Estates and Trusts Commons^™

Wills-Publication Of Will And Acknowledgment Of Signature, Robert W. Shadd

Michigan Law Review

Testatrix telephoned two friends, asking them to come to her home and witness her will. When they arrived, the document was lying on a table in testatrix' presence, and she declared, "Here is the pen, sign it." Both witnesses were positive testatrix did not sign in their presence. The evidence, while not conclusive, also tended to show that neither witness saw the signature, testatrix having signed on page seven while the document was opened to the attestation clause on page eight. The superior court admitted the will to probate over appellant's objection that testatrix had failed to meet the statutory …

Wills-Right Of Legatee To Renounce To Detriment Of Creditors, William R. Worth

Michigan Law Review

A judgment creditor of an insolvent residuary legatee commenced supplementary proceedings to reach the legacy. While these proceedings were pending, some ten months after the will was probated, and after testifying that he had a one-third interest in the residuary estate, the legatee filed a formal renunciation of his interest. In the proceeding by the executors for a final accounting, the Surrogate's Court and the Appellate Division ruled that the renunciation was effective to divest the judgment debtor of his interest under the will. On appeal, held, reversed, two judges dissenting. In re Wilson's Estate, 298 N.Y. 398, …

Illegal Conditions And Limitations: Effect Of Illegality, Olin L. Browder, Jr

Michigan Law Review

IN earlier articles the writer undertook to explore that miscellaneous and somewhat neglected field of law in which public policy is held to nullify the efforts of persons to impose certain types of conditions and limitations on dispositions of their property.' Such provisions most commonly take the form either of conditions subsequent or executory limitations, but occasionally appear as conditions precedent or special limitations. Unlike provisions which run afoul of the rule against perpetuities or the rules against restraints on alienation, the provisions in question usually prescribe conduct on the part of beneficiaries which is not directly related to the …

Trusts-Tentative Trusts-Effect Of Delivery Of Passbook, Alan P. Goldstein

Michigan Law Review

Anna Farrell, a confined incompetent at the time of this suit, had a savings bank deposit in her own name, "in trust for my daughter Lucy Farrell." Just prior to Anna's admission to the hospital, while still of sound mind, she handed a sealed envelope to Lucy and told Lucy to hold it for her. The envelope contained, among other papers, the pass book to the bank deposit. Thereafter, Lucy claimed the money in the account on the ground that she had, over the years, delivered the money in the account to her mother for safekeeping. Anna's guardian petitioned for …

Wills-Validity Of Devise To United States Government, Richard J. Brake

Michigan Law Review

A California testator bequeathed "all I own and possess to the United States Government." His heirs sought to have the disposition set aside, claiming the federal government could not be a beneficiary under the California probate statute which permitted testamentary dispositions to be made to the state, counties, municipal corporations and certain others. From the order denying their petition for distribution, the heirs appealed. Held, reversed. The word "state" as used in the probate statute does not include the United States. In re Burnison's Estate, (Cal. App. 1948) 196 P. (2d) 822.

The Church And Spiegel Cases: A Reinterpretation Of The "Possession Or Enjoyment" Clause Of I.R.C. 811 ©, William J. Schrenk Jr., Richard V. Wellman

Michigan Law Review

Although federal tax statutes have provided for over thirty years that "transfers intended to take effect in possession or enjoyment at or after death" shall be included in the grantor's gross estate for estate tax purposes attempts to define precisely the scope of this language have not been outstanding for their success. In two recent decisions by the Supreme Court, Commissioner v. Church and Spiegel v. Commissioner, a further attempt at clarification has been made.

Wills-Validity Of Condition Against Contest-Contest By Minor, Roland E. Ginsberg

Michigan Law Review

Defendant, a minor, contested his mother's will which provided that if a beneficiary should make any effort to invalidate or alter the will, the provisions made for such person should be void. Defendant's father, who had been appointed guardian ad litem, filed notice of contest and petitioned the probate court that the general guardian be compelled to contest the will. After hearing, it was so ordered, and a will contest was held in the circuit court, in which mental incompetency and undue influence were alleged. The contest being unsuccessful, the will was admitted to probate. Plaintiff, as executrix and …

Estate Plannning And Estate Tax Savings, By Edward N. Polisher (1948) And Estate Planner's Handbook, By Mayo Adams Shattuck (1948), Charles Horowitz

Washington Law Review

The volumes under review are written primarily for attorneys dealing in the subject of estate planning. Mr. Polisher's emphasis is on the tax consequences of estate planning, accompanied, however, with numerous practical suggestions on the merits of various substantive provisions in the estate plan, looking to the minimization of tax liabilities. He discusses in readable detail the provisions of the federal estate and gift tax law (with incidental reference to income tax liability) as it affects both common law and community property. However, his discussion of community property in relation to federal taxes is rather brief. Mr. Shattuck's discussion is …

Foreword, Mayo A. Shattuck

Vanderbilt Law Review

In order to get a proper measure of modern Estate Planning I think it may be useful to consider, very briefly, some aspects of its history. The family trust was born into our jurisprudence in an environment which had been moulded in that solid and immovable pyramid called feudalism. In that social order there was nothing of imaginative elasticity. Lateral allegiances or entanglements were as little known as lateral movements. All lines of authority moved from the top; all discharges of duties were rendered vertically to the liege lord next above. As with human relationships so also with property. The …

Will Renunciation Of A Bequest Or Failure To Claim A Statutory Share Constitute A Taxable Gift?, Daniel D. Canale, Robert E. Cooper

Vanderbilt Law Review

In 1948 the 80th Congress amended the Internal Revenue Code in an effort to eliminate the discrimination theretofore enjoyed by residents of states which had adopted the community property system.' Substantial equalization in the estate and gift tax fields is expected to follow from the marital deduction and "gift tax splitting" privileges. Moreover, these changes have focused attention upon a problem which caused considerable concern to conservative tax advisors even before the 1948 Tax Amendment. It has long been a doubtful question whether the renunciation of testamentary benefits would be held to constitute a taxable gift. The Act and the …

Future Interests-Construction Of "Surviving" In Substitutionary Gift Of Remainder, J. R. Mackenzie S.Ed.

Michigan Law Review

Testator's will provided that his property should go to his wife W for life, then in equal shares to his sister A and his brothers B and C. The language used was appropriate to create vested remainders in A, B and C. The will then provided, "And in case of the death of my said sister or either of my said brothers before the death of my said wife, the share that he or she would have taken shall be divided equally between his or her surviving children, by right of representation." A and B died before testator; …

Wills-Constructive Trust Imposed On All Heirs Where Some Interfered With Execution Of Will, Herhert E. Phillipson, Jr.

Michigan Law Review

Two heirs at law, by physical force or by creating a disturbance, prevented decedent from executing a will devising her property to plaintiff. Shortly thereafter, decedent lapsed into a semi-comatose condition from which she never recovered. Plaintiff asked the court to impose a constructive trust on the distributive shares of all heirs, six of whom were not parties to the fraud. The district court gave judgment for the plaintiff; the Court of Civil Appeals partially reversed, allowing the innocent heirs to take free of any trust. On appeal, held, judgment of district court affirmed. Since all heirs at law …

A Symposium On Estate Planning: Foreword, Mayo Adams Shattuck

Vanderbilt Law Review

The power and increasing value of conferences and symposia of the sort which the Vanderbilt Law Review has arranged is that a team of first class men are gathered together to give testimony and useful advice upon the various independent factors which must be taken into account in solution of this fascinating problem. When a group of distinguished scholars and practitioners like those participating in this symposium are willing to make thoughtful contributions to this sort-of round table, without hope of compensation except for the satisfaction that comes from the provision of sound ideas and the education that stems from …

A Planner's Primer, William M. Reynolds

Vanderbilt Law Review

Anyone undertaking an assignment to write within a few pages under this comprehensive title must limit his coverage. This general article on a subject as intangible as estate planning omits entirely or gives short treatment to many considerations which may be of great importance to the conscientious planning of relatively complicated estate situations., Emphasis will be placed on the tax aspects of estate planning, particularly federal taxes, but consideration will be given to other aspects which may be of equal or even greater importance. This deliberate emphasis is certainly not intended to add to the misleading impression, too frequently held, …

Valuation Of The Family Controlled Business For Estate Tax Purposes, James O. Wynn

Vanderbilt Law Review

The starting point in the determination of the federal estate tax is the valuation of the property included in the gross estate.' While the Internal Revenue Code does not use the term "fair market value" in defining the gross estate, the regulations promulgated by the Commissioner of Internal Revenue as an interpretation of the estate tax provisions of the Code provide that "the value of every item of property includible in the gross estate is the fair market value thereof." While a creditable argument could be made that Congress, in using the term "value" in defining the gross estate, intended …

Some Aspects Of Estate Planning In Tennessee, Alec B. Stevenson

Vanderbilt Law Review

Not many years ago a large New York bank circulated privately booklet with the provocative title "The Passing of the Simple Will." The choice of the title and the text itself underlined the complexities which surround the owner of property and his advisers when they jointly attempt to plan the disposition of a modern estate for modem needs. The now almost legendary owner of Blackacre could, indeed, write a simple will, quite effective and satisfactory as a plan for the disposition 'and use of the family property. One need scarcely recite the changes which have taken place in more recent …

A Planner's Primer, William M. Reynolds

Vanderbilt Law Review

Anyone undertaking an assignment to write within a few pages under this comprehensive title must limit his coverage. This general article on a subject as intangible as estate planning omits entirely or gives short treatment to many considerations which may be of great importance to the conscientious planning of relatively complicated estate situations. Emphasis will be placed on the tax aspects of estate planning, particularly federal taxes, but consideration will be given to other aspects which may be of equal or even greater importance. This deliberate emphasis is certainly not intended to add to the misleading impression, too frequently held, …

Transfers In Contemplation Of Death, Edward N. Polisher

Vanderbilt Law Review

The scope of this article is limited to the discussion of transfers prompted by motives associated with life and moral obligations; transfers made simultaneously with the execution of a will, or as a part of a plan of testamentary disposition; transfers of life insurance policies; and lastly, valuation of such transfers.

Book Reviews, Philip A. Hendrick, Charles L.B. Lowndes (Reviewer), Adrian W. Dewind (Reviewer), Chas. A. Morehead (Reviewer), John R. Stivers (Reviewer)

Vanderbilt Law Review

An Estate Planner's Handbook By Mayo Adams Shattuck

Boston: Little, Brown & Company, 1948. Pp. 575. $7.50

reviewer: Philip A. Hendrick

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Estate Planning and Estate Tax Saving By Edward N. Polisher

Philadelphia: George T. Bisel Company. Second Edition, 1948. 2 Volumes. Pp. xxxii, 923. $20.00

reviewer: Charles L.B. Lowndes

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Federal Taxes--Corporations and Partnerships, 1948-49 By Robert H. Montgomery, Conrad B. Taylor and Mark E. Richardson

Vol. I: Gross Income and Deductions Vol. II: Taxes, Returns and Administration New York: The Ronald Press Company, 1948. Pp. xiii, 1001; pp. iv, 881. $20.00

Federal Taxes--Estates, Trusts and Gifts, 1948-49

By …

Recent Cases, Law Review Staff

Vanderbilt Law Review

Assault and Battery--Injury Sustained in Prize Fig

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Constitutional Law--Elections--Voting Rights of Residents of Federal Enclave where Polling Places are on Land under Exclusive Federal Jurisdiction

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Constitutional Law--Miscegenation Statutes--Statutory Prohibitions against Inter-Racial Marriages held Unconstitutional

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Criminal Law--Evidence--Admissibility of Sound Motion Pictures of Re-Enactment of Crime by Defendants

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Criminal Procedure--Use of Jury Primer Prior to Trial

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Estate Planning--Mistake as to Tax Consequences of a Gift--Requirements for Rescission

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Evidence--Impeachment of Witnesses--Warning Question on Examination as to Prior Testimony

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Interstate Commerce--Sherman Act--Applicability to Organized Baseball

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Labor Law--Constitutional Law--Validity of Prohibition on Contributions and Expenditures of Labor …

State Legislative Apportionment Of The Federal Estate Tax, Martin Alan Mitnick

Maryland Law Review

No abstract provided.

Use Of Doctrine Of Worthier Title To Determine The Intent

Indiana Law Journal

Recent Cases: Trusts

Partnership -- Uniform Partnership Act--Right Of Surviving Partner To Purchase Partnership Property, Melvin J. Spencer

Michigan Law Review

Defendants, administrators of the estate of the deceased partner, agreed with the surviving partner to continue the partnership hotel business, with the approval of the probate court. After some operation, the surviving partner sued to compel the administrators to sell him the interest of the deceased at a value to be judicially determined. Defendants cross-complained, asking the court to liquidate the business and award them the amount of the interest of the deceased in the proceeds. Held, reversing the decree below, the assets of the dissolved partnership should be liquidated, in accord with defendants' prayer. Zach v. Schulman, …

Taxation-Federal Estate Tax-Inclusion In Gross Estate Of Transfer By Which Settlor Retained Power To Terminate, C. C. Grunewald S.Ed.

Michigan Law Review

In 1928, decedent established a trust giving his wife the income for her life, with a remainder to his three children. Decedent, as co-trustee, retained power to pay portions of the corpus to his wife and to change the trust on his approval of a written request by his wife. When the estate challenged the commissioner's assessment of a tax deficiency, the Tax Court, relying on the power to invade the principal, included the trust corpus in the gross estate under section 811(d)(2) of the I.R.C., no reduction being allowed for the wife's life estate since no method of evaluating …

Future Interests - Powers Of Appointment- Effect Of Bankruptcy Of Donee Of General Testamentary Power, Albert B. Perlin, Jr.

Michigan Law Review

By her will, X established a spendthrift trust, appointing Y and a trust company as co-trustees. In addition to receiving the income from the trust during his life, Y was given a general testamentary power to appoint the corpus; in default of appointment the corpus was to be divided equally among Y's issue. After X's death Y filed a voluntary petition in bankruptcy, listing the above interest as that of a beneficiary of a spendthrift trust, "value none." Before Y's death the trustee in bankruptcy purported to sell to plaintiff, who was not a creditor of Y …

Wills-Validity Of Attestation On Separate Sheet Of Paper Not Physically Attached To Will, Myron J. Nadler

Michigan Law Review

Testatrix drew an instrument consisting of a single sheet of paper, intending it as her will. In the presence of a notary public, three witnesses observed the instrument with testatrix' signature thereon and her acknowledgment of it as her will, but did not sign it. The document was then placed in an envelope. A separate instrument of attestation which referred to the will was prepared by the notary and signed by the testatrix and the attesting witnesses. This instrument and the envelope containing the will were both placed in another folder which was then deposited with the proper officials. Probate …

Inter Vivos Transfers In Violation Of The Rights Of Surviving Spouses, Melvin J. Sykes

Maryland Law Review

No abstract provided.

Fiduciary Administration -- Deviation From Terms Of Trust--Invasion Of Principal For Benefit Of Life Tenant, W. Stirling Maxwell S.Ed.

Michigan Law Review

By a will executed in 1932 testator, who died in 1944, made outright bequests of $2,500 and his personal goods to his widow and $5,000 to each of his sons. He then devised the residue of his estate to trustees to pay the income to his widow for life and, upon her death, to distribute the corpus to his then living issue in equal shares by right of representation, and, in default of such issue, to those who would take if he had died intestate when his widow died. The will gave the trustees broad investment and management powers but …

Alternatives To Spendthrift Trusts In Kentucky, Calvert C. Little

Kentucky Law Journal

No abstract provided.

Construction Of Wills--Threlkeld's Ex'rs V. Synodical Presbyterian Orphanage Of Anchorage, John R. Gillespie

Kentucky Law Journal

No abstract provided.