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Estates and Trusts

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Articles 241 - 265 of 265

Full-Text Articles in Taxation-State and Local

Perfecting The Special Use Election: Congress Giveth, And The Service Taketh Away, Mark R. Gillett Jan 1992

Perfecting The Special Use Election: Congress Giveth, And The Service Taketh Away, Mark R. Gillett

Faculty Articles

No abstract provided.


Real Estate Law In Probate Practice: Tales Of Woe, Warning, And Wisdom, 23 J. Marshall L. Rev. 121 (1989), Frank J. Harrison Jan 1989

Real Estate Law In Probate Practice: Tales Of Woe, Warning, And Wisdom, 23 J. Marshall L. Rev. 121 (1989), Frank J. Harrison

UIC Law Review

No abstract provided.


The Funding Of Children's Educational Costs, Douglas A. Kahn Jan 1985

The Funding Of Children's Educational Costs, Douglas A. Kahn

Articles

A plan for reduction of educational costs should take federal transfer taxes into account. The method chosen for reducing income tax liability usually will involve making gifts. To the extent that it is convenient to do so, the transfer tax consequences of making such gifts should be minimized. This article will examine the estate and gift tax consequences of the income tax reduction arrangements described herein and will consider means of structuring the transactions so as to minimize those consequences.


Qualifying Gifts Of Fractional Shares Of Illinois Land Trusts For The Present Interest Exclusion, 14 J. Marshall L. Rev. 717 (1981), Wallace J. Wolf Jan 1981

Qualifying Gifts Of Fractional Shares Of Illinois Land Trusts For The Present Interest Exclusion, 14 J. Marshall L. Rev. 717 (1981), Wallace J. Wolf

UIC Law Review

No abstract provided.


The Real Estate Investment Trust: State Tax, Tort, And Contract Liabilities Of The Trust, Trustee, And Shareholder, Michigan Law Review Mar 1973

The Real Estate Investment Trust: State Tax, Tort, And Contract Liabilities Of The Trust, Trustee, And Shareholder, Michigan Law Review

Michigan Law Review

This Comment will attempt to alert potential investors in and trustees of REITs to the full extent of the liabilities that they could suffer for contract debts incurred in the name of the trust and torts committed by trust personnel. Since state tax considerations also play a significant role in investment decisions, the manner in which each state taxes the REIT and its shareholders on income derived from property and business in that state will also be investigated. Finally, a rational path out of the morass created by current state law will be articulated in order to prompt renewed discussion …


The United States Government Breached Its Fiduciary Duty By Paying Oklahoma Estate Tax On The Property Of A Noncompetent Osage Indian Without Determining Whether Intervening Cases And Internal Revenue Rulings Had Removed The Requirement For Paying The Tax., Phyllis Wilson Gainer Mar 1973

The United States Government Breached Its Fiduciary Duty By Paying Oklahoma Estate Tax On The Property Of A Noncompetent Osage Indian Without Determining Whether Intervening Cases And Internal Revenue Rulings Had Removed The Requirement For Paying The Tax., Phyllis Wilson Gainer

St. Mary's Law Journal

Abstract Forthcoming.


Kentucky Death Taxes--Putting A Price On Inheritance, Andrew M. Winkler Jan 1970

Kentucky Death Taxes--Putting A Price On Inheritance, Andrew M. Winkler

Kentucky Law Journal

No abstract provided.


Review Of Michigan And Federal Estate And Tax Planning, By P. Chirco And S. Ward, Douglas A. Kahn Jan 1967

Review Of Michigan And Federal Estate And Tax Planning, By P. Chirco And S. Ward, Douglas A. Kahn

Reviews

Any evaluation of a book of this nature must be made in light of its purpose and its intended audience. The authors recognize that estate and tax planning is too broad a subject to be treated comprehensively in a single volume, and, consequently, they quite properly made no effort in that direction. Rather, their apparent purpose was to furnish the non-specialist with an annotated form book containing textual discussions of tax and estate planning problems, with particular emphasis on local Michigan law.


Special Treatment Of Cemeteries, David H. Getches Jan 1967

Special Treatment Of Cemeteries, David H. Getches

Publications

No abstract provided.


Federal Estate Tax Burden Borne By A Dissenting Widow, Douglas A. Kahn Jan 1966

Federal Estate Tax Burden Borne By A Dissenting Widow, Douglas A. Kahn

Articles

Renunciation of her deceased husband's will entitles a widow to a specified percentage of the husband's net estate (or a dower interest) in lieu of any benefits she would otherwise have received under the will. The size of the dissenting widow's share differs among the several states, but the normal range is from one third to one half of her husband's net estate. In some jurisdictions the widow's share is determined, in whole or in part, according to the portion to which she would be entitled if her husband had died intestate, but in these jurisdictions the widow's share generally …


Book Reviews, Grant Gilmore, Robert J. Nordstrom, Richard J. Faletti, Robert Barbeau Mautz, Charles Elmer Fiddler, Calvin W. Corman, George B. Fraser, Adam Yarmolinsky, James A. Durham, Reginald Parker, Jo Desha Lucas, Thomas W. Christopher, Frederick J. Ludwig, John S. Bradway, Harold Gill Reuschlein, Henri Renard S.J., C. Dallas Sands, William P. Murphy Sep 1954

Book Reviews, Grant Gilmore, Robert J. Nordstrom, Richard J. Faletti, Robert Barbeau Mautz, Charles Elmer Fiddler, Calvin W. Corman, George B. Fraser, Adam Yarmolinsky, James A. Durham, Reginald Parker, Jo Desha Lucas, Thomas W. Christopher, Frederick J. Ludwig, John S. Bradway, Harold Gill Reuschlein, Henri Renard S.J., C. Dallas Sands, William P. Murphy

Journal of Legal Education

No abstract provided.


Conditional Remainderman—Beware!, Maryhelen Wigle Nov 1941

Conditional Remainderman—Beware!, Maryhelen Wigle

Washington Law Review

If the tax on transfer at death of anticipatory estates levied by the Sovereign State of Washington is imposed upon their inheritance, and is payable by the beneficiary on his future as distinguished from his possessory interest, a legatee or devisee of a conditional remainder may find himself paying handsomely for the mere privilege of having been remembered by the testator in his wilp—a somewhat ephemeral consideration, to put it mildly. The purpose of this article is to examine our Inheritance Tax laws with the object of determining (a) whether the tax is imposed upon the remainderman's legacy, and, if …


Taxation - Jurisdiction To Tax The Equitable Interest Of A Trust Beneficiary, Rex B. Martin Apr 1941

Taxation - Jurisdiction To Tax The Equitable Interest Of A Trust Beneficiary, Rex B. Martin

Michigan Law Review

Pennsylvania levied a property tax on a resident beneficiary's equitable interest in a New York trust. The settlor of the trust, a New York resident, had created the trust there and both the trustee and the stocks and bonds comprising the corpus were in that state. The beneficiary had no control over the disposition or management of the corpus and was entitled merely to the income of the trust for her life. The Pennsylvania Supreme Court upheld the tax. On appeal to the United States Supreme Court, held, in a per curiam decision without opinion, that the state court's …


Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan Nov 1940

Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan

Michigan Law Review

Annual taxes on real estate in Massachusetts were assessed on January 1 of each year, and were payable on July and October l, The will set up a trust to pay income to the tenant for life, and to pay the principal to the remainderman. The trustees sought to retain sufficient funds out of income to meet the next year's taxes, fearing that the tenant might not live long enough after January 1 to accumulate sufficient income to meet the taxes, and they brought this bill for instructions. The probate court entered a decree sustaining the trustees' contentions. On appeal, …


Taxation-Income Tax -Jurisdiction -Trusts - State Tax On Resident Beneficiary's Net Income From Trust Established And Administered By Non-Resident Trustee, Allan A. Rubin May 1939

Taxation-Income Tax -Jurisdiction -Trusts - State Tax On Resident Beneficiary's Net Income From Trust Established And Administered By Non-Resident Trustee, Allan A. Rubin

Michigan Law Review

The state of Virginia imposed an income tax upon the income received by a resident of Virginia as beneficiary of a discretionary trust established and administered in New York by a resident of New York, which state had levied and collected an income tax on the entire income of the trust fund. Petitioner protested the payment of the Virginia tax, alleging the taking of property without due process of law and the denial of equal privileges in contravention of the Fourteenth Amendment of the Federal Constitution. Held, that the tax was valid, since it was ascertained by the beneficiary's …


Taxation Of Trust Estates-Reservation Of Life Income Nov 1933

Taxation Of Trust Estates-Reservation Of Life Income

Michigan Law Review

Settlor executed a deed of trust, retaining a life income, but no power of revocation. Held, that the State of Connecticut could tax the transfer as a gift to take effect in possession or enjoyment at or after death without violating the federal constitution. Guaranty Trust Co. of New York v. Blodgett, (U.S. 1933) 53 Sup. Ct. 244.


Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason Jan 1931

Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason

Michigan Law Review

For nearly half a century so-called inheritance tax laws of the states of the United States have been predicated upon two distinct theories of jurisdiction, many states embodying both theories into their statutes. Recent decisions rendered by the Supreme Court of the United States, however, challenge the constitutionality of such a scheme and indicate the expediency of a review of the extent of state jurisdiction for the purpose of imposing such taxes.


Taxation-Jurisdiction To Tax Intangibles-Business Situs Jan 1931

Taxation-Jurisdiction To Tax Intangibles-Business Situs

Michigan Law Review

Decedent died domiciled in Illinois, owning the majority of stock in a South Carolina corporation, and a chose in action for a large sum owed him by the corporation, partly on open account, and partly for dividends declared but unpaid. The executors objected to the inclusion of the chose in an assessment under the South Carolina inheritance tax law, but the South Carolina court refused relief, basing jurisdiction to tax the transfer of the indebtedness, in part, on the ground that this property had acquired a business situs in South Carolina. On certiorari, this decision was reversed by the United …


Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green Jun 1929

Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green

Michigan Law Review

Ordinarily, one thinks of trust estates as connected with testamentary dispositions of property, marriage settlements, spendthrift trusts, or other similar "pure" trusts. However, in comparatively recent years, trust estates have assumed a place in active business life, occupying the same general fields of activity as the corporation. Business men early found that the advantages of corporate existence were offset, to a greater or less degree, by corresponding disadvantages, such as compliance with regulations laid down by the state, inflexibility of charter provisions, and particularly increased burdens of taxation. The corporate organization lays itself open to the touch of the state …


Taxation-Jurisdiction To Levy An Inheritance Tax May 1927

Taxation-Jurisdiction To Levy An Inheritance Tax

Michigan Law Review

A Massachusetts decedent by will created a trust in stocks and bonds. By the terms of the trust the trustee was to pay the income to the settlor's daughter during her life and upon her death was to pay the corpus to such persons as she should by will appoint. She died domiciled in North Carolina leaving a will appointing her husband and son to receive the property. North Carolina imposed an inheritance tax under a statute making the exercise of the power of appointment subject to the tax in the same manner as though the property belonged absolutely to …


Taxation-Bonds-Inheritance Tax Apr 1926

Taxation-Bonds-Inheritance Tax

Michigan Law Review

Albert, Prince de Monaco, died possessed of bonds in two Utah railway corporations, which had been purchased and were payable at the New York office of the companies. He was a citizen and resident of France and the bonds had never been within the territorial confines of the state of Utah. The bonds were secured by a trust mortgage on all of the property of the respective corporations, only a fraction of which was within Utah. The state of Utah levied an inheritance tax on these bonds which was paid under protest, the present action being to recover back the …


"Contemplation Of Death" In Inheritance Taxation, Henry Oliver Evans Mar 1926

"Contemplation Of Death" In Inheritance Taxation, Henry Oliver Evans

Michigan Law Review

A tax upon gifts said to be made "in contemplation of death" as inheritances made its first appearance in our jurisprudence in the New York statute of 1892. Since that time this tax in some form has been laid by all of the states except Alabama, Florida, Georgia, Texas and Vermont. The Revenue Act of 1916 added this tax to the burdens, already heavy, of federal taxation.


Taxation-Inheritance Tax-Power Of Appointment Dec 1925

Taxation-Inheritance Tax-Power Of Appointment

Michigan Law Review

An inheritance tax in general is a tax on the exercise of a right. It is in the nature of an excise tax. Knowlton v. Moore, 178 U. S. 41. In recent years many states, as well as the federal government, have extended their taxing activities in this field. 4 COOLY, TAXATION, 4th ed. p. 3439. New York passed a statute in 1892 taxing the exercise of a power of appointment. The statute declared that whenever any person exercises a power of appointment, such appointment when made shall be deemed a transfer taxable as though the property belonged absolutely …


Inheritance Taxatlon Nov 1925

Inheritance Taxatlon

Michigan Law Review

The recent decision of the Supreme Court of the United States in Frick v. Pennsylvania, (June 1925) Adv. Ops. 122, 123, 124, 125, is of vital importance in the field of inheritance taxation. The facts as far as material to the present discussion are these: one Henry C. Frick, domiciled in Pennsylvania, died testate in 1919 leaving a large estate, consisting, among other things, of certain tangible personalty permanently located in New York and other tangible personalty located in Massachusetts and stock in various corporations chartered by states other than Pennsylvania. This property was all included in the clear …


The Equitable Conversion Fiction As A Basis For Inheritance Taxation Apr 1925

The Equitable Conversion Fiction As A Basis For Inheritance Taxation

Michigan Law Review

No one would dispute the jurisdiction of the state where land is situated to impose an inheritance tax upon its transfer at the death of the owner. Callahan v. Woodbridge, 171 Mass. 595, 51 N. E. 176; Matter of Majot, 199 N. Y. 29, 92 N. E. 402, Chamberlain's Estate, 257 Pa. 113,101 Atl. 314. Equally clear is the converse proposition: that no other state except the state where the land lies can impose such a tax. Succession of Westfeldt, 122 La. 836, 48 So. 281; In re Rust's Estate, 213 Mich. 138, 182 N. W. …