Estates and Trusts Commons^™

15th Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Mark T. Macdonald, Gerald P. Johnston, Edward A. Rothschild, Turney P. Berry, Norvie L. Lay, Barry Bond, F. Gerald Greenwell, Marjorie Bassler, Mary Helen Myles, Valerie T. Mayer

Continuing Legal Education Materials

Outlines of speakers' presentations from the 15th Annual Seminar on Estate Planning held by UK/CLE on July 15-16, 1988.

14th Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Edward A. Rothschild, John R. Cummins, Homer Parrent Iii, William F. Rigby, K. Sidney Neuman, Gary B. Houston, James Bremer, Daniel B. Santos, John T. Bondurant

Continuing Legal Education Materials

Outlines of speaker presentations from the 14th Annual Seminar on Estate Planning held by UK/CLE on July 17-18, 1987.

The "Estate Planning" Interviewer, Thomas L. Shaffer

Books

Book Introduction

Professor Shaffer's article The "Estate Planning" Interviewer is the Introduction: Part II, in J.K. Lasser's Estate Tax Techniques on pages INT-25 to INT-51

Estate Planning Considerations For The North Carolina Principal And Income Act Of 1973, James W. Narron

Campbell Law Review

Unless the governing instrument makes another provision, the Act applies to regulate the allocation of income and expense between the income and principal interests of a trust or estate. Accordingly, draftsmen who do not expressly exempt the fiduciary from the provisions of the Act or simply give the fiduciary standard North Carolina powers by incorporating by reference the provisions of N.C. Gen. Stat. § 32-27 are directing by default that the provisions of the Act apply to govern the allocation made by the fiduciary. This article will explore some of the consequences of each choice and will provide a framework …

On Being Pleasant: Ethics In Estate Planning, Thomas L. Shaffer

Journal Articles

The play “Harvey” teaches a valuable lesson on legal ethics through the character Elwood. Elwood teaches how being pleasant does more for a person than being smart. Legal ethics in estate planning is examined through three points of view: the reality of professional life in estate planning, the reality of client life in estate planning, and the reality of life in families that are affected by estate planning. In discussing each point of view, the Author uses the actions of Elwood to demonstrate and argue that professional ethics is not just a system for staying out of trouble, but is …

Personal Residence: Disposition Alternatives, D. Frank Hill Iii

West Virginia Law Review

No abstract provided.

Symposium: The Winds Of Change In Wills, Trusts, And Estate Planning Law, Law Review Editor

Vanderbilt Law Review

The articles in this Symposium illustrate three different aspects of change. The essay by Professor Fellows provides an analysis and criticism of one very important change, the trend toward the use of a legislative rather than judicial forum to create new law. In the second article, Professor Rein discusses adoption and proposes a mechanism by which the laws of succession can be modernized better to reflect the social phenomenon of adoption,whether of children or adults, legal or equitable. Professor Miller and Mr. Rainey in their article examine the premises that have prompted the increasing use of a revocable trust rather …

The Winds Of Change In Wills, Trusts, And Estate Planning Law, The Editor

Vanderbilt Law Review

The articles in this Symposium illustrate three different aspects of change. The essay by Professor Fellows provides an analysis and criticism of one very important change, the trend toward the use of a legislative rather than judicial forum to create new law. In the second article, Professor Rein discusses adoption and proposes a mechanism by which the laws of succession can be modernized better to reflect the social phenomenon of adoption,whether of children or adults, legal or equitable. Professor Miller and Mr. Rainey in their article examine the premises that have prompted the increasing use of a revocable trust rather …

Reformulating The Structure Of Estates: A Proposal For Legislative Action, Lawrence W. Waggoner

Book Chapters

Professor Waggoner points out various major inadequacies of the present structure of estates and traces them to the distinctions between conditions and limitations, between conditions precedent and conditions subsequent, and between reversionary and nonreversionary interests. Eschewing such distinctions as artificial, he pre- sents a reformulated structure of possessory and future interests and urges its enactment into law.

Estate Planning For The Married Couple, Don W. Llewellyn

Villanova Law Review (1956 - )

No abstract provided.

The Emergence Of A General Reformation Doctrine For Wills, Lawrence W. Waggoner, John H. Langbein

Articles

In this article, which both summarizes and updates an extensively footnoted article published last year ("Reformation of Wills on the Ground of Mistake: Change of Direction in American Law?" 130 University of Pennsylvania Law Rmiew 521 (1982)), we report on this new case law and discuss the analytic framework that we think it suggests and requires.

Reformation Of Wills On The Ground Of Mistake: Change Of Direction In American Law?, John H. Langbein, Lawrence W. Waggoner

Articles

Although it has been "axiomatic" that our courts do not entertain suits to reform wills on the ground of mistake, appellate courts in California, New Jersey, and New York have decided cases within the last five years that may presage the abandonment of the ancient "no-reformation" rule. The new cases do not purport to make this fundamental doctrinal change, although the California Court of Appeal in Estate of Taff and the New Jersey Supreme Court in Engle v. Siegel did expressly disclaim a related rule, sometimes called the "plain meaning" rule. That rule, which hereafter we will call the "no-extrinsic-evidence …

Closely Held Stocks—Deferral And Financing Of Estate Tax Costs Through Sections 303 And 6166, Douglas A. Kahn

Articles

The enactment of the Economic Recovery Tax Act of 1981 (hereinafter referred to as "the 1981 Act") will reduce both the impact of federal wealth transfer taxes and the number of persons still subject to them. Nevertheless, even after the 1981 Act takes full effect, a category of persons remains for whom wealth transfer taxes will constitute a meaningful burden and whose estates face a liquidity problem in satisfying the estate tax liability. The focus of this article is on two statutory techniques: redemptions of stock pursuant to section 3031 and deferral of estate tax payments under section 6166.2 These …

Valuing Oil And Mineral Interests For Estate Planning Purposes, Lawrence H. Averill

Law Faculty Scholarship

In this article, the author discusses a number of factors which should be considered when valuing oil and mineral interests, with a primary emphasis on estate planning concerns. The article to a large extent focuses on the various techniques utilized in the valuation process, and in so doing, considers a number of key concepts and terms and identifies problems which commonly arise in the valuation of oil and mineral assets.

Books Received, Journal Staff

Vanderbilt Journal of Transnational Law

Books Received

Utilization of Outer Space and International Law

Gijsbertha C.M. Reijnen.

Amsterdam and New York: Elsevier Scientific Publishing Company, 1981. Pp. 179, $69.75.

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International Estate Planning

William H. Newton, III.

Colorado Springs: Shepard's/McGraw-Hill Company, 1981. Pp. 614.

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International Tax Avoidance and Evasion, Colloquy of the Council of Europe, Strasbourg, 1980

Publication 31, Publications of the International Bureau of Fiscal Documentation Amsterdam: International Bureau of Fiscal Documentation, 1981. Pp.184, Dfl. 65.00.

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Fiscal Reform in Bolivia: Final Report on the Bolivian Mission on Tax Reform Richard A. Musgrave

Cambridge: Harvard Law School International Tax Program, 1981. Pp. 593, …

Books Received, Journal Staff

Vanderbilt Journal of Transnational Law

Books Received

CANADIAN CRIMINAL LAW: INTERNATIONAL AND TRANSNATIONAL ASPECTS

By Sharon A. Williams and J. G. Castel

Toronto: Butterworth's, 1981. Pp. 513. $80.00.

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CASES AND MATERIALS ON SALE OF GOODS

By John Adams

London & Canberra: Croom Helm: Ltd., 1982. Pp. 174. $15.50.

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THE DEFENSE POLICIES OF NATIONS: A COMPARATIVE STUDY

Edited by Douglas J. Murray and Paul R. Viotti

Baltimore and London: The Johns Hopkins University Press, 1982. Pp. 525. $35.00 (cloth), $12.95 (paper)

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DOCUMENTS ON THE LAWS OF WAR

Edited by Adam Roberts and Richard Guelff

New York: the Clarendon Press; Oxford University Press, 1982. …

Comment: The Federal Tax Consequences Of Life Insurance In Estate Planning, John B. Peace

University of Arkansas at Little Rock Law Review

No abstract provided.

Report Of Third Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Joseph C. Oldham, J. E. Banahan, John Peter Frank, T. O. Jack Hall, Timothy R. Futrell, Michael W. Mcgrath Jr., Edward A. Rothschild, John G. Atchison Jr., W. Van Meter Alford, Scott T. Smith, Russell H. Riggs, Stephen J. Vasek Jr.

Continuing Legal Education Materials

Reports from the UK/CLE Third Annual Seminar on Estate Planning held July 23-24, 1976.

Second Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, John T. Bondurant, Edwin H. Perry, P. Michael Davis, Philip W. Moss, Frederick W. Whiteside, Robert M. Bath, William V. Phelan, John Peter Frank Iii, Gladney Harville, William S. Dillon, Eugene F. Scoles, Edward A. Rothschild

Continuing Legal Education Materials

Schedule and materials from the Second Annual Seminar on Estate Planning held by UK/CLE on July 18-19, 1975.

Recent Developments In Gift And Estate Taxation, Douglas A. Kahn

Other Publications

A summarization of recent tax cases.

Report Of Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Donald Macdonald, William B. Peden, Cynthia H. Camuel, Williasm S. Dillon, William P. Sturm, J. E. Banahan, John Peter Frank Iii, Edward A. Rothschild, Ronald S. Leventhal, Michael Winston

Continuing Legal Education Materials

Reports from the UK/CLE Seminar on Estate Planning held July 19-20, 1974.

Disclaimers As An Estate Planning Tool, J. Rodney Johnson

Law Faculty Publications

Most lawyers are familiar with the importance and function of post-mortem estate planning. This article will focus on one tool that is being used with ever increasing frequency in all phases of the post-mortem estate planning process- the disclaimer.

The Virginia Land Trust-An Overlooked Title Holding Device For Investment, Business And Estate Planning Purposes, Peter A. Arntson

Washington and Lee Law Review

No abstract provided.

Estate Planning Games, Thomas L. Shaffer

Journal Articles

This paper fits somehow into several years of research and conjecture on legal counseling-the study of what takes place in the law office, in one-on-one relationships between professional and client. Most of my work has been in what is called the "estate planning" field-partly because it is an emotionally elaborate professional activity that takes place in the office, and not in courts or meetings or committees; and partly because it is my primary teaching interest, the field of legal endeavor I know most about.

Book Review, Neill H. Alford, Jr.

Vanderbilt Law Review

For the decade 1960-1970, any available prize for the most stimulating product of interest to estate planners by an individual writer certainly should go to Dean Thomas L. Shaffer' for "Death, Property, and Lawyers." This is an imaginative and stimulating book. A practicing lawyer who gives close attention to Dean Shaffer's work should be aided in evaluating his relationships with his estate planning clients. Even if this lawyer cannot be brought to a detailed evaluation, he at least will be brought to the threshold of introspection. Dean Shaffer does not attempt to unravel the whole "psychological story" in estate planning; …

A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn

Articles

The Excise, Estate, and Gift Tax Adjustment Act of 1970 [Pub. L. No. 91-614 (Dec. 31, 1970) made a number of amendments to the federal estate and gift tax laws. The estate tax laws were amended to shorten the period of time for filing estate tax returns and for the alternate valuation date and for several related items. In addition, for income tax purposes, the holding period of property that was included in a decedent's gross estate and that was acquired from the decedent was altered; and fiduciaries were granted additional means of obtaining a discharge of their personal liability …

Restructuring Federal Estate And Gift Taxes: Impact Of Proposed Reforms On Estate Planning, Verner F. Chaffin

Michigan Law Review

It is undeniable that estate and gift taxes, in contrast to income taxes, have not received the legislative attention that they deserve. Congress has largely ignored these important segments of our tax structure for many years, and during that time a host of defects and inequities have become apparent. This congressional indifference in the estate and gift tax field can be attributed to the fact that these taxes, unlike the income tax, affect relatively few people, and that they produce less than two per cent of our total tax revenue. It is understandable, therefore, that while the major thrust of …

Intestate Succession Under The Uniform Probate Code, Thomas J. Mulder

University of Michigan Journal of Law Reform

The pervasive social policy underlying the Anglo-American law on succession of property at death is freedom of testation. Our law makes meaningful one's right to decide who shall inherit his property by providing a legal instrument, the will, to distribute property to chosen recipients. When a man dies without having exercised this right, however, the laws of intestate succession determine who shall receive his property, and in what shares it shall be received. In effect, the laws of intestate succession are an estate plan written for the decedent by his state legislature. These laws do not function as a restriction …

Income Tax Deductions For Estate Planning Fees, Stephen E. Gilhuley

Vanderbilt Law Review

The need to engage the services of a lawyer may arise in a variety of situations, and the possibility of deducting the fees for a lawyer's services from the client's personal taxable income will ultimately depend on which one of several competing policies of the tax law is properly applicable under the particular circumstances. Taxpayers and their attorneys should be aware of the deductibility of expenses incurred for legal services rendered in connection with the planning of the taxpayer's estate. Such estate planning services include the drafting of a will, the arrangement of inter vivos and testamentary gifts, the creation …

Mandatory Buy-Out Agreements For Stock Of Closely Held Corporations, Douglas A. Kahn

Articles

A buy-out of a shareholder's stock is a sale of his stock holdings in a specific corporation pursuatnt to a pre-existing contract. In recent years such arrangements have, deservedly, become an increasingly popular planning device for shareholders in closely held corporations; they make it possible to limit the class of potential shareholders, provide liquidity for the estate of a deceased shareholder, and establish a value for stock which has no active market. There are two popular categories of buy-out plans. If the prospective purchaser of a decedent's shares is the corporation that issued them, the plan is called an "entity …