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Articles 61 - 90 of 841
Full-Text Articles in Estates and Trusts
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, …
Trusts-Trustees-Investment Duties Of Trustees And The Problem Of Unduly-Conservative Trust Investments, Lawrence Hirsch S.Ed.
Trusts-Trustees-Investment Duties Of Trustees And The Problem Of Unduly-Conservative Trust Investments, Lawrence Hirsch S.Ed.
Michigan Law Review
This comment will first examine the trustee's investment duties, particularly those relating to investments in securities, and then consider the factors which have brought to the fore the problem of the unduly-conservative trust investment. On the basis of this examination, it may be determined whether the present law in this area provides the beneficiary with adequate safeguards against the unduly-conservative investment. Finally, assuming such safeguards have not been provided, some suggested remedies for this situation will be considered, including the possible imposition of a duty upon trustees to invest at least part of the trust funds in common stock.
Future Interests-Powers Of Disposition-Some Practical Considerations In Using Powers Of Disposition For Testamentary Purpose, Lawrence Ray Bishop S.Ed.
Future Interests-Powers Of Disposition-Some Practical Considerations In Using Powers Of Disposition For Testamentary Purpose, Lawrence Ray Bishop S.Ed.
Michigan Law Review
Testators, in an effort to retain control of their property from beyond the grave, have often developed schemes by which they attempt to alter the normal devolution of title to, and the utilization of, that property by their beneficiaries. One of the primary motives giving rise to such schemes is the desire to give the immediate object of a testator's bounty a great deal of flexibility and control in the use of the testamentary property, while reserving to the testator the possibility of controlling its further disposition upon the death of such person. The most theoretically suitable device by which …
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Michigan Law Review
This comment will examine the foregoing problem in light of several recent cases which have cast doubt on the presently conceived relationship between section 2035 and section 2040.
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Michigan Law Review
Husband (H) and wife (W) executed joint, unsecured promissory notes to each of two creditors, a realty company, and a bank. H, in default on both notes, filed a voluntary petition in bankruptcy. The petition listed both noteholders as creditors; in addition, the schedule of assets noted that an interest in an estate by the entirety held by the bankrupt was not an asset of the bankrupt estate, since under state law it was not subject to the claims of creditors of only one spouse. After the first meeting of creditors, an order of discharge …
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Michigan Law Review
Upon decedent's death, his former employer made certain payments to the surviving widow under two voluntarily established benefit plans which were unfunded and non-qualified. The first of these arrangements, the death benefit plan, provided for three months' salary to be paid to an employee's widow, if the employee died before becoming eligible for retirement. The second, the deferred compensation plan, provided payment of a certain stated maximum to an employee's widow in sixty equal monthly installments. This was not a retirement program, however, since the employee himself would receive these payments if, and only if, he were ever to become …
Wills--Sequestration--Acceleration Of Life Interest Upon Renunciation Of Prior Interest, Daniel R. Elliott Jr.
Wills--Sequestration--Acceleration Of Life Interest Upon Renunciation Of Prior Interest, Daniel R. Elliott Jr.
Michigan Law Review
Testator made an inter vivos agreement in which he promised to bequeath to his son a certain portion of his estate. Upon testator's failure to comply with this agreement, the bequest actually given, a life interest in sixty percent of the estate, was renounced by the son, who instead elected to receive one million dollars from the estate in settlement of his claim. The will gave a remainder interest for life to the son of the renouncing legatee, testator's grandson. The ultimate remaindermen of the corpus of this part of the estate were two hospitals. In regard to the remaining …
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Michigan Law Review
Testator's will created a trust for his grandchildren which was to terminate "when my youngest grandchild (whether now living or hereafter born) shall become twenty-five years of age." As it would be possible for the youngest grandchild to become twenty-five beyond the period permitted by the Rule Against Perpetuities, the chancellor held the class gift invalid. The state supreme court reversed, and ruled that since the trust allowed payment of income to the beneficiary as needed, the interests vested upon the death of the testator. On suggestion of error, held, overruled, judgment modified and corrected. The interests may be …
Trusts-Descent And Distribution-Wife's Forced Share And An Inter Vivos Trust, Fredric L. Smith
Trusts-Descent And Distribution-Wife's Forced Share And An Inter Vivos Trust, Fredric L. Smith
Michigan Law Review
Settlor had created an inter vivas trust, retaining income for life, right to revoke, and control over the investment. Upon settlor's death, plaintiff, settlor's wife, was to receive income for life, with gift over to settlor's children. Plaintiff elected to take against settlor's will in favor of a statutorily provided distributive share. Upon application for declaratory judgment the trial court declared the trust to be valid, but granted relief to plaintiff as to her distributive share out of the trust assets, and the court of appeals affirmed. On motion to certify, held, reversed. Since the trust is valid, title …
Property-Joint Bank Accounts-The Donee's Inter Vivos Interest, David K. Kroll S.Ed.
Property-Joint Bank Accounts-The Donee's Inter Vivos Interest, David K. Kroll S.Ed.
Michigan Law Review
The use of joint bank accounts has become widespread throughout the United States in recent years and has been the source of considerable litigation and comment. The predominant importance of this type of account is that it allows funds remaining at the death of a co-depositor to pass to the survivor without the necessity of a will. This aspect of the account, causing it to be known sometimes as a "Poor Man's Will," has been the focal point of the attention given to the transaction; and today, after more than half a century of uneven treatment by the courts, all …
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Michigan Law Review
This comment will explore two problems: first, an analysis of the legislative history of the present section 2036 in an effort to discover exactly which property relationships Congress intended to reach by this provision; second, an examination of the treatment which several specific arrangements have been given by the courts to determine whether there is any degree of certainty or predictability in the application of section 2036.
Taxation-Federal Estate Tax-Inference Of Retained Life Interest Under Section 2036(A), Donald E. Vacin
Taxation-Federal Estate Tax-Inference Of Retained Life Interest Under Section 2036(A), Donald E. Vacin
Michigan Law Review
In 1936 decedent established an irrevocable trust naming herself and relatives as beneficiaries. The corporate trustees were directed to pay the trust income, in the exercise of their absolute discretion, either to the settlor or to the other beneficiaries. In filing her 1936 federal gift tax return settlor attempted unsuccessfully to exclude the value of a life estate in the trust income, allegedly retained by her. At her death, the value of the trust corpus was not included in her estate tax return. The Commissioner assessed a deficiency contending that decedent-settlor had retained for her life the "possession or enjoyment" …
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Michigan Law Review
The plaintiff, as trustee in bankruptcy of the insured, sued the defendant insurer to recover damages resulting from a judgment entered against the insured in a personal injury suit. This judgment subjected the insured to a liability of 89,000 dollars in excess of the 10,000 dollar automobile liability_ coverage carried with the insurer. The insurer, pursuant to its policy, had undertaken the insured's defense and had failed, allegedly in bad faith, to settle the suit for an amount within the limits of its coverage. Before judgment was entered in the personal injury suit the insured was insolvent; six months following …
Wills - Probate - "Fraudulent" Destruction Notwithstanding Testator's Knowledge, Alan Rothenberg
Wills - Probate - "Fraudulent" Destruction Notwithstanding Testator's Knowledge, Alan Rothenberg
Michigan Law Review
Decedent executed a will in which he exercised a general testamentary power of appointment making plaintiff beneficiary of a trust. The will was delivered for safekeeping to a notary in Germany and subsequently destroyed in a bombing raid. Decedent, having learned of the destruction of his will, died ten months later without executing a new will in the interim. The Surrogate admitted the will for probate as one "fraudulently destroyed" under New York law. The Appellate Division reversed. On appeal to the New York Court of Appeals, held, reversed, three judges dissenting. The will was "fraudulently destroyed" within the meaning …
Wills-Revocation By Act To The Document-Effect On Codicil, Roger W. Kapp S. Ed
Wills-Revocation By Act To The Document-Effect On Codicil, Roger W. Kapp S. Ed
Michigan Law Review
The term codicil generally refers to a supplement to a will by which the testator alters or adds to his will. It may be nominated a codicil by the testator or held to be one by judicial construction. If it is to be operative at all, a codicil must of course be executed with all the formalities required by the statute of wills. But, just as it is difficult to describe a codicil without reference to a primary testamentary document, so also is it difficult to determine the status of an otherwise valid codicil when the will it supplements has …
Trusts And Estates -- Pour-Over Wills -- Bequest To Subsequently Amended Trust Upheld Under Doctrine Of Independent Significance, David Finkleman
Trusts And Estates -- Pour-Over Wills -- Bequest To Subsequently Amended Trust Upheld Under Doctrine Of Independent Significance, David Finkleman
Michigan Law Review
Testator created an inter vivos trust, reserving a power to amend or revoke. Thereafter, he executed his will which left the residue of his estate to the trustee to be used according to the terms of the trust. Subsequently, testator executed an unattested instrument which altered the beneficial interests in the trust property. At testator's death, his executor petitioned the probate court for instructions whether the residue passed according to the trust's original terms, its amended terms, or whether the bequest failed, resulting in intestacy. On certification to the Supreme Judicial Court of Massachusetts, held, there was an effective …
Federal Estate Tax - Marital Deduction - Annuity For Life With Guaranteed Certain Payments Not Divided Into Two Properties By Insurer's Accounting Treatment, William S. Bach
Michigan Law Review
Plaintiff, executor of decedent's estate, brought suit to recover an overpayment of federal estate tax. Decedent had purchased a life insurance policy and had elected an option under which proceeds would be paid to his wife in monthly payments for her life; however, the option also guaranteed a minimum of 240 payments. In the event the wife died before 240 payments were made, payments were to continue to decedent's daughter, or on the death of both wife and daughter, the commuted value of the remaining guaranteed payments would be paid in lump sum to the estate of the survivor. The …
Macdonald: Fraud On The Widow's Share, Max Rheinstein
Macdonald: Fraud On The Widow's Share, Max Rheinstein
Michigan Law Review
A Review of FRAUD ON THE WIDOW'S SHARE. By William D. Macdonald
Trusts - Charitable Trusts - Ascertainment Of Dominant Intent In Application Of Cy Pres, Stuart S. Gunckel
Trusts - Charitable Trusts - Ascertainment Of Dominant Intent In Application Of Cy Pres, Stuart S. Gunckel
Michigan Law Review
Testator made a residuary bequest to the city of Detroit "for a playfield for white children." The city agreed to accept this bequest if the racial restriction were removed under the doctrine of cy pres. In an action by the heirs to recover the bequest, the circuit court refused the application of the doctrine of cy pres although the city could not accept the gift unless it was permitted to establish a playfield for children of all races. On appeal, held, affirmed, by an evenly-divided court. Cy pres wiII not be applied in the absence of phrases in the …
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Michigan Law Review
The act of Congress of January 11, 1805, which created Michigan Territory out of Indiana Territory, provided that the new territory should have a government "in all respects similar" to that provided for the Northwest Territory by the Ordinance of 1787. The Ordinance had provided for the appointment of a court to consist of three judges who should have "a common law jurisdiction. "
Trust Administration - Apportionment And Other Remedies Of An Income Beneficiary When The Trustee's Retention Of Unproductive Property Causes A Loss Or Termination Of Income, Bruce M. Stiglitz S. Ed.
Trust Administration - Apportionment And Other Remedies Of An Income Beneficiary When The Trustee's Retention Of Unproductive Property Causes A Loss Or Termination Of Income, Bruce M. Stiglitz S. Ed.
Michigan Law Review
The purpose of this comment is to examine apportionment and other remedies of a beneficiary who has been deprived of his income by the retention of unproductive property, and especially to examine the problems which arise when the trustee's retention of such assets constitutes a breach of trust.
Trusts - Principal And Income - Apportionment Under Pennsylvania Rule Of Stock Dividends Based On Capital Surplus, James H. Devries
Trusts - Principal And Income - Apportionment Under Pennsylvania Rule Of Stock Dividends Based On Capital Surplus, James H. Devries
Michigan Law Review
Under the terms of a trust established in New York in 1915 income was to be paid to a beneficiary for life and upon his death the principal was to be distributed to certain descendants of the settlor. Two extraordinary stock distributions were received by the trust during the life of the income beneficiary. In issuing the additional shares each of the corporations had transferred to capital stock account its entire capital surplus and sufficient earned surplus to support the additional shares at their par value. At the time of creation of the trust New York applied the Pennsylvania rule …
Property - Powers - State Powers Statutes Protecting Creditors And Requiring Formal Execution, Robert A. Smith S. Ed.
Property - Powers - State Powers Statutes Protecting Creditors And Requiring Formal Execution, Robert A. Smith S. Ed.
Michigan Law Review
The first part of the comment considers the elevation sections of the statute-sections that change the donee's interest in the appointive or dispositive property to a fee for the benefit of creditors. The second part considers the execution sections of the statute-sections that subject the execution of powers to conveyancing requirements. These sections are of the utmost significance to estate planners.
Trusts - Interchangeability Of The Inter Vivos Trust And The Will - Various Tests Of Trust Validity, Stephen B. Flood S.Ed.
Trusts - Interchangeability Of The Inter Vivos Trust And The Will - Various Tests Of Trust Validity, Stephen B. Flood S.Ed.
Michigan Law Review
This comment will be devoted to an examination of various tests of trust validity in this setting and their relative utility as tools for analysis.
Real Property - Tenancy By The Entireties - Alienabilry Of Right Of Survivorship, Robert Brooks
Real Property - Tenancy By The Entireties - Alienabilry Of Right Of Survivorship, Robert Brooks
Michigan Law Review
At an execution sale to satisfy a judgment against her, plaintiff's interest in certain lots which she and her husband held as tenants by the entireties was conveyed to A by sheriff's deed. Subsequently, plaintiff's husband joined A and his wife in a deed of their interest to B, who later conveyed to defendants. After the death of her husband, plaintiff instituted an action as surviving spouse for possession of these lots. The trial court entered a summary judgment for plaintiff, holding that the sheriff's deed conveyed only a severable one-half interest in use and profits of the land …
Probate And Administration On The American Frontier: A Study Of The Probate Records Of Wayne County- Northwest Territory 1796-1803; Indiana Territory 1803-1805; Michigan Territory 1805-1816, William Wirt Blume
Michigan Law Review
As late as 1815 there was only one county in Michigan Territory- Wayne County- made up of parts of the territory to which the Indian titles had been extinguished. As other counties were organized beginning in 1817, Wayne County was reduced to its present size. A law adopted July 27, 1818, provided that a probate court should be held in each county. By a proclamation dated October 2, 1818, Acting Governor Woodbridge declared it was "no longer expedient to continue the present subdivisions of this territory into districts" for probate purposes; instead, each county should be "a separate District and …
Constitutional Law - Due Process - Retroactive Application Of Uniform Principal And Income Act, Thomas E. Kauper S.Ed.
Constitutional Law - Due Process - Retroactive Application Of Uniform Principal And Income Act, Thomas E. Kauper S.Ed.
Michigan Law Review
The trustee of a trust created prior to the 1957 enactment of the Uniform Principal and Income Act petitioned for instructions as to whether a stock dividend received by it subsequent to the passage of the act should be allocated to principal or income. The Uniform Act provides a rule for the treatment of stock dividends contrary to the judicial rule previously adopted in Wisconsin, and is expressly made applicable to trusts existing on its date of enactment. The county court, finding the act could not be constitutionally applied to trusts created prior to its enactment, ordered the allocation of …
Mortgages - Contribution - Right Of Surviving Tenant By The Entirety To Contribution For Joint Mortgage Debt, Stevan Uzelac S.Ed.
Mortgages - Contribution - Right Of Surviving Tenant By The Entirety To Contribution For Joint Mortgage Debt, Stevan Uzelac S.Ed.
Michigan Law Review
Decedent and his wife held title to certain land as tenants by the entirety. Shortly before decedent's death they jointly incurred an indebtedness of $8000 secured by a mortgage on such land. The proceeds of the loan were used to improve the mortgaged property. After decedent's death his widow, having succeeded to full ownership of the mortgaged land, claimed that she was entitled to contribution from decedent's estate for one-half of the joint mortgage debt upon the property. On the executors' petition for a final distribution decree the lower court denied the widow's right to contribution from the estate. On …
Gifts - Mistake-Rights Of The Doner, Donee And Their Successors In Interest To Relief, George Re. Parker Iii
Gifts - Mistake-Rights Of The Doner, Donee And Their Successors In Interest To Relief, George Re. Parker Iii
Michigan Law Review
The comment will deal first with three topics, (1) donor's rights against the donee or mistaken transferee, (2) donee's rights against the donor, and (3) rights of an intended donee against the mistaken transferee. This will be followed by a discussion of the problem which arises when the relative rights of more than two parties are involved.
Wills - Contract To Devise - Rights Of Subsequent Spouse With Notice Of Prior Contract At Time Of Marriage, Glenn O. Fuller
Wills - Contract To Devise - Rights Of Subsequent Spouse With Notice Of Prior Contract At Time Of Marriage, Glenn O. Fuller
Michigan Law Review
Decedent and his first wife executed reciprocal wills pursuant to a contract appearing on the face of the instruments. Each gave the other a life estate, with remainders to substantially identical beneficiaries. After his first wife's death, decedent remarried and in an antenuptial contract agreed to bequeath a sum of money to his second wife in lieu of all her claims against his estate. The second wife had actual notice of the prior agreement at the time of their marriage. Decedent then executed a new will which expressly revoked all prior wills, confirmed the terms of the antenuptial contract, and …