual income toward the satisfaction of a 41,000 dollar judgment was denied by the trial court and the Ohio court of appeals on the …
Construction, Reformation, And The Rule Against Perpetuities, Olin L. Browder Jr.
Construction, Reformation, And The Rule Against Perpetuities, Olin L. Browder Jr.
Michigan Law Review
Not long ago, in all the commotion about the doctrine of wait-and-see, a different principle for dealing with the pitfalls in perpetuities law unobtrusively emerged. This was an adaptation of the principle of cy pres to require that provisions, void under the Rule Against Perpetuities, be reformed within the limits of that Rule so as to give effect as closely as possible to the intention of the donor.
Federal Estate Tax-Determination Of Marital Deduction In Community Property State When Surviving Spouse Elects To Take Under Decedent's Will, Jon E. Denney
Michigan Law Review
Decedent, a Texas resident, provided that if his wife elected to take under his will she would receive one-third of the total community property and one-third of his separate estate. The remaining two-thirds of decedent's total estate was devised in trust for the benefit of his children. The widow elected to take under the will, thereby allowing her interest in the community property to pass as provided in the will. The executors claimed a marital deduction for the one-third separate property passing to the widow. Since she received less under the will than the value of her relinquished community property, …
Right Of A Surviving Partner To Purchase A Deceased Partner's Interest Under The Uniform Partnership Act, Charles R. Frederickson
Right Of A Surviving Partner To Purchase A Deceased Partner's Interest Under The Uniform Partnership Act, Charles R. Frederickson
Michigan Law Review
This discussion is intended to demonstrate that, under the act, the likelihood of fraud should no longer be so controlling a factor as to require invariably a liquidation sale of partnership assets when a court of equity has within its supervisory powers the ability to protect fully all of the parties involved when a partnership is dissolved by death.