Estates and Trusts Commons^™

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Estate Planning Choice Of Wealth Management Entity: The Limited Partnership As An Alternative To The Trust, Elaine H. Gagliardi

Faculty Law Review Articles

The substantial and steady increases in the amount a taxpayer can transfer free of federal estate, gift, and generation skipping transfer taxes1 makes transfer tax planning irrelevant when counseling more than 99.9% of Americans.2 Traditional estate planning structures set in place at a time when the estate tax impacted many more Americans may no longer achieve a client’s current estate planning goals. The seismic shift in the estate planning paradigm requires estate planners rethink use of planning structures in light of shifting client objectives. Evaluated in terms of these shifting objectives, the limited partnership may prove just as nimble as …

Exclusion Of Duty And The Irreducible Core Content Of Trusteeship: A Re-Assessment, Rebecca Lee, Man Yip

Research Collection Yong Pung How School Of Law

This article reviews Millett LJ’s classic characterisation of the irreducible core content of trusteeship. Using duty modification / exclusion clauses that are commonly found in modern trust-corporate structures to circumvent a trustee’s duty to actively engage in corporate management as an example, this article has two main objectives. First, this article re-examines the duty to act honestly and in good faith in the irreducible core; and secondly, it considers how our reanalysis can help conceptualise and construe the ‘residual supervisory obligation’ enunciated by the courts in the recent Zhang v DBS litigation.

Community-Driven Climate Solutions: How Public-Private Partnerships With Land Trusts Can Advance Climate Action, Jessica Grannis

William & Mary Environmental Law and Policy Review

In 2018 and 2019, several landmark developments demonstrated the failings of past efforts to address climate change and the need for new and more ambitious solutions. In October 2018, the Intergovernmental Panel on Climate Change (“IPCC”) released a dire report indicating that the window is rapidly closing for countries to dramatically reduce emissions in order to avoid the worst consequences of climate change and predicting dramatic consequences to the environment and public health if countries fail to take action; young activists started taking to the streets to demand more ambitious action to address climate change; and, at the 25th Conference …

Kaestner Fails: The Way Forward, Mitchell M. Gans

William & Mary Business Law Review

This past term, the Supreme Court applied the Due Process Clause to prevent the states from closing down a tax strategy that employs out-of-state trusts. Many had hoped that the case would serve as a vehicle for the Court to overrule taxpayer-friendly precedents that make the strategy possible. But it failed. The question that emerges is whether the decision leaves the states with a path to address the strategy and thereby prevent it from being used to exacerbate issues of inequality. After examining the decision, this Article considers the options available to the states and then suggests a way forward.

Blockchain Wills, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Blockchain technology has the potential to radically alter the way that people have executed wills for centuries. This Article makes two principal claims--one descriptive and the other normative. Descriptively, this Article suggests that traditional wills formalities have been relaxed to the point that they no longer serve the cautionary, protective, evidentiary, and channeling functions that scholars have used to justify strict compliance with wills formalities. Widespread use of digital technology in everyday communications has led to several notable cases in which individuals have attempted to execute wills electronically. These wills have had a mixed reception. Four states currently recognize electronic …

Basis And Bargain Sales: Income Tax And Other Concerns, Bridget J. Crawford, Jonathan G. Blattmachr

Elisabeth Haub School of Law Faculty Publications

In this article, the authors explain the income tax consequences of the sale during lifetime and at death of property for less than fair market value. The authors focus in particular on the tax consequences of a bargain sale by a transferor who wishes to confer some financial benefit on a family member, but leave the rest of her estate to charity. Generally speaking, death-time bargain sales may be preferable to similar transactions during lifetime, if the assets have a low basis pre-death, because of the step up in income tax basis under section 1014. The authors also discuss in …

Empirical Inheritance Law, Alexander Boni-Saenz

All Faculty Scholarship

Empirical legal scholars tell it like it is. The nature of the “it” that we might want to know about varies significantly by legal field, however, and it also differs based on one’s scholarly position within that field. This Comment explores the major ways that empirical legal scholarship can be valuable to those of us working on normative or theoretical legal scholarship in inheritance law.

Parens Patriae And The Disinherited Child, Michael J. Higdon

Washington Law Review

Most countries have safeguards in place to protect children from disinheritance. The United States is not one of them. Since its founding, America has clung tightly to the ideal of testamentary freedom, refusing to erect any barriers to a testator’s ability to disinherit his or her children—regardless of the child’s age or financial needs. Over the years, however, disinheritance has become more common given the evolving American family, specifically the increased incidences of divorce, remarriage, and cohabitation. Critics of the American approach have offered up reforms based largely on the two models currently employed by other countries: (1) the forced …

What Probate Courts Cite: Lessons From The New York County Surrogate’S Court 2017-2018, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

By knowing what a judge cites, one may better understand what the judge believes is important, how the judge understands her work will be used, and how the judge conceives of the judicial role. Empirical scholars have devoted serious attention to the citation practices and patterns of the Supreme Court of the United States, the United States Courts of Appeals, and multiple state supreme courts. Remarkably little is known about what probate courts cite. This Article makes three principal claims — one empirical, one interpretative, and one normative. This Article demonstrates through data, derived from a study of all decrees …

Can The Wealth Tax Effectively Serve As A Backdrop To Estate And Gift Taxes?, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

Advanced Health Care Directives In Nebraska: Health Care Power Of Attorney And Living Wills, J. David Aiken

Extension Farm and Ranch Management News

First paragraph:

During this period of coronavirus pandemic, some Nebraskans may be concerned about how medical decisions will be made for them if they are unable to communicate their wishes to their health care providers themselves. In these circumstances, health care providers will normally consult with the patient’s family members who may be available (spouse, then adult children–consensus, then parents, etc.) If no family members are present, the health care providers will use their best medical judgment in making health care decisions for the patient.

Disclaimer

This information is intended for educational purposes only; it must not be taken as …

Accounting For Ag: Step Up While Passing Down, Austin Duerfeldt

Extension Farm and Ranch Management News

Summary

Through this article, I hope you’ve gained a better understanding of the basics of a step up in basis. A step up in basis can be viewed as an opportune time to sell long held farm ground that appreciated in value, with little to no capital gain issues. It plays a vital role in estate planning. In the individual case of each farmer/rancher, how the step up in basis might work for your operation varies on many specific circumstances. Developing an estate planning team that includes professionals such as an attorney and accountant, as well as, investment and insurance …

In Terrorem Clauses: Broad, Narrow, Or Both?, Evan J. Shaheen

Notre Dame Law Review

While the idea of the “carrot and stick” seems simple in theory, in terrorem clauses are governed by state law, with their application varying in large part by jurisdiction. Nevertheless, this Note seeks to identify some of the broad principles on which many in terrorem clauses rely, while also delineating several of the different state law approaches thereto. It does this by describing some of the potential problems with in terrorem clauses and posing potential solutions in the context of a variety of state law jurisprudence.

This Note will first address what will be defined as the “puppet problem.” By …

Fraying The Knot: Marital Property, Probate, And Practical Problems With Tribal Marriage Bans, Suzianne D. Painter-Thorne

Brooklyn Law Review

While marriage equality is thought to be the law of the land, that is not necessarily true for members of nearly a dozen Indian tribes that continue to prohibit same-sex marriage. Whether a tribe permits same-sex marriage rests on the tribes’ inherent authority to govern their own internal affairs. Acting pursuant to that inherent authority, many tribes were leaders on the issue of marriage equality, legalizing same-sex marriage when most states prohibited such marriages. Other tribes, however, like the Navajo Nation, limit marriages to “one man and one woman.” As a consequence, a married Indian couple may have their marriage …

Assumptions (Mistakes) That Parents Make With Estate Plans, Allan Vyhnalek

Extension Farm and Ranch Management News

Excerpt:

The main take-home message should be that the parents: 1) have a plan and continue to revise that plan from time to time and 2) be sure to think through the unintended consequences of your plan. Hopefully, some of the common assumptions mentioned here can be put into place so that the family does stay together for decades to come.

This is not an exhaustive list of assumptions that can go awry. It is being presented as a place for family thought and discussion to start. For more information go to: http://agecon.unl.edu/succession. There are other articles and video …

The Oregon Stewardship Trust: A New Type Of Purpose Trust That Enables Steward-Ownership Of A Business, Susan N. Gary

University of Cincinnati Law Review

No abstract provided.

The New Fiduciaries, Natalya Shnitser

University of Cincinnati Law Review

The regulation of employer-sponsored retirement plans in the United States relies on fiduciary standards drawn from donative trust law to regulate the conduct of those with authority or discretion over plan assets. The mismatch between the trust-based fiduciary framework and the rights and interests of employers and employees has contributed to the high cost of pension fund investing and the significant gaps in pension coverage in the private sector. In recent years, state and local governments have stepped in to reduce the retirement coverage gap by creating state-facilitated retirement savings programs for private-sector workers who lack access to employment-based coverage. …

Fraying The Knot: Marital Property, Probate, And Practical Problems With Tribal Bans, Suzianne D. Painter-Thorne

Articles

In the summer of 2015, marriage equality advocates celebrated the Supreme Court’s decision in Obergefell v. Hodges, which struck down state prohibitions on same-sex marriage.The Court found that “[t]he right of same-sex couples to marry . . . is part of the liberty promised by the Fourteenth Amendment.” Two years earlier, the Court had struck down parts of the federal Defense of Marriage Act (DOMA), finding that the federal government could not discriminate against same-sex married partners. With these two decisions, the Court ensured that the marriages of same-sex couples would be recognized by the federal government and in …

Deconstructing Foundational Principles Of Trusts And Estates Law, Sergio Pareja

Faculty Scholarship

REVIEW: Naomi R. Cahn, Dismantling the Trusts and Estates Canon, 2019 Wis. L. Rev. 165 (2019).

All areas of the law have certain foundational principles or beliefs that are widely shared. These underlying assumptions often go unchallenged. In the trusts and estates field, these principles include: (1) giving a certain amount of ongoing control to the transferor, or in the case of a decedent, to the “dead hand,” (2) respect for formality, (3) the importance of the traditional, legally-recognized family, and (4) the “wealth” narrative that focuses on the transmission of conventional forms of wealth.

In her …

The New Ice Age: Addressing The Deficiencies In Arkansas's Posthumously Conceived Children Statute, Patrick Grecu

Arkansas Law Review

The ability to conceive a child using the preserved genetic material, or gametes, of a deceased person presents a number of legal issues for inheritance, estate planning, Social Security, and parental rights. New medical advancements in assisted reproductive technology (ART) enable individuals to conceive children after their death, complicating the conventional methods of determining heirship of the decedent under state intestacy laws. The purpose of intestacy law is to determine the succession of a decedent that dies without a will, or intestate, with the goal of carrying out the donative intent of the decedent. Intestacy law has failed to keep …

How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin

Research Collection Lee Kong Chian School Of Business

We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's property to descendants, we find that the performance and operating growth rate in family firms show significant enhancement compared with those of nonfamily firms. Moreover, the positive effects are greater for family firms that undergo a business succession with multiple sons and married daughters. Overall, our results suggest that changing to equal bequests of inheritance has a positive …

A New Trust Code For New York, Renee R. Roth, William P. Lapiana

Other Publications

No abstract provided.

Confusion, Conflict, And Case Law: Analyzing The Language Of The United States Patent Act And Conflicting Case Law Regarding The Transfer Of Patent Rights In The 21st Century, Lucas C. Logic

Marquette Intellectual Property Law Review

No abstract provided.

Wills, Trusts, Guardianships, And Fiduciary Administration, Mary F. Radford

Mercer Law Review

This Article describes selected cases and significant legislation from the period of June 1, 2018 through May 31, 2019 that pertain to Georgia fiduciary law and estate planning.

• Setting Aside Probate
• Exoneration
• Trustee's Warranties
• Payment of Guardian ad Litem Fees in Guardianship Cases

Employers Should Owe A Duty Of Loyalty To Their Workers, Andrew Melzer, David Tracey

Cardozo Law Review de•novo

An employee’s overarching legal commitment to his or her employer is commonly known as the “duty of loyalty.” This lopsided duty of loyalty exacerbates the inordinate power that employers possess over their workers. We propose that the duty of loyalty owed by workers to their employers be made reciprocal: employers should also owe a general duty of loyalty and care towards their employees.

In Memory Of Professor James E. Bond, Janet Ainsworth

Seattle University Law Review

Janet Ainsworth, Professor of Law at Seattle University School of Law: In Memory of Professor James E. Bond.

Restraining Live Hand Control Of Inheritance, Mark Glover

Maryland Law Review

No abstract provided.

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Bringing Clarity To Inherited Iras, Robert E. Eggmann, Dormie Ko

Loyola University Chicago Law Journal

No abstract provided.