Estates and Trusts Commons^™

Filling In The Blanks, William P. Lapiana

Articles & Chapters

No abstract provided.

Rules Or Standards For Intestate Succession?, Stewart E. Sterk

Articles

No abstract provided.

The Not-So-Artful Dodger: The Mccourt-Selig Battle And The Powers Of The Commissioner Of Baseball, Matthew L. Winkel

Cardozo Arts & Entertainment Law Journal

No abstract provided.

Does “Defalcation” By A Fiduciary, Rendering A Debt Nondischargeable, Include Unknowing Breach Of The Duty Of Loyalty? (Bullock V. Bank Champaign, N.A.), Marshall E. Tracht

Other Publications

CASE AT A GLANCE

Petitioner Randy Curtis Bullock, trustee of a family trust, loaned trust funds to himself, jointly with his mother, for business purposes. These loans were all repaid. A state court entered judgment against him for breach of fiduciary duty, ordering that profits from the loaned moneys be paid to the trust. The Supreme Court must decide whether Bullock’s liability for self-dealing, without conscious misbehavior, is nondischargeable as a “defalcation while acting in a fiduciary capacity.

The Goldilocks Principle And Informed Consent In Joint-Spouse Representation, Madison Kaplan

Cardozo Journal of Equal Rights & Social Justice

The note explores the complexities of joint legal representation of spouses, emphasizing the need for balanced and clear informed consent. It highlights the challenges posed by conflicting legal guidelines and the necessity of detailed Joint Representation Agreements (JRAs) to navigate confidentiality and communication duties effectively.

The Emergence Of Natural Gas And The Need For Cooperative Federalism To Address A Big "Fracking" Problem., Joshua P. Dennis

San Diego Journal of Climate & Energy Law

This Comment explores the recent emergence of natural gas production, the hydraulic fracturing process and briefly touches on the current regulatory system that oversees its operation. I then explain why the current regulatory system is insufficient to protect individuals and the environment from hydraulic fracturing. And lastly, I argue that a form of cooperative federalism is the best approach to regulate hydraulic fracturing.

A Supreme Court Ruling That's About Way More Than Preemption, Nancy Polikoff

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Killers Shouldn't Inherit From Their Victims-Or Should They?, Carla Spivack

Georgia Law Review

This Article questions, for the first time, the equitable and policy basis of Slayer Rules, the rules that bar killers from inheriting from those they kill. It shows that killings that involve inheritance usually occur as a result of domestic abuse or severe mental illness, and argues that, because the legal and social service systems offer little help to those trapped in abusive relationships or those disabled by mental illness, it is not justifiable for those systems to deprive the killer of an inheritance when he or she takes the only means of escape available.

Grantor Trusts: The Who, The What, The Where, The Wherefore, And The Wherewithal, Thomas Simmons

Faculty Publications

In a “grantor trust,” the grantor is treated as the owner for income tax purposes. All income generated by the trust assets of a grantor trust is taxed to the grantor. Essentially, the trust is ignored for income tax purposes. When an individual creates a revocable living trust and funds it with his or her own assets, for example, the trust is a grantor trust for federal income tax purposes until the grantor’s death. These written materials summarize the history of the grantor trust rules, discuss the rules in context, and illustrate the rules in operation with an outline of …

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, 2011 through May 31, 2012 that pertain to Georgia fiduciary law and estate planning.

Interpreting I.R.C. § 67(E): The Supreme Court's Attempt To Nail Investment Advisory Fees To The "Floor", Lindsay Roshkind

Florida Law Review

No abstract provided.

The Case For The Retention Of The State Death Tax Credit In The Federal Transfer Tax Scheme: "Just Say No" To A Deduction, John M. Janiga, Louis S. Harrison

Pepperdine Law Review

No abstract provided.

Crummey Trusts: An Exploitation Of The Annual Exclusion, Dora Arash

Pepperdine Law Review

No abstract provided.

A Distinction Without A Difference? An Examination Of The Legal And Ethical Difference Between Asset Protection And Fraudulent Transfers Under Virginia Law, Elizabeth Southall

Law Student Publications

“A distinction without a difference”—a colloquial expression employed by one wishing to recognize that while a linguistic or conceptual distinction exists between any number of options, any such distinction lacks substantive practical effect. To allege that a situation presents “a distinction without a difference” is to suggest that any difference between a given set of options is a logical fallacy—purely a creature of erroneous perception. When it comes to concepts of asset protection planning and fraudulent transfer law, one must ask whether the law draws a distinction where there is no difference....This essay identifies these distinctions. Part II provides a …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

The Right To Publicity After Death: Postmortem Personality Rights In The Wake Of Experiencehendrix V. Hendrixlicensing.Com, Aubrie Hicks

Seattle University Law Review

While the states are fairly consistent in protecting the rights of living individuals, the level of protection for deceased celebrities varies among the states. Some states allow the right to extend beyond death, while others refuse to recognize a postmortem right of publicity. Even among states that do recognize a postmortem right of publicity, the right is protected to varying degrees, with some states providing explicit statutory protections and others providing only common law protections. Given the inconsistencies among the states, the continuing right to publicity after death has been the subject of much litigation over the last few years, …

The Anatomy Of A Will Contest, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

Empowering Settlors: How Proper Language Can Increase The Enforceability Of A Mandatory Arbitration Provision In A Trust, S. I. Strong

Faculty Publications

With hostile trust litigation reaching epidemic proportions, many people within the trust industry are interested in identifying new and less expensive ways to resolve trust-related disputes. Arbitration is often proposed as a possible alternative, although questions exist about whether and to what extent a mandatory arbitration provision found in a trust will be considered enforceable by a court. Up until now, most commentary in this area of law has focused on purely jurisprudential issues, with little attention being paid to the practical efforts that settlors can make to increase the enforceability of arbitration provisions found in trusts. This Article takes …

Can Wrongful Death Damages Recovered By A Married Person Be Separate Property Under California Law? , William A. Reppy Jr.

Pepperdine Law Review

No abstract provided.

Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

With the issuance of temporary regulations, Treasury pulls back the cloak of uncertainty and reveals a portability election that proves to be relatively dependable and a useful planning tool. The temporary portability regulations,1 issued June 15, 2012, remove the “now you see it, now you don’t”2 quality of the deceased spousal unused exclusion (“DSUE”) amount as enacted by Congress. With a sleight of hand, Treasury rewrites the plain wording of the statute to eliminate uncertainty. The temporary regulations provide a clear path for avoiding loss of the DSUE amount on remarriage. The regulations allow donors to make gifts without fear …

Amgen Inc. V. Connecticut Retirement Plans And Trust Funds: Brief Of Law Professors As Amici Curiae In Support Of Petitioners, Adam C. Pritchard

Appellate Briefs

Amici are law professors whose scholarship and teaching focuses on corporate law and the federal securities laws. Law professors have an interest in ensuring that the securities laws are interpreted to accurately reflect both current financial economic scholarship and the historical underpinnings of the securities laws. Amici filed a brief amici curiae in Erica P. John Fund, Inc. v. Halliburton Co., 131 S. Ct. 2179 (2011) (No. 09-1403), addressing the consideration of market impact and the fraud on the market theory at the class certification stage of Rule 10b-5 securities fraud suits.

Facade Easement: Inexpert Valuation, Wendy G. Gerzog

All Faculty Scholarship

The article discusses the recent Dunlap decision, which involved facade easement transfers to the National Architectural Trust, a qualified charity that preserves building easements across the country, although most are in New York City. Although allowing a deduction for their cash contributions to NAT to enforce the easement and not finding any penalties applicable, the Tax Court held that despite two valuation reports written by accepted valuation experts, the taxpayers had not established any value for their easement.

Incomplete Protection: Exoneration Clauses In New York Trusts And Powers Of Attorney, Ilene S. Cooper, Robert M. Harper

Touro Law Review

No abstract provided.

Who Is Afraid Of Perpetual Trusts?, Bridget J. Crawford

Michigan Law Review First Impressions

Throw a stone into a room full of law professors, and it is virtually impossible to hit someone who will defend perpetual trusts. Yet since 1995, eighteen states have repealed their rules against perpetuities, and there are now twenty-one states that permit trusts to last forever. Many academics have responded with a virtual pile-on, calling the repeals a "race to the bottom" at best and "loony" at worst. Lawrence Waggoner, Professor Emeritus at the University of Michigan School of Law and Reporter for the Restatement (Third) of Property: Wills and Other Donative Transfers, has made another contribution to the scrum. …

The Specter Of Civil Law Clawback Actions Haunting U.S. And Uk Charitable Giving, Aaron Schwabach

Law Faculty Scholarship

No abstract provided.

Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner

Articles

In "Effectively Curbing the GST Exemption for Perpetual Trusts," I criticized the Treasury Department’s proposal for dealing with perpetual trusts. My objection is that Treasury’s approach would leave many trusts and much wealth GST-exempt for much longer than Congress originally intended. For perpetual trusts created before enactment, Treasury’s approach would allow them to continue to be unburdened by a durational limit. For perpetual trusts created after the effective date of enactment, Treasury’s approach would still allow them to qualify for the GST exemption, but would have the exemption expire 90 years after the trust was created.

The Upc Substituted Judgment/Best Interest Standard For Guardian Decisions: A Proposal For Reform, Lawrence A. Forlik, Linda S. Whitton

University of Michigan Journal of Law Reform

The introduction in 1997 of "substituted judgment" as a guiding principle for guardian decisions was a key contribution of the UPC to guardianship reform. The current UPC Section 5-314(a) instructs guardians to "consider the expressed desires and personal values of the ward" when making decisions and to "at all times ... act in the ward's best interest." This dual mandate for guardian decisions was intended to promote the self-determination interests of incapacitated adults. This Article argues that in practice the standard has failed to achieve this goal. It analyzes the shortcomings of UPC Section 5-314(a) and other statutory decision-making standards …

Family Caregiving And The Law Of Succession: A Proposal, Thomas P. Gallanis, Josephine Gittler

University of Michigan Journal of Law Reform

As the American population ages, the need for long-term care, already great, will become even greater. Some of this care is paid for by government programs, such as Medicaid, and by individual long-term care insurance policies. But the combination of the public fisc and private insurance are, and will continue to be, insufficient to pay for all of the care our seniors and adults with disabilities need. The provision of care in a family residence by one or more family members is an important component of our health care delivery system and must be supported and encouraged by public policy …

Fiduciary Duties And Exculpatory Clauses: Clash Of The Titans Or Cozy Bedfellows, Louise Lark Hill

University of Michigan Journal of Law Reform

Centuries ago, when land represented the majority of wealth, the trust was used primarily for holding and transferring real property. As the dominant form of wealth moved away from family land, the trust evolved into a device for managing financial assets. With this transformation came the use of exculpatory clauses by both amateur and professional trustees, providing an avenue for these fiduciaries to escape liability for designated acts. With the use of exculpatory provisions, discussion abounded about whether fiduciary duties were mandatory or subject to modification. The latter view eventually prevailed, with the majority of jurisdictions viewing fiduciary duties as …

Children Of Assisted Reproduction, Kristine S. Knaplund

University of Michigan Journal of Law Reform

More than three decades after the birth of the first child conceived through in vitro fertilization, few states have comprehensive statutes to establish the parentage of children born using assisted reproduction techniques (ART). While thousands of such children are born each year courts struggle to apply outdated laws. For example, does a statute terminating paternity for a man who donates sperm to a married woman apply if the woman is unmarried? In 2008, the Uniform Probate Code (UPC) added two much-needed sections on the complicated parentage and inheritance issues that arise in the field of assisted reproduction. Yet it is …