Probate & Estate Planning

Sunday, September 26, 2021 Tulane/ACTEC Symposium on Conflict of Laws in Trusts and Estates Tulane University School of Law and The American College of Trust and Estate Counsel’s Legal Education Committee are organizing the 9th academic symposium financially supported by The ACTEC Foundation. The symposium, Conflict of Laws in Trusts and Estates will be held at the Tulane University School of Law on Friday, October 21, 2022. The keynote address will be given by Professor Jeffrey Schoenblum of Vanderbilt University Law School. Among the objectives of this symposium are the following: To bring together prominent and up-and-coming scholars for…
ACTEC Trust and Estate Talk   Estate Planning for Special Purpose Acquisition Company Founders – Insights into the capital structure and risk/reward of SPAC investing for founders along with estate planning advice for potential valuation issues, the applicability of section 2701, and the use of GRATs with these assets. https://lawprofessors.typepad.com/trusts_estates_prof/2021/09/actec-shares-useful-resource.html…
Saturday, September 25, 2021 Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds Millionaires are increasingly worried about leaving too much money to their children. Wealthy celebrities have expressed their concern and are worried about how much of their fortunes they should leave to their kids.  “According to a survey conducted by the Motley Fool, which asked 2,000 high net worth individuals — classified as people with a net worth over $ 1 million — about their attitudes toward inheritances.”  Among the top concerns was the possibility of leaving too much money to…
The British Columbia Law Institute and the Canadian Centre for Elder Law recently published an article entitled, Study Paper on Health Care Consent and Capacity Assessment Tribunals, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article: A finding of mental incapacity to give informed consent to health care, or to decide whether to accept or refuse admission to a care facility, results in a very significant loss of personal autonomy. A mature legal system must provide a readily accessible means to obtain review of a finding of incapacity by an independent decision-making body.…
Wednesday, September 22, 2021 Article: Where There’s a Will, There’s a Way: A Guide to Setting Up a Will and Managing a Loved One’s Estate (Foreword) Vincent Ooi recently published an article entitled, Where There’s a Will, There’s a Way: A Guide to Setting Up a Will and Managing a Loved One’s Estate (Foreword), Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article: For some of us, death remains a subject that we would rather avoid discussing. We may believe that there is no hurry to consider the issue and that we have…
Tuesday, September 21, 2021 Former Miss Turkey’s inheritance to be distributed to firefighters An Istanbul court has finally made a decision in an 18-year lawsuit involving the inheritance of Birsen Sakaoglu, who was named Miss Turkey in 1936. The court’s decision confirmed that “the savings of 25 million Liras ($2.96 million) belonging to her will be left to the Fire Department and its personnel in the Fatih district.  Following the Miss Turkey beauty contest in 1936, Sakaoglu settled in the United States with her husband, but eventually returned to Istanbul and started a new life in the Fatih district.  Sakaoglu…
Monday, September 20, 2021 Article: The U.S. Supreme Court In Kaestner: Deciphering the Constitutionally Required Minimum Contacts Necessary for State Taxation of Trust Income Beckett Cantley and Geoffrey Dietrich recently published an article entitled, The U.S. Supreme Court In Kaestner: Deciphering the Constitutionally Required Minimum Contacts Necessary for State Taxation of Trust Income, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article. As far back as 1929, several states have sought to broaden their tax base by expanding taxation to out-of-state trusts that have in-state beneficiaries, even when the beneficiaries possess only a…
Sunday, September 19, 2021 Alone in death Each year in the United States, tens of thousands of bodies go unclaimed. Maricopa County’s White Tanks Cemetery is not unaccustomed to taking unclaimed remains. The “desolate cemetery,” just twenty miles outside of Phoenix, often holds burial services for unclaimed remains. Marjorie Anderson’s, a 51-year-old mother of two, remains were delivered to the White Tanks Cemetery in a plastic urn which was transported in a cardboard Costco box.  Those present at Anderson’s burial included an Episcopal chaplain and a few county workers, but there was nobody there that knew Anderson. Anderson’s urn was…
Saturday, September 18, 2021 Anti Trusts, Reforming an Excessively Flexible Legal Tool Eric A. Kades recently published an article entitled, Anti Trusts, Reforming an Excessively Flexible Legal Tool, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article. Trusts are one of the most flexible legal tools in lawyers’ arsenals, deployed for socially desirable used ranging from supporting orphans to structuring complex investments. Trusts, however, are also used for a host of socially undesirable purposes, including restraint of trade, cheating creditors, establishing family dynasties akin to feudalism, and avoiding taxes. This negative litany shows…
Friday, September 17, 2021 Article: A Tax Credit for Wills Margaret Ryznar recently published an article entitled, A Tax Credit for Wills, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article. In this article, Ryznar suggests using tax law to encourage people to execute wills, arguing that the coronavirus pandemic revealed the importance of estate planning. https://lawprofessors.typepad.com/trusts_estates_prof/2021/09/article-a-tax-credit-for-wills.html Articles, Estate Administration, Estate Planning – Generally, Wills | Permalink Comments Post a comment…
Thursday, September 16, 2021 Selena’s former husband Chris Perez ends years-long legal battle with Quintanillas over documentary Selena’s former husband Chris Perez posted a tweet on Tuesday claiming that his legal battle—which has lasted a half-decade—with the Quintanilla family has come to a mutual end. The legal battle was over a proposed Selena documentary.  According to the former husband of the late Tejano idol, he and the Quintanilla family have “amicably resolved” their ongoing legal dispute over the proposed documentary on Selena’s life and music.  Chris Perez’s tweet read: Good news! I have amicably resolved my legal dispute with the…
Wednesday, September 15, 2021 Family Education Trusts: Leave a Lasting Legacy For Your Heirs It is an important—and honorable—objective to provide for the educational needs for your children, grandchildren, and even future generations. One option that can be used to achieve that objective is a 529 plan. A 529 plan can be “a highly effective tool for funding tuition and other educational expenses on a tax-advantaged basis.”  However, after death, there’s no guarantee that subsequent plan owners will continue to use it to achieve the objectives of the original owners. One alternative would be to create a family education trust…
Tuesday, September 14, 2021 America Is Spending a Fortune to Help Rich People Retire in Luxury Affluent boomers have been able to take advantage of federal programs originally conceived for ordinary families.  Roth IRAs are a useful way to save money for retirement and are used by many Americans. Although fashioned for ordinarily families, ultra rich people like tech billionaire Peter Thiel have been able to maximize the usage of Roth IRAs.  Thiel has been able to use the Roth IRA o accumulate more than $5 billion. Nonprofit journalism shop ProPublica ran an exposé in June “revealing how a small number of…
Monday, September 13, 2021 Skateboards containing American pro skater Tony Hawk’s blood sell out overnight You may be familiar with the phrase “blood, sweat, and tears,” when referring to an person’s—particularly athlete’s—hard work in a particular field. Tony Hawk took this phrase to another creative level when he “donated his blood as part of a collaboration with water company Liquid Death to produce 100 skateboards.” The 100 skateboards sold out quickly.  According to a social media post from Liquid Death, “Yes, there is actually @tonyhawk’s real blood in these skateboards. and yes, we sterilized it first. Own your very own…
Sunday, September 12, 2021 Democrats may rein in big estates without reforming the estate tax Democrats may limit some strategies used by wealthy Americans to reduce or avoid estate taxes. The list of potential tax reforms connected to the Democrats’ $3.5 trillion budget plan include grantor-retained annuity trusts, intentionally defective grantor trusts and non-economic valuation discounts.  The targeted strategies are often used by multimillionaires and billionaires to “gift appreciated assets to heirs tax-free while reducing the size of their taxable estate. . .”  In addition to disallowing certain complex trust-planning techniques, Congressional Democrats may also ask the Treasury Department to…
Saturday, September 11, 2021 Don McLean says his daughter’s $3M trust fund went ‘down the tubes’ following abuse accusations Don McLean, the famous ‘American Pie’ singer revealed that he “cut off his daughter, Jackie McLean, financially after she gave a tell-all interview accusing him of mental and emotional abuse.”  Don stated “I stopped supporting my daughter last year. . .I have a son [Wyatt], you know, who grew up the same way who thinks I’m a great father and who has none of these complaints. But I said to my daughter, if you speak out about me and trash me,…