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Articles 1 - 30 of 298
Full-Text Articles in Tax Law
Time Lapse: Deducting Claims And Expenses Under Section 2053, Grayson M.P. Mccouch
Time Lapse: Deducting Claims And Expenses Under Section 2053, Grayson M.P. Mccouch
ACTEC Law Journal
No abstract provided.
Fetal Personhood And Inheritance By Unborn Children, Alyssa A. Dirusso, Emily Price
Fetal Personhood And Inheritance By Unborn Children, Alyssa A. Dirusso, Emily Price
ACTEC Law Journal
This article will first discuss the status of the law with respect to inheritance rights of the unborn, including both posthumous children and posthumously-conceived children. This paper next describes the fetal personhood movement and its recognition of not only life but also death before birth. The article explains the current law on survivorship and inheritance rights. Then this article discusses the implications of death before birth on intestate distributions. These implications lead the authors to recommend a default rule barring unintentional nevernatal inheritance. The authors support, however, practical provisions for the unborn for those who choose to do so.
"Health" In Hems Means Complete Well-Being, Claudia E. Tordini, Richard S. Franklin
"Health" In Hems Means Complete Well-Being, Claudia E. Tordini, Richard S. Franklin
ACTEC Law Journal
This article focuses on the definition of “health” as used in the ascertainable standard exception of Internal Revenue Code § 2041(b)(1)(A), most frequently articulated in trusts as “health, education, maintenance and support” (HEMS). It is clear that a discretionary power to distribute for one’s own health is permitted without causing a taxable general power of appointment, but there is a dearth of authority indicating the meaning of health for this purpose. This article provides the research and foundation for understanding that health as used in HEMS is a state of complete physical, mental, and social well-being, and not merely the …
Private Functional Wildlife Trusts, Stuart W. Babcock
Private Functional Wildlife Trusts, Stuart W. Babcock
ACTEC Law Journal
Public wildlife law is clear: wild animals exist and are managed for the public writ large. This is a mistake. Wild animals are beings of moral concern; their lives can be good or bad, better or worse, and they should be treated accordingly. This article explores a novel legal instrument which can account for wild animals' unique interests and circumstances: private wildlife trusts, in which wild animals are the trust beneficiaries. Wildlife trusts pose distinctive management and implementation challenges. This article aims to provide a path forward for wildlife advocates seeking new tools to protect wild animals and the habitats …
Law Firms As Trust Directors, Raymond C. O’Brien
Law Firms As Trust Directors, Raymond C. O’Brien
ACTEC Law Journal
The practice of permitting a third party, other than a settlor or a trustee, to give guidance to the trustee over some aspect of trust management reflects the trend of granting settlors increasing control over their transfers of wealth. In decades past, a few states enacted legislation permitting what is known as directed trusts, but in 2017, the Uniform Directed Trust Act was promulgated, seeking to provide a modicum of uniformity among the states, as wealth is now increasingly both interstate and international. Using the Uniform Directed Trust Act as a template, this Article discusses issues pertinent to directed trusts, …
Fiscal Federalism And The Fall Of Inheritance Taxes In The United States, Safia Sayed
Fiscal Federalism And The Fall Of Inheritance Taxes In The United States, Safia Sayed
ACTEC Law Journal
Modern scholars of American wealth transfer taxation underappreciate the system’s history—characterized at its incipience by a broad patchwork of state inheritance taxes rather than current law’s federal estate tax. Moreover, this history is not only neglected but incompletely recounted; in the last four decades of the twentieth century, a majority of states in all parts of the country suddenly and voluntarily dispensed with their inheritance taxes. This Article seeks for the first time to understand why, and in doing so, offers lessons to those attempting to optimally design a transfer tax system within a federalist system of governance. Through original …
Unleashed Non-Grantor Trust Potential, Brent W. Nelson
Unleashed Non-Grantor Trust Potential, Brent W. Nelson
ACTEC Law Journal
No abstract provided.
Death And Debts, Kevin Bennardo
Death And Debts, Kevin Bennardo
ACTEC Law Journal
Uniform Probate Code section 2-606(a)(1) provides for automatic non-ademption of the unpaid purchase price of specifically devised property that was sold by the decedent after their will was executed but before their death. Rather than receiving the specific property that was left to them in the will, the named beneficiary receives the balance of any outstanding payments that are owed at the time of the decedent's death. This rule doesn't make sense. It doesn't square with the decedent's likely intent. The amount that the beneficiary will receive is largely arbitrary. It is tied to factors that have nothing to do …
Reform The Grantor Trust Rules, Jay A. Soled
Silent Trusts And The Conflict Of Laws, Jeffrey Schoenblum
Silent Trusts And The Conflict Of Laws, Jeffrey Schoenblum
ACTEC Law Journal
No abstract provided.
Testamentary Freedom: A Constitutional Perspective, Richard J. Goralewicz
Testamentary Freedom: A Constitutional Perspective, Richard J. Goralewicz
ACTEC Law Journal
No abstract provided.
Civilization Depends On Us: The Virtues Of Estate Planning And Estate Planners, Turney P. Berry
Civilization Depends On Us: The Virtues Of Estate Planning And Estate Planners, Turney P. Berry
ACTEC Law Journal
No abstract provided.
Constitutional Limitations On The Enforcement Of Foreign Forced Heirship Laws, Raquel Begleiter, Austin Bramwell, Molly Schiff
Constitutional Limitations On The Enforcement Of Foreign Forced Heirship Laws, Raquel Begleiter, Austin Bramwell, Molly Schiff
ACTEC Law Journal
No abstract provided.
Constitutional Limits On State Power To Tax Trust Income, Carlyn S. Mccaffrey, John C. Mccaffrey
Constitutional Limits On State Power To Tax Trust Income, Carlyn S. Mccaffrey, John C. Mccaffrey
ACTEC Law Journal
No abstract provided.
Why Do We Ask The Court To Do Something That It Can't? Constitutional And Practical Issues With Judicial Appointment Of Successor Trustees, R. Ethan Ward, Stephen C. Crofford
Why Do We Ask The Court To Do Something That It Can't? Constitutional And Practical Issues With Judicial Appointment Of Successor Trustees, R. Ethan Ward, Stephen C. Crofford
ACTEC Law Journal
No abstract provided.
Constitutional Issues In The Trusts And Estates Field
Constitutional Issues In The Trusts And Estates Field
ACTEC Law Journal
No abstract provided.
Anna Nicole's Constitutional Estates Law Legacy, Dave Fagundes
Anna Nicole's Constitutional Estates Law Legacy, Dave Fagundes
ACTEC Law Journal
No abstract provided.
After Sveen V. Melin, Is There A Contracts Clause Argument Against Laws Retroactively Terminating Child Support Obligations After The Death Of The Obligor Parent?, Diane Kemker
ACTEC Law Journal
No abstract provided.
Shakespeare, Succession, And Estate Planning:Lessons From The Bard, Leslie Kiefer Amann
Shakespeare, Succession, And Estate Planning:Lessons From The Bard, Leslie Kiefer Amann
ACTEC Law Journal
Probated in 1616, Shakespeare's Will is surprisingly relevant today. Two daughters survived him, but his only son died at age 11. Wife and daughters could not inherit a business in the theater, so he made changes in structure of the businesses he owned, and reallocated assets to accommodate the loss of his male heir. Shakespeare left no autobiographical information, but by examining his legal documents, we see him shift a thriving business, dependent on the unique talents and active participation of its founder, to passive assets in modified entity structures and generate an income stream for female descendants. Changes made …
The Dark Side Of Codifying U.S. Trust Law, Thomas P. Gallanis
The Dark Side Of Codifying U.S. Trust Law, Thomas P. Gallanis
ACTEC Law Journal
For most of Anglo-American history, trust law was case law. The law of trusts was born and molded in the English Court of Chancery and then re-shaped by the courts of the U.S. states. The U.S. law of trusts primarily was to be found in the decisions of state courts and in respected secondary sources digesting and refining the rules from those decisions, such as the American Law Institute's Restatements and the multi-volume treatises on trust law originally authored by Austin Wakeman Scott or George Gleason Bogert. U.S. trust law no longer is primarily case law. In 2000, the Uniform …
Towards A Review And Reform Of The Gst Tax:Symmetry Of Exemptions, The Reverse Gst Taxelection, And Consistent Inclusion Ratio Reporting, Stephen W. Murphy
Towards A Review And Reform Of The Gst Tax:Symmetry Of Exemptions, The Reverse Gst Taxelection, And Consistent Inclusion Ratio Reporting, Stephen W. Murphy
ACTEC Law Journal
No abstract provided.
Resolving Unfairness In A Fair Way: How The Grantor Trust Rules Should Be Reformed, Aaron T. Anderson
Resolving Unfairness In A Fair Way: How The Grantor Trust Rules Should Be Reformed, Aaron T. Anderson
ACTEC Law Journal
Affluent taxpayers often create one or more grantor trusts to achieve significant tax savings. By leveraging mismatches in the rules between the income and estate tax systems, these taxpayers avoid the compressed income tax brackets of trusts while minimizing the property that is included in their estates for estate tax purposes. Some commentators have argued that reform is needed to remove such mismatches. Yet, trusts that rely on the current grantor trust rules abound. This Note (1) provides a background and history of the rules and use of grantor trusts, (2) argues that harmonizing the estate and income tax systems …
The Importance Of Language In The Context Of Heirs' Property Policymaking, Molefi Mcintosh
The Importance Of Language In The Context Of Heirs' Property Policymaking, Molefi Mcintosh
ACTEC Law Journal
No abstract provided.
Policy Over Doctrine: A Brief History Of Us Trust Law, Lucas Clover-Alcolea
Policy Over Doctrine: A Brief History Of Us Trust Law, Lucas Clover-Alcolea
ACTEC Law Journal
US trust law is unique because whereas in English law the settlor drops out of the picture once he has created the trust, in the US the settlor’s intentions remain paramount. This fundamental difference in turn permits the recognition of spendthrift trusts, whereby the beneficial interest cannot be alienated, in the US whereas in England such trusts are generally invalid. Similarly, whereas in English law the beneficiaries of absolute trusts, and on occasion discretionary trusts, can collectively implode the trust by forcing the trustee to convey the trust fund to them via a Saunders v Vautier application, this is generally …
Unpacking The Digital Vault: Estate Planning Considerations For Non-Fungible Tokens, Ryan D. Tosto
Unpacking The Digital Vault: Estate Planning Considerations For Non-Fungible Tokens, Ryan D. Tosto
ACTEC Law Journal
The purpose of this article is to shed some light on the emerging, yet largely undefined, principle of openness in EU law. After addressing the semantic confusion existing between openness and transparency, it attempts, through a textual and systemic interpretation of their respective legal bases, to identify the normative content of the European Union's turn to openness. It then explores the principle s potential for attaining its declared Treaty-sanctioned objectives: promoting good governance and ensuring the participation of civil society in the democratic life of the Union. It illustrates that, although openness largely maintains an instrumental rationale, aimed at enhancing …