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| 245 | 1 | 0 | |a Wills, trusts and estates |b keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| 250 | |a 7. ed. | ||
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| 650 | 4 | |a Trusts and trustees |z United States |v Cases | |
| 650 | 4 | |a Wills |z United States |v Cases | |
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| DE-BY-UBM_media_number | 99994537736 |
| _version_ | 1823053528556371968 |
| adam_text | SUMMARY OF CONTENTS
CONTENTS XI
LIST OF ILLUSTRATIONS XXVII
PREFACE XXXI
ACKNOWLEDGMENTS XXXV
CHAPTER 1. INTRODUCTION TO ESTATE PLANNING 1
CHAPTER 2. INTESTACY: AN ESTATE PLAN BY DEFAULT 59
CHAPTER 3. WILLS: CAPACITY AND CONTESTS 141
CHAPTER 4. WILLS: FORMALITIES AND FORMS 199
CHAPTER 5. NONPROBATE TRANSFERS AND PLANNING FOR INCAPACITY 295
CHAPTER 6. CONSTRUCTION OF WILLS 365
CHAPTER 7. RESTRICTIONS ON THE POWER OF DISPOSITION: PROTECTION
OF THE SPOUSE AND CHILDREN 417
CHAPTER 8. TRUSTS: CREATION AND CHARACTERISTICS 485
CHAPTER 9. BUILDING FLEXIBILITY INTO TRUSTS: POWERS OF APPOINTMENT 589
CHAPTER 10. CONSTRUCTION OF TRUSTS: FUTURE INTERESTS 623
CHAPTER 11. TRUST DURATION AND THE RULE AGAINST PERPETUITIES 671
CHAPTER 12. CHARITABLE TRUSTS 729
CHAPTER 13. TRUST ADMINISTRATION: THE FIDUCIARY OBLIGATION 771
CHAPTER 14. WEALTH TRANSFER TAXATION: TAX PLANNING* 845
TABLE OF CASES 929
AUTHOR INDEX 937
INDEX 943
*CHAPTER 14 WAS REVISED FOR THE SEVENTH EDITION PRINCIPALLY BY STEPHANIE
J. WILLBANKS, PROFESSOR OF
LAW AT VERMONT LAW SCHOOL.
IX
CONTENTS
LIST OF ILLUSTRATIONS XXVII
PREFACE XXXI
ACKNOWLEDGMENTS XXXV
CHAPTER 1. INTRODUCTION TO ESTATE PLANNING 1
SECTION A. THE POWER TO TRANSMIT PROPERTY AT DEATH: ITS
JUSTIFICATION AND LIMITATIONS 1
1. THE RIGHT TO INHERIT AND THE RIGHT TO CONVEY 1
JEFFERSON S WORKS 1
BLACKSTONE, COMMENTARIES 1
LOCKE, TWO TREATIES OF GOVERNMENT 2
HODEL V. IRVING 3
2. THE POLICY OF PASSING WEALTH AT DEATH 10
PARSONS ET AL., THE GIFT OF LIFE AND ITS RECIPROCATION 10
BRITTAIN, INHERITANCE AND THE INEQUALITY
OF MATERIAL WEALTH 11
HALBACH, AN INTRODUCTION TO DEATH,
TAXES AND FAMILY PROPERTY 11
BENTHAM, THE THEORY OF LEGISLATION 12
OLIVER, SHAPIRO & PRESS, THEM THAT S
GOT SHALL GET : INHERITANCE AND
ACHIEVEMENT IN WEALTH ACCUMULATION 12
ASCHER, CURTAILING INHERITED WEALTH 14
KRISTOL, TAXES, POVERTY, AND EQUALITY 16
NOTE: INHERITANCE IN THE ERSTWHILE
SOVIET UNION 17
BLUM & KALVEN, THE UNEASY CASE FOR PROGRESSIVE
TAXATION 18
XI
X
JJ CONTENTS
LANGBEIN, THE TWENTIETH-CENTURY REVOLUTION
3.
SECTION
1.
2.
SECTION
1.
2.
3.
SECTION
1.
2.
IN FAMILY WEALTH TRANSMISSION
AN INTRODUCTION TO THE PROBLEM OF THE DEAD HAND
RESTATEMENT (THIRD) OF PROPERTY: WILLS
AND OTHER DONATIVE TRANSFERS §10.1
SHAPIRA V. UNION NATIONAL BANK
B. TRANSFER OF THE DECEDENT S ESTATE
PROBATE AND NONPROBATE PROPERTY
ADMINISTRATION OF PROBATE ESTATES
A. HISTORY AND TERMINOLOGY
B. A SUMMARY OF PROBATE PROCEDURE
(1) OPENING PROBATE
(2) SUPERVISING THE REPRESENTATIVE S ACTIONS
(3) CLOSING THE ESTATE
C. IS PROBATE NECESSARY?
D. UNIVERSAL SUCCESSION
C. AN ESTATE PLANNING PROBLEM
THE CLIENT S LETTER AND ITS ENCLOSURES
LAST WILL AND TESTAMENT OF HOWARD BROWN
SOME PRELIMINARY QUESTIONS RAISED BY BROWN S
LETTER
ADDITIONAL DATA ON THE BROWNS FAMILY AND ASSETS
A. FAMILY DATA
B. ASSETS
C. LIABILITIES
D. ASSETS AND LIABILITIES: SUMMARY
D. PROFESSIONAL RESPONSIBILITY
DUTIES TO INTENDED BENEFICIARIES
SIMPSON V. CALIVAS
CONFLICTS OF INTEREST
HOTZ V. MINYARD
A. V. B.
19
20
20
21
30
30
31
31
33
33
36
36
37
39
40
40
41
42
43
43
-45
47
48
48
49
49
54
54
57
CHAPTER 2. INTESTACY: AN ESTATE PLAN BY DEFAULT 59
SECTION A. THE BASIC SCHEME 59
1. INTRODUCTION 59
UNIFORM PROBATE CODE
§§2-101, 2-102, 2-103, 2-105 60
NOTE: THE MEANING OF HEIRS AND THE
TRANSFER OF AN EXPECTANCY 62
2. SHARE OF SURVIVING SPOUSE 62
NOTE: DOMESTIC PARTNERS AND INTESTATE SUCCESSION 65
JANUS V. TARASEWICZ 68
3. SHARES OF DESCENDANTS 73
NOTE: NEGATIVE DISINHERITANCE 77
CONTENTS XIII
4. SHARES OF ANCESTORS AND COLLATERALS 78
MASSACHUSETTS GENERAL LAWS CH. 190, §3(6) 80
NOTE: HALF-BLOODS 83
SECTION B. TRANSFERS TO CHILDREN 83
1. MEANING OF CHILDREN 83
A. ADOPTED CHILDREN 83
HALL V. VALLANDINGHAM 83
UNIFORM PROBATE CODE §§2-113, 2-114 86
MINARY V. CITIZENS FIDELITY BANK & TRUST CO. 89
O NEAL V. WILKES 94
B. POSTHUMOUS CHILDREN 99
C. NONMARITAL CHILDREN 100
D. REPRODUCTIVE TECHNOLOGY AND NEW FORMS OF PARENTAGE 101
WOODWARD V. COMMISSIONER OF SOCIAL SECURITY 102
NOTE: SURROGATE MOTHERHOOD AND
MARRIED COUPLES 111
NOTE: ASSISTED REPRODUCTION AND
SAME-SEX COUPLES 113
2. ADVANCEMENTS 114
UNIFORM PROBATE CODE §2-109 115
3. GUARDIANSHIP AND CONSERVATORSHIP OF MINORS 116
A. GUARDIAN OF THE PERSON 117
B. PROPERTY MANAGEMENT OPTIONS 117
(1) GUARDIANSHIP OF THE PROPERTY 117
(2) CONSERVATORSHIP 118
(3) CUSTODIANSHIP 118
(4) TRUSTS 119
(5) VARIATIONS ON TRANSFERS TO MINORS 120
AN EXERCISE IN LAWYERING 122
WILL OF HOWARD BROWN
(WITH TESTAMENTARY TRUST) 122
SECTION C. BARS TO SUCCESSION 126
1. HOMICIDE 126
IN RE ESTATE OFMAHONEY 126
CALIFORNIA PROBATE CODE §259 132
2. DISCLAIMER 132
DRYE V. UNITED STATES 134
TROY V. HART 136
CHAPTER 3. WILLS: CAPACITY AND CONTESTS 141
SECTION A. MENTAL CAPACITY 141
1. THE TEST OF MENTAL CAPACITY 141
IN RE ESTATE OF WRIGHT 141
2. WHY REQUIRE MENTAL CAPACITY? 146
3. INSANE DELUSION 148
IN RE STRITTMATER 149
XIV
SECTION B.
SECTION C.
SECTION D.
SECTION E.
IN RE HONIGMAN
LANGBEIN, LIVING PROBATE: THE CONSERVATOR SHIP
MODEL
UNDUE INFLUENCE
ESTATE OFLAKATOSH
RESTATEMENT (THIRD) OF PROPERTY: WILLS AND
OTHER DONATIVE TRANSFERS §8.3
LIPPER V. WESLOW
NOTE: NO-CONTEST CLAUSES
NOTE: BEQUEST TO ATTORNEYS
IN RE WILL OF MOSES
IN RE KAUFMANN S WILL
AN EXERCISE IN LAWYERING: SEWARD
JOHNSON S ESTATE
FRAUD
PUCKETT V. KRIDA
DURESS
LATHAM V. FATHER DIVINE
TORTIOUS INTERFERENCE WITH EXPECTANCY
MARSHALL V. MARSHALL
CONTENTS
150
156
158
159
160
162
167
167
170
174
176
186
187
189
189
194
194
CHAPTER 4. WILLS: FORMALITIES AND FORMS 199
SECTION A. EXECUTION OF WILLS 199
1. ATTESTED WILLS 199
A. THE FUNCTION OF FORMALITIES 199
BARON, GIFTS, BARGAINS, AND FORM 199
LINDGREN, THE FALL OF FORMALISM 199
GULLIVER & TILSON, CLASSIFICATION OF
GRATUITOUS TRANSFERS 200
COMPARISON OF STATUTORY FORMALITIES
FOR FORMAL WILLS 203
B. THE FORMALITIES IN ACTION 203
UNIFORM PROBATE CODE §2-502 203
IN RE GROJFMAN 204
STEVENS V. CASDORPH 205
ESTATE OF PARSONS 211
NOTE: PURGING STATUTES 215
RECOMMENDED METHOD OF EXECUTING A WILL 215
NOTE: SAFEGUARDING A WILL 218
IN RE PAVLINKO S ESTATE 220
IN RE SNIDE 223
C. CURATIVE DOCTRINES 225
UNIFORM PROBATE CODE §2-503 226
IN RE WILL OFRANNEY 226
IN RE ESTATE OF HALL 231
2. HOLOGRAPHIC WILLS 236
THE JOLLY TESTATOR WHO MAKES HIS OWN WILL 236
CONTENTS XV
SECTION
1.
2.
3.
SECTION
1.
2.
3.
4.
SECTION
1.
2.
GULLIVER & TILSON, CLASSIFICATION OF
GRATUITOUS TRANSFERS
KIMMEL S ESTATE
ESTATE OF MULKINS
ESTATE OF JOHNSON
ESTATE OFMUDER
IN RE ESTATE OF KURALT
B. REVOCATION OF WILLS
REVOCATION BY WRITING OR PHYSICAL ACT
UNIFORM PROBATE CODE §2-507
PROBLEM: REVOCATION BY INCONSISTENCY
HARRISON V. BIRD
NOTE: PROBATE OF LOST WILLS
THOMPSON V. ROYALL
DEPENDENT RELATIVE REVOCATION AND REVIVAL
LACROIX V. SENECAL
ESTATE OF ALBURN
NOTE: REVIVAL
UNIFORM PROBATE CODE §2-509
REVOCATION BY OPERATION OF LAW: CHANGE IN FAMILY
CIRCUMSTANCES
UNIFORM PROBATE CODE §2-804
C. COMPONENTS OF A WILL
INTEGRATION OF WILLS
REPUBLICATION BY CODICIL
INCORPORATION BY REFERENCE
UNIFORM PROBATE CODE §2-510
CLARK V. GREENHALGE
SIMON V. GRAYSON
UNIFORM PROBATE CODE §2-513
JOHNSON V. JOHNSON
ACTS OF INDEPENDENT SIGNIFICANCE
UNIFORM PROBATE CODE §2-512
D. CONTRACTS RELATING TO WILLS
CONTRACTS TO MAKE A WILL
CONTRACTS NOT TO REVOKE A WILL
UNIFORM PROBATE CODE §2-514
VIA V. PUTNAM
236
237
242
242
243
245
251
251
252
252
253
254
255
259
260
264
267
268
269
269
271
271
272
273
273
273
277
278
279
285
285
286
287
288
289
290
CHAPTER 5. NONPROBATE TRANSFERS AND PLANNING FOR INCAPACITY 295
SECTION A. AN INTRODUCTION TO WILL SUBSTITUTES 295
LANGBEIN, THE NONPROBATE REVOLUTION AND
THE FUTURE OF THE LAW OF SUCCESSION 295
SECTION B. REVOCABLE TRUSTS 299
1. INTRODUCTION 299
FARKAS V. WILLIAMS 299
XV
I CONTENTS
IN RE ESTATE AND TRUST OFPILAFAS 307
STATE STREET BANK & TRUST CO. V. REISER 308
2. POUR-OVER WILLS 310
UNIFORM PROBATE CODE §2-511 311
CLYMER V. MAYO 313
3. USE OF REVOCABLE TRUSTS IN ESTATE PLANNING 316
A. INTRODUCTION 316
B. CONSEQUENCES DURING LIFE OF SETTLOR 316
QUESTION 317
C. CONSEQUENCES AT DEATH OF SETTLOR: AVOIDANCE OF
PROBATE 318
NOTE: MARKETING OF LIVING TRUSTS 321
SECTION C. LIFE INSURANCE, PENSION ACCOUNTS, BANK ACCOUNTS,
AND OTHER PAYABLE-ON-DEATH ARRANGEMENTS 322
1. LIFE INSURANCE 322
WILHOIT V. PEOPLES LIFE INSURANCE CO. 325
ESTATE OFHILLOWITZ 328
UNIFORM PROBATE CODE §6-101 330
COOK V. EQUITABLE LIFE ASSURANCE SOCIETY 331
2. PENSION ACCOUNTS 333
LANGBEIN, THE TWENTIETH-CENTURY REVOLUTION
IN FAMILY WEALTH TRANSMISSION 333
EGELHOFFV. EGELHOJF 336
3. MULTIPLE-PARTY BANK AND BROKERAGE ACCOUNTS 341
FRANKLIN V. ANNA NATIONAL BANK OF ANNA 342
SECTION D. JOINT TENANCIES IN REALTY 344
SECTION E. PLANNING FOR INCAPACITY 345
1. THE DURABLE POWER OF ATTORNEY 346
FRANZEN V. NORWEST BANK COLORADO 347
2. DIRECTIVES REGARDING HEALTH CARE AND DISPOSITION
OF THE BODY 350
A. ADVANCE DIRECTIVES: LIVING WILLS, HEALTH CARE
PROXIES, AND HYBRIDS 350
DRESSER, PRECOMMITMENT: A MISGUIDED STRATEGY
FOR SECURING DEATH WITH DIGNITY 352
BUSH V. SCHIAVO 354
LINDGREN, DEATH BY DEFAULT 358
B. DISPOSITION OF THE BODY 360
NOTE: ELDER LAW 363
CHAPTER 6. CONSTRUCTION OF WILLS 365
SECTION A. MISTAKEN OR AMBIGUOUS LANGUAGE IN WILLS 365
1. THE TRADITIONAL APPROACH: NO EXTRINSIC EVIDENCE,
NO REFORMATION 365
MAHONEY V. GRAINGER 366
2. SLOUCHING TOWARD REFORMATION: CORRECTING MISTAKES
WITHOUT THE POWER TO REFORM WILLS 371
CONTENTS XVII
THE CAUSES AND EFFECTS OF WILL DEFECTS 372
ARNHEITER V. ARNHEITER 372
ESTATE OFGIBBS 374
3. OPENLY REFORMING WILLS FOR MISTAKE 374
ERICKSON V. ERICKSON 374
RESTATEMENT (THIRD) OF PROPERTY: WILLS
AND OTHER DONATIVE TRANSFERS §12.1 380
LANGBEIN, CURING EXECUTION ERRORS AND MISTAKEN
TERMS IN WILLS 380
FLEMING V. MORRISON 386
SECTION B. DEATH OF BENEFICIARY BEFORE DEATH OF TESTATOR 387
1. INTRODUCTION 387
ESTATE OF RUSSELL 388
2. ANTILAPSE STATUTES 392
UNIFORM PROBATE CODE §2-605 393
ALLEN V. TALLEY 393
JACKSON V. SCHULTZ 398
3. CLASS GIFTS 399
RESTATEMENT (THIRD) OF PROPERTY: WILLS AND
OTHER DONATIVE TRANSFERS §§13.1, 13.2 399
DAWSON V. YUCUS 400
IN RE MOSS 402
AMERICAN LAW OF PROPERTY §22.13 404
SECTION C. CHANGES IN PROPERTY AFTER EXECUTION OF WILL 405
1. ADEMPTION BY EXTINCTION 405
WASSERMAN V. COHEN 406
UNIFORM PROBATE CODE §2-606 410
2. STOCK SPLITS AND THE PROBLEM OF INCREASE 412
3. SATISFACTION OF GENERAL PECUNIARY BEQUESTS 413
4. EXONERATION OF LIENS 413
5. ABATEMENT 414
CHAPTER 7. RESTRICTIONS ON THE POWER OF DISPOSITION: PROTECTION
OF THE SPOUSE AND CHILDREN 417
SECTION A. RIGHTS OF THE SURVIVING SPOUSE 417
1. INTRODUCTION TO MARITAL PROPERTY SYSTEMS 417
2. RIGHTS OF SURVIVING SPOUSE TO SUPPORT 419
A. SOCIAL SECURITY . 419
B. PRIVATE PENSION PLANS 420
C. HOMESTEAD . 421
D. PERSONAL PROPERTY SET-ASIDE 422
E. FAMILY ALLOWANCE 422
F. DOWER AND CURTESY 422
3. RIGHTS OF SURVIVING SPOUSE TO A SHARE OF DECEDENT S PROPERTY 425
A. THE ELECTIVE SHARE AND ITS RATIONALE 425
UNIFORM PROBATE CODE, ARTICLE II, PART 2, GENERAL
COMMENT 426
XVIII CONTENTS
NOTE: THE ESTATE TAX MARITAL DEDUCTION
AND THE DEPENDENCY OF WOMEN 428
IN RE ESTATE OF CROSS 430
IN RE ESTATE OF COOPER 433
B. PROPERTY SUBJECT TO THE ELECTIVE SHARE 438
(1) JUDICIAL RESPONSES 439
SULLIVAN V. BURKIN 439
BONGAARDS V. MITTEN 442
(2) STATUTORY SCHEMES 445
(3) THE UNIFORM PROBATE CODE 447
NOTE: MUST THE SURVIVING SPOUSE ACCEPT A LIFE
ESTATE? 451
C. WAIVER 451
UNIFORM PROBATE CODE §2-213 452
IN RE ESTATE OFGARBADE 453
IN RE GRIEFF 454
4. RIGHTS OF SURVIVING SPOUSE IN COMMUNITY PROPERTY 455
A. BASIC INFORMATION 455
B. PUTTING THE SURVIVOR TO AN ELECTION 457
5. MIGRATING COUPLES AND MULTISTATE PROPERTY HOLDINGS 458
A. MOVING FROM A SEPARATE PROPERTY STATE TO
A COMMUNITY PROPERTY STATE 459
B. MOVING FROM A COMMUNITY PROPERTY STATE TO
A SEPARATE PROPERTY STATE 460
6. SPOUSE OMITTED FROM PREMARITAL WILL 462
ESTATE OF SHANNON 462
UNIFORM PROBATE CODE §2-301 465
SECTION B. RIGHTS OF ISSUE OMITTED FROM THE WILL 466
1. PROTECTION FROM INTENTIONAL OMISSION 466
A. THE DOMESTIC APPROACH 466
B. A LOOK ABROAD: FAMILY MAINTENANCE STATUTES 468
LAMBEFFV. FARMERS CO-OPERATIVE EXECUTORS
& TRUSTEES LTD. 469
2. PROTECTION FROM UNINTENTIONAL OMISSION 473
AZCUNCE V. ESTATE OFAZCUNCE 475
UNIFORM PROBATE CODE §2-302 479
IN RE ESTATE OF LAURA 481
ESTATE OFTRELOAR 483
CHAPTER 8. TRUSTS: CREATION AND CHARACTERISTICS 485
SECTION A. INTRODUCTION 485
1. BACKGROUND 485
NOTE: FOREIGN TRUST LAW 488
2. THE PARTIES TO A TRUST 489
A. THE SETTLOR 489
B. THE TRUSTEE 490
C. THE BENEFICIARIES 493
CONTENTS
XIX
3. A TRUST COMPARED WITH A LEGAL LIFE ESTATE
4. COMMERCIAL USES OF THE TRUST
SECTION B. CREATION OF A TRUST
1. INTENT TO CREATE A TRUST
LUX V. LUX
JIMENEZ V. LEE
THE HEBREW UNIVERSITY ASSOCIATION V. NYE (1961)
THE HEBREW UNIVERSITY ASSOCIATION V. NYE (1966)
2. NECESSITY OF TRUST PROPERTY
UNTHANK V. RIPPSTEIN
BRAINARD V. COMMISSIONER
SPEELMAN V. PASCAL
NOTE: TAXATION OF GRANTOR TRUSTS
3. NECESSITY OF TRUST BENEFICIARIES
CLARK V. CAMPBELL
IN RE SEARIGHT S ESTATE
4. NECESSITY OF A WRITTEN INSTRUMENT
A. ORAL INTER VIVOS TRUSTS OF LAND
HIEBLE V. HIEBLE
B. ORAL TRUSTS FOR DISPOSITION AT DEATH
OLLIFFE V. WELLS
SECTION C. RIGHTS OF THE BENEFICIARIES TO DISTRIBUTIONS FROM
THE TRUST
MARSMAN V. NASCA
NOTE: EXTENDED DISCRETION
NOTE: EXCULPATORY CLAUSES
NOTE: MANDATORY ARBITRATION CLAUSES
SECTION D. RIGHTS OF THE BENEFICIARY S CREDITORS
1. DISCRETIONARY TRUSTS
UNIFORM TRUST CODE §504
2. SPENDTHRIFT TRUSTS
SCHEFFEL V. KRUEGER
SHELLEY V. SHELLEY
UNIFORM TRUST CODE §§502, 503
3. SELF-SETTLED ASSET PROTECTION TRUSTS
FEDERAL TRADE COMMISSION V. AFFORDABLE
MEDIA, LLC
IN RE LAWRENCE
NOTE: TRUSTS FOR THE STATE-SUPPORTED
SECTION E. MODIFICATION AND TERMINATION OF TRUSTS
1. INTRODUCTION
2. MODIFICATION
IN RE TRUST OF STUCHELL
UNIFORM TRUST CODE §412
NOTE: REFORMATION AND MODIFICATION
FOR TAX ADVANTAGES
NOTE: TRUST PROTECTORS
494
496
498
498
498
499
504
506
508
509
511
512
516
518
519
522
528
528
528
530
530
533
534
540
541
543
543
544
546
547
549
550
553
557
560
566
569
572
572
574
574
577
578
579
XX
CONTENTS
3. TERMINATION 580
IN RE ESTATE OF BROWN 580
NOTE: REVOCABLE VERSUS IRREVOCABLE TRUSTS 584
4. TRUSTEE REMOVAL 585
UNIFORM TRUST CODE §706 586
CHAPTER 9. BUILDING FLEXIBILITY INTO TRUSTS: POWERS
OF APPOINTMENT 589
SECTION A. INTRODUCTION 589
1. TYPES OF POWERS 589
2. DOES THE APPOINTIVE PROPERTY BELONG TO THE DONOR
OR THE DONEE? 591
IRWIN UNION BANK & TRUST CO. V. LONG 592
NOTE: TAX CONSIDERATIONS FOR POWERS 595
SECTION B. CREATION OF A POWER OF APPOINTMENT 598
1. INTENT TO CREATE A POWER 598
2. POWERS TO CONSUME 598
STERNER V. NELSON 598
SECTION C. RELEASE OF A POWER OF APPOINTMENT 602
SEIDEL V. WERNER 603
SECTION D. EXERCISE OF A POWER OF APPOINTMENT 607
1. EXERCISE BY RESIDUARY CLAUSE IN DONEE S WILL 607
BEALS V. STATE STREET BANK & TRUST CO. 607
UNIFORM PROBATE CODE §§2-608, 2-704 613
2. LIMITATIONS ON EXERCISE OF A SPECIAL POWER 614
3. FRAUD ON A SPECIAL POWER 615
4. INEFFECTIVE EXERCISE OF A POWER 616
A. ALLOCATION OF ASSETS 616
B. CAPTURE 617
SECTION E. FAILURE TO EXERCISE A POWER OF APPOINTMENT 618
LORING V. MARSHALL 618
CHAPTER 10. CONSTRUCTION OF TRUSTS: FUTURE INTERESTS 623
SECTION A. INTRODUCTION 623
SECTION B. CLASSIFICATION OF FUTURE INTERESTS 624
1. TYPES OF FUTURE INTERESTS 624
2. FUTURE INTERESTS IN THE TRANSFEROR 624
A. REVERSION 624
B. POSSIBILITY OF REVERTER; RIGHT OF ENTRY 625
3. FUTURE INTERESTS IN TRANSFEREES 626
A. REMAINDERS 626
B. EXECUTORY INTERESTS 628
SECTION C. CONSTRUCTION OF TRUST INSTRUMENTS 630
1. PREFERENCE FOR VESTED INTERESTS 630
A. ACCELERATION INTO POSSESSION 631
IN RE ESTATE OF GILBERT 632
CONTENTS XXI
B. TRANSFERABILITY 636
C. REQUIRING SURVIVAL TO TIME OF POSSESSION 638
FIRST NATIONAL BANK OF BAR HARBOR V. ANTHONY 638
CLOBBERIE S CASE 642
NOTE: UNIFORM PROBATE CODE §2-707 * A NEW
SYSTEM OF FUTURE INTERESTS FOR TRUSTS 643
2. GIFTS TO CLASSES 648
A. GIFTS OF INCOME 649
DEWIRE V. HAVELES 649
B. GIFTS TO CHILDREN, ISSUE, OR DESCENDANTS 652
C. GIFTS TO HEIRS 655
ESTATE OFWOODWORTH 655
UNIFORM PROBATE CODE §2-711 660
NOTE: THE DOCTRINE OF WORTHIER TITLE 660
NOTE: THE RULE IN SHELLEY S CASE 661
D. THE CLASS-CLOSING RULE 662
(1) INTRODUCTION 662
(2) IMMEDIATE GIFTS 663
NOTE: CLASS-CLOSING RULES AND POSTHUMOUSLY
CONCEIVED CHILDREN 664
(3) POSTPONED GIFTS 665
LUX V. LUX 666
(4) GIFTS OF SPECIFIC SUMS 669
CHAPTER 11. TRUST DURATION AND THE RULE AGAINST
PERPETUITIES 671
SECTION A. INTRODUCTION 671
1. DEVELOPMENT OF DIE RULE AGAINST PERPETUITIES 671
2. SUMMARY OF THE RULE 674
A. INTRODUCTION 674
(1) THE RULE AND ITS POLICIES 674
(2) WHY LIVES IN BEING ARE USED TO MEASURE
THE PERIOD 675
(3) THE RULE IS A RULE OF PROOF 676
B. WHEN THE LIVES IN BEING ARE ASCERTAINED 678
SECTION B. THE REQUIREMENT OF NO POSSIBILITY OF REMOTE
VESTING 678
1. THE FERTILE OCTOGENARIAN 679
2. THE UNBORN WIDOW 681
DICKERSON V. UNION NATIONAL BANK OF
LITTLE ROCK , 681
3. THE SLOTHFUL EXECUTOR . 685
4. THE MAGIC GRAVEL PIT AND OTHER MARVELS 686
SECTION C. APPLICATION OF THE RULE TO CLASS GIFTS 686
1. THE BASIC RULE: ALL-OR-NOTHING 686
2. EXCEPTION TO THE CLASS GIFT RULE 688
XX11
CONTENTS
A. GIFTS TO SUBCLASSES 688
AMERICAN SECURITY & TRUST CO. V. CRAMER 688
B. SPECIFIC SUM TO EACH CLASS MEMBER 689
SECTION D. APPLICATION OF THE RULE TO POWERS OF APPOINTMENT 690
1. GENERAL POWERS PRESENTLY EXERCISABLE 690
A. VALIDITY OF POWER 690
B. VALIDITY OF EXERCISE 690
2. GENERAL TESTAMENTARY POWERS AND SPECIAL POWERS 691
A. VALIDITY OF POWER 691
B. VALIDITY OF EXERCISE 692
(1) PERPETUITIES PERIOD RUNS FROM CREATION
OF POWER 692
(2) THE SECOND-LOOK DOCTRINE 692
SECOND NATIONAL BANK OF NEW HAVEN V.
HARRIS TRUST & SAVINGS BANK 693
NOTE: THE DELAWARE TAX TRAP OR
HOW THE DONEE CAN CHOOSE BETWEEN
PAYING AN ESTATE TAX OR A GENERATION-SKIPPING
TRANSFER TAX 694
SECTION E. SAVING CLAUSES 695
NOTE: ATTORNEY LIABILITY FOR VIOLATING
THE RULE 696
SECTION F. PERPETUITIES REFORM 697
1. THE CY PRES OR REFORMATION DOCTRINE 697
2. THE WAIT-AND-SEE DOCTRINE 698
A. WAIT-AND-SEE FOR THE COMMON LAW PERPETUITIES
PERIOD 699
B. THE UNIFORM STATUTORY RULE AGAINST PERPETUITIES 700
UNIFORM STATUTORY RULE AGAINST
PERPETUITIES §§1-5 702
IN RE TRUST OF WOLD 704
3. ABOLITION OF THE RULE AGAINST PERPETUITIES 711
DUKEMINIER & KRIER, THE RISE OF THE
PERPETUAL TRUST 712
SECTION G. OTHER DURATIONAL LIMITS 723
1. THE RULE AGAINST SUSPENSION OF THE POWER
OF ALIENATION 723
2. THE RULE AGAINST ACCUMULATIONS OF INCOME 725
CHAPTER 12. CHARITABLE TRUSTS
SECTION A. NATURE OF CHARITABLE PURPOSES
SHENANDOAH VALLEY NATIONAL BANK V. TAYLOR
NOTE: SHAW S ALPHABET TRUSTS
SECTION B. MODIFICATION OF CHARITABLE TRUSTS: CY PRES
IN RE NEHER
NOTE: DISCRIMINATORY TRUSTS
729
729
729
737
737
738
742
CONTENTS XXIII
SAN FRANCISCO CHRONICLE: THE BUCK TRUST 743
PHILADELPHIA STORY: THE BARNES FOUNDATION 746
SECTION C. SUPERVISION OF CHARITABLE TRUSTS 750
CARL]. HERZOG FOUNDATION, INC. V.
UNIVERSITY OF BRIDGEPORT 750
SMITHERS V. ST. LUKE S-ROOSEVELT HOSPITAL CENTER 751
HAWAII JOURNAL: THE BISHOP ESTATE 763
CHAPTER 13. TRUST ADMINISTRATION: THE FIDUCIARY OBLIGATION 771
SECTION A. INTRODUCTION 771
LANGBEIN, THE CONTRACTARIAN BASIS
OF THE LAW OF TRUSTS 772
NOTE: AGENCY COSTS AND THE FIDUCIARY OBLIGATION 774
NOTES AND QUESTION 776
NOTE: POWERS OF THE TRUSTEE 777
SECTION B. THE DUTY OF LOYALTY 779
HARTMAN V. HARTLE 779
IN RE GLEESON S WILL 780
IN RE ROTHKO 783
NOTE: CO-TRUSTEES 790
RESTATEMENT (SECOND) OF TRUSTS §258 791
SECTION C. THE DUTY OF PRUDENCE 791
1. THE HISTORY OF TRUST-INVESTMENT LAW 792
LANGBEIN & POSNER, MARKET FUNDS
AND TRUST-INVESTMENT LAW 792
RESTATEMENT (THIRD) OF TRUSTS: PRUDENT
INVESTOR RULE 793
NOTE: THE CONSTRAINED PRUDENT MAN RULE 794
2. MODERN TRUST-INVESTMENT LAW 796
A. SENSITIVITY TO RISK AND RETURN 797
UNIFORM PRUDENT INVESTOR ACT §2 797
ESTATE OF COLLINS 798
NOTE: ERISA 803
NOTE: SOCIAL INVESTING 804
B. DIVERSIFICATION 805
UNIFORM PRUDENT INVESTOR ACT §3 805
LANGBEIN, THE UNIFORM PRUDENT INVESTOR
ACT AND THE FUTURE OF TRUST INVESTING 805
IN RE ESTATE OF JANES 806
NOTE: CALCULATING DAMAGES FOR
IMPRUDENT INVESTMENT 817
C. DELEGATION 818
SHRINERS HOSPITALS FOR CRIPPLED CHILDREN V. GARDINER 819
UNIFORM PRUDENT INVESTOR ACT §9 820
SECTION D. IMPARTIALITY AND THE PRINCIPAL AND INCOME PROBLEM 821
DENNIS V. RHODE ISLAND HOSPITAL TRUST CO. 821
NOTE: THE PRINCIPAL AND INCOME PROBLEM 827
XX
J
V
CONTENTS
SECTION E. SUBRULES RELATING TO THE TRUST PROPERTY 830
1. DUTY TO COLLECT AND PROTECT TRUST PROPERTY 830
2. DUTY TO EARMARK TRUST PROPERTY 830
3. DUTY NOT TO MINGLE TRUST FUNDS WITH THE TRUSTEE S OWN 831
SECTION F. DUTY TO INFORM AND ACCOUNT TO THE BENEFICIARIES 832
FLETCHER V. FLETCHER 832
UNIFORM TRUST CODE §813 836
NATIONAL ACADEMY OF SCIENCES V. CAMBRIDGE TRUST CO. 839
CHAPTER 14. WEALTH TRANSFER TAXATION: TAX PLANNING* 845
SECTION A. INTRODUCTION 845
1. A BRIEF HISTORY OF FEDERAL WEALTH TRANSFER TAXATION 845
NOTE: ESTATE AND INHERITANCE TAXES
DISTINGUISHED 848
2. THE UNIFIED FEDERAL ESTATE AND GIFT TAXES 849
UNIFIED TRANSFER TAX RATE SCHEDULE 850
SECTION B. THE FEDERAL GIFT TAX 853
1. THE NATURE OF A TAXABLE GIFT 853
HOLTZ S ESTATE V. COMMISSIONER 853
NOTE: INCOME TAX BASIS 857
2. THE ANNUAL EXCLUSION 857
ESTATE OFCRISTOFANI V. COMMISSIONER 860
3. GIFTS BETWEEN SPOUSES AND FROM ONE SPOUSE TO
A THIRD PERSON 867
SECTION C. THE FEDERAL ESTATE TAX 868
1. A THUMBNAIL SKETCH OF THE FEDERAL ESTATE TAX 868
2. THE GROSS ESTATE: PROPERTY PASSING BY WILL
OR INTESTACY 870
A. SECTION 2033: PROPERTY OWNED AT DEATH 870
B. SECTION 2034: DOWER OR CURTESY 871
3. THE GROSS ESTATE: NONPROBATE PROPERTY 872
A. SECTION 2040: JOINT TENANCY 872
(1) JOINT TENANCY BETWEEN PERSONS OTHER THAN
HUSBAND AND WIFE 872
(2) JOINT TENANCY AND TENANCY BY THE ENTIRETY
BETWEEN HUSBAND AND WIFE 874
B. SECTION 2039: ANNUITIES AND EMPLOYEE DEATH BENEFITS 874
C. SECTION 2042: LIFE INSURANCE 875
4. THE GROSS ESTATE: LIFETIME TRANSFERS 876
A. SECTION 2036: TRANSFERS WITH LIFE ESTATE OR
CONTROL OF BENEFICIAL RIGHTS RETAINED 876
ESTATE OF MAXWELL V. COMMISSIONER 877
OLD COLONY TRUST CO. V. UNITED STATES 883
NOTE: FAMILY LIMITED PARTNERSHIPS 886
*CHAPTER 14 WAS REVISED FOR THE SEVENTH EDITION PRINCIPALLY BY STEPHANIE
J. WILLBANKS, PROFESSOR OF
LAW AT VERMONT LAW SCHOOL.
CONTENTS XXV
B. SECTION 2038: REVOCABLE TRANSFERS 887
C. SECTION 2037: TRANSFERS WITH REVERSIONARY
INTEREST RETAINED 888
D. SECTION 2035: TRANSFERS WITHIN THREE YEARS
OF DEATH 889
5. THE GROSS ESTATE: POWERS OF APPOINTMENT (§2041) 891
ESTATE OF VISSERING V. COMMISSIONER 894
ESTATE OF KURZ V. COMMISSIONER 897
6. THE MARITAL DEDUCTION 900
A. INTRODUCTION 900
B. INTERESTS THAT QUALIFY FOR THE DEDUCTION 901
(1) THE NONDEDUCTIBLE TERMINABLE INTEREST RULE 901
(2) EXCEPTIONS TO THE TERMINABLE INTEREST RULE 902
ESTATE OFRAPP V. COMMISSIONER 905
POND V. POND 912
(3) NONCITIZEN SPOUSES: QUALIFIED DOMESTIC TRUSTS 915
C. TAX PLANNING 915
7. THE CHARITABLE DEDUCTION 917
SECTION D. THE GENERATION-SKIPPING TRANSFER TAX 919
1. THE NATURE OF THE TAX 919
2. RATE AND BASE OF TAX 922
3. EXEMPTION AND EXCLUSIONS 923
4. DEFINITIONS 924
A. TRANSFEROR 925
B. SKIP PERSON; ASCERTAINING GENERATIONS 925
C. INTEREST 926
5. TAX STRATEGIES 927
SECTION E. STATE WEALTH TRANSFER TAXES 928
TABLE OF CASES 929
AUTHOR INDEX 937
INDEX 943
|
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| id | DE-604.BV022447144 |
| illustrated | Not Illustrated |
| indexdate | 2025-02-03T17:14:18Z |
| institution | BVB |
| isbn | 0735552266 9780735552265 |
| language | English |
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| physical | XIII, 129 S. |
| publishDate | 2005 |
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| publisher | Aspen |
| record_format | marc |
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| spellingShingle | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates Estate planning United States Cases Trusts and trustees United States Cases Wills United States Cases |
| title | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_auth | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_exact_search | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_full | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_fullStr | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_full_unstemmed | Wills, trusts and estates keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| title_short | Wills, trusts and estates |
| title_sort | wills trusts and estates keyed to courses using dukeminier johanson lindgren and sitkoff s wills trusts and estates |
| title_sub | keyed to courses using Dukeminier, Johanson, Lindgren, and Sitkoff's Wills, trusts and estates |
| topic | Estate planning United States Cases Trusts and trustees United States Cases Wills United States Cases |
| topic_facet | Estate planning United States Cases Trusts and trustees United States Cases Wills United States Cases USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015655092&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |