Estates and Trusts Commons^™

Should A History Of Spousal Abuse Serve As A Presumptive Bar To Inheritance?, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

Incomplete Wills, Adam J. Hirsch

Michigan Law Review

This Article explores the problems that arise when a will fails to dispose of an individual's entire estate, so that she dies partially testate and partially intestate. The questions then raised include (1) whether provisions contained in the will purporting to redefine the individual's intestate heirs should supersede the statutory designations of those heirs, (2) whether inter vivos gifts to heirs should qualify as advancements on the inheritances of those heirs under conditions of partial intestacy, and, most broadly, (3) whether courts should fill in the incomplete portion of an individual's estate plan by extrapolating from the distributive preferences set …

Valuing Fractional Interests In Art For Estate Tax Purposes, Wendy G. Gerzog

All Faculty Scholarship

It is difficult to value fractional interests in art because there is virtually no market in those interests. Nevertheless, the Tax Court in Estate of Elkins valued the decedent’s fractional interests in multiple artworks, which the decedent and his children highly cherished. First, the court addressed the restricted agreements under section 2703 and then the court determined the value of decedent’s interests in the art.

Who Killed The Rule Against Perpetuities?, Grayson M. P. Mccouch

Pepperdine Law Review

During the last two decades more than half the states have either abolished or substantially weakened the traditional rule against perpetuities. The increased demand for perpetual trusts is widely attributed to the ability of such trusts to avoid federal wealth transfer taxes. Furthermore, recent empirical studies confirm a correlation between repeal of the rule against perpetuities (coupled with favorable state income tax treatment) and increased personal trust assets and average account size. This symposium article discusses the asymmetric benefits and drawbacks of perpetual trusts and concludes that the decline of the rule against perpetuities cannot be explained solely in terms …

Distracted From Distraction By Distraction: Reimagining Estate Tax Reform, Edward J. Mccaffery

Pepperdine Law Review

Recent legislation has left a gift and estate tax that will apply to far fewer than 1% of all decedents each year. This Article, prepared for a symposium on Tax Advice for the Second Obama Administration, argues that the estate tax has become largely irrelevant, except ironically as a spur to the creation and perpetuation of dynastic wealth via 'Dynasty Trusts.' The tax no longer meets any compelling policy rationale, such as raising revenue, 'backing up” the income tax, injecting progression into the tax system, or breaking up large concentrations of wealth. It is time to move on, and to …

Repulsed By Rap? Renewal Options Are Singing A Different Tune: An Analysis Of Bleecker Street Tenants Corp. V. Bleeker Jones, Llc, Jonathan M. Vecchi

Touro Law Review

No abstract provided.

Book Review, David Mckibbin Iii

Pepperdine Law Review

No abstract provided.

Trimble V. Gordon: An Unstated Reversal Of Labine V. Vincent?, John A. Boyd

Pepperdine Law Review

No abstract provided.

In Search Of A Less Tentative Totten, R. Wayne Estes

Pepperdine Law Review

No abstract provided.

Capacity For Lifetime And Estate Planning, Robert Whitman

Faculty Articles and Papers

No abstract provided.

When Sommers Are Winters: Do Blanks Denote Revocability?, Wendy G. Gerzog

All Faculty Scholarship

In Sommers, ruling on both parties’ motions for partial summary judgment, the Tax Court dealt with claims of issue preclusion and collateral estoppel, equitable apportionment, the completion of gifts of limited liability company interests, and retained powers that would cause estate tax inclusion.

Two aspects of Sommers held particular interest for me. The first is that the parties appear to be arguing their opponent’s conventional position. The second is that the court grappled with whether the blanks left in the gift documents were immaterial to gift completion; however, the court did not address whether the decedent’s completed gifts qualified for …

The Life And Death Of The Ipswich Grammar School Trust: Is Enduring Dead Hand Control Possible?, Ronald Chester

ACTEC Law Journal

This article examines the reasons for the 360-year longevity of the Ipswich (Mass.) Grammar School trust, which was in force from 1652 to 2012, the longest-running charitable trust in American history. It concludes that the cornerstone of the trust’s longevity was the emphasis of its major donor, the Puritan William Paine, on open-handed contribution to the community, rather than dead hand control. A wealthy merchant and landowner and friend of Massachusetts Bay Colony Governor John Winthrop and his son, Paine imbued his commercial activities with a profound civic-mindedness.

A 1647 law required the establishment of a grammar school by any …

Protecting Your Clients' Assets From Their Future Ex-Sons And Daughters-In-Law: The Impact Of Evolving Trust Laws On Alimony Awards, Christopher J. Roman

ACTEC Law Journal

No abstract provided.

California Income Taxation Of Trusts And Estates, Richard S. Kinyon, Kim Marois, Sonja K. Johnson

ACTEC Law Journal

No abstract provided.

Coming Ashore - Planning For Year 2017 Offshore Deferred Compensation Arrangements: Using Clats, Ppli And Preferred Partnerships And Consideration Of The Charitable Partial Interest Rules, N. Todd Angkatavanich, Jonathan G. Blattmachr, James R. Brockway

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

The Federal Tax Treatment Of Disclaimers Of Future Interests: A Call For Reform, Trent S. Kiziah

ACTEC Law Journal

Federal tax laws essentially preclude individuals with a future interest from disclaiming because the time in which a qualified disclaimer can be executed may pass before the person becomes aware of the interest and long before the interest becomes possessory and fixed as to quality and quantity. This article examines the state of the law prior to enactment of these limiting tax provisions, examines the call for reform by commentators, and examines the legislative history resulting in the current law. The author asserts Congress made an informed decision albeit a poor one. The author recommends Congress revisit the issue and …

The Life And Death Of John J. Stevens, Esq., As A Member Of The Legal Profession, Max Gutierrez Jr.

ACTEC Law Journal

No abstract provided.

Formalities And Formalism: A Critical Look At The Execution Of Wills, Charles I. Nelson, Jeanne M. Starck

Pepperdine Law Review

No abstract provided.

How To Accomplish A Successful Tax-Free Pension Plan Rollover, Steven T. Graham

Pepperdine Law Review

Advising a client how to accomplish a tax-free rollover from one pension plan to another has been an area of confusion for the general practitioner. In order to end this confusion the author examines recent statutory amendments, Internal Revenue Service rulings and the Employee Retirement Income Security Act. The author then outlines, in conjunction with the recent changes in the law, potential pension plan rollover scenarios that can aid the client. After a thorough discussion of the available rollovers and the benefits and drawbacks of each, the author concludes with a chart designed to provide quick identification of the most …