Taxation-Federal Estate and Gift Commons^™

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

An Alternate Approach To Situs Determination For Partnership Interests, Jack Spencer

ACTEC Law Journal

No abstract provided.

The Ultimate Gift Horse: Modernizing The Upc On Advancements To Avoid Unintended Redistributions, Jackie Elder, Frederick E. Vars

ACTEC Law Journal

A common tax avoidance strategy is to make annual lifetime gifts in the maximum amount exempt from the gift tax in order to reduce or avoid the estate tax. These gifts are likely intended as an intergenerational transfer of wealth, only differing from passing through the estate in timing. The donors probably don't intend for their tax avoidance strategy to affect the ultimate equitable distribution of their wealth. However, under the Uniform Probate Code (UPC) and case law applying it, these gifts are generally not treated as advancements, so an uneven distribution can result from something as simple as differing …

When The Stepped-Up Basis Of Inherited Property Is No More, Richard L. Kaplan

ACTEC Law Journal

Written for a symposium on how Trusts & Estates might change in the future, this article considers the implications of repealing the “step-up in basis” rule for inherited property, as President Biden proposed. The article begins by explaining how this century-old tax rule affects gratuitous transfers and then reviews previous repeal efforts before it examines the impact of such repeal on family tax planning, retirement account funding, and charitable donations.

Alkaline Hydrolysis, Victoria J. Haneman

ACTEC Law Journal

Hollywood has developed its own villainous death disposition trope that is often a link in a nefarious narrative chain—disposition of human remains through some form of chemical dissolution. Spanning decades and genre, popular cinema and television have warmly embraced liquification of the dead, including but not limited to The Wizard of Oz, House on Haunted Hill, Thief, Who Framed Roger Rabbit, Point of No Return, Palmetto, Walker, Texas Ranger, NCIS, Bones, The Wire, Breaking Bad, Dexter, Blacklist, Homeland, Elementary, 10 Cloverfield Lane, Ozark, Rick and Morty. The specifics vary dramatically from one work of fiction to the next but the …

Estate Planning For Cannabis Business Owners: An Introduction, Bridget J. Crawford, Jonathan G. Blattmachr

ACTEC Law Journal

As more states legalize cannabis sales, estate planners may increasingly be called upon to advise clients with interests in cannabis-related businesses. This essay seeks to assist estate planners in two ways. First, it aims to raise general awareness of cannabis business owners’ unique concerns. Second, the essay provides an overview of some of the fundamental issues about which cannabis business owners are likely to seek estate planning advice: business formation matters, wealth transfers, the ability of trusts to own cannabis-related businesses, and gift, estate, and income tax considerations.

In most states that permit legal cannabis sales, there is limited (or …

Black Deaths Should Matter, Too! Estate Planning As A Tool For Antiracists, Terrence M. Franklin

ACTEC Law Journal

No abstract provided.

The Nonfiduciary "Trust", Jeffrey Schoenblum

ACTEC Law Journal

This article identifies and details the emergence in an increasing number of states of a new trust law that rejects the fundamental tenets of traditional trust law. This alternative concept of the trust liberates the trustee from any meaningful accountability to the beneficiary, the very core concept of traditional trust law. In short, these states are enabling the creation of what might be described as a "nonfiduciary trust."

Modernizing Trusts And Estates: Introduction, Alyssa A. Dirusso

ACTEC Law Journal

No abstract provided.

The Perpetual Business Purpose Trust: The Business Planning Vehicle For The Future, Starting Now, Alexander A. Bove Jr., Melissa Langa

ACTEC Law Journal

No abstract provided.

Maintaining Client Privacy In An Increasingly Public World, Mel M. Justak, Anne-Marie Rhodes

ACTEC Law Journal

No abstract provided.

The Intersection Of Racial Inequities And Estate Planning, Reetu Pepoff

ACTEC Law Journal

No abstract provided.

Incentivizing Wills Through Tax, Margaret Ryznar

ACTEC Law Journal

There have been recent calls to loosen will formalities in order to allow more people to execute wills, the importance of which has been highlighted by the COVID-19 pandemic. The reduction of necessary will formalities can be successful in expanding the use of wills, as can potential tax incentives for creation of wills, such as a tax credit. However, there are numerous advantages to using tax to initiate change, as considered in this Article.

Silent Trusts Are Trending: Will They Hold Trustees To Account?, Kent D. Schenkel

ACTEC Law Journal

A common intuition is that easy money creates a disincentive to efforts for personal success. Many trust settlors seem to embrace this view but still wish to provide generously for their families. Enter the so-called “silent trust,” which seeks to moderate the disincentive effect by way of trust provisions that limit or waive notice and disclosure requirements to beneficiaries.

But a fundamental tension plagues these trusts. Beneficiaries need basic information about a trust in order to hold trustees to account. Consequently, traditional trust law provides limits on the degree to which trustees can be silent as respects a beneficiary’s right …

A Sale To A Bidit Should Work As Well As A Sale To An Idit, Michael D. Mulligan

ACTEC Law Journal

No abstract provided.

Truth, Transparency, And The Right Of Privacy, Duncan E. Osborne

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

Investing In And For The Future: Esg Investing For Trust Assets Under The Prudent Investor Rule, Jane Gorham Ditelberg

ACTEC Law Journal

No abstract provided.

Cross-Border Attestation And Interjurisdictional Wills, Richard F. Storrow

ACTEC Law Journal

After nearly two years of difficult effort to contain the coronavirus outbreak, remoteness is firmly embedded in the American psyche. Throughout the country, emergency orders permitting will execution and attestation to be conducted by simultaneous audio-visual transmission have allowed estate planning to proceed. There are currently bills in some state legislatures to make permanent the temporary emergency measures adopted during the pandemic. Remote execution and attestation may be here to stay, even in a world where electronic wills remain rare. This article addresses what is likely to become a more familiar manner of will execution in a post-pandemic world and …