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Thursday, June 30, 2022

Future Returns: Financial Reasons for Same-Sex Couples to Marry

Since the landmark Supreme Court decision, Obergefell v. Hodges in 2015, some couples who made their partnerships work for years without marriage may still be deciding whether or not it is financially sensible to marry now.
Annamarie Vitelli of PNC Private Bank Hawthorn, says couples should consider the costs and benefits of marriage, which include taxes, property protection, health care, and other direct benefits. “Once you are married, a whole array of benefits are open to you that may not be available even if you had a
Continue Reading Future Returns: Financial Reasons for Same-Sex Couples to Marry

Thursday, June 30, 2022

Opinion: Murder on the high seas: CT’s slayer rule on trial

Last month, Nathan Carman was charged with “murder on the high seas,” after allegedly killing his mother on a boating trip. Carman is also suspected of killing his grandfather, although he has not been charged at this time.
Connecticut, like most states, has a “slayer rule” on the books, which operates on the idea that nobody should profit from their own wrongdoing. Carman’s case is unique and raises two questions: (1) does the slayer rule apply to unintentional killings? And (2) should it apply in the
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Wednesday, June 29, 2022

Oklahoma family learns dad’s remains lost after being donated for medical research

In September 2018, the family of Elgie Hall Sr. chose to honor their father’s final wishes by donating his body for medical research. They worked with the United Tissue Network and agreed to a two-year placement at the American University of the Caribbean School of Medicine in Sint Maarten, with the remains to be returned to the family after two years.

The error was due to the university’s closure and personnel turnover due to the COVID-19 pandemic. The family has sued the company for
Continue Reading Oklahoma family learns dad’s remains lost after being donated for medical research

Tuesday, June 28, 2022

Six of the Worst Assets to Inherit

Trillions of dollars are expected to transfer through generations in the upcoming decades, but not everyone will be pleased with their inheritance, as some assets are considered “better” than others. Cash is considered to be the easiest asset to value and divide. The following six assets are considered to be complicated:

  • Timeshares
  • Potentially Valuable Collectibles
  • Guns
  • Operating Business
  • Vacation Properties
  • Physical Property (especially with sentimental value)
  • Avoiding complications begins with a thoughtful estate plan that isn’t left to the last minute, which includes discussing the plan with beneficiaries. This
    Continue Reading Six of the Worst Assets to Inherit

    Monday, June 27, 2022

    Chevy is auctioning off a Corvette NFT, and the winning bidder gets the car, too

    As automakers join the non-fungible token space, Chevy has announced plans to auction off a Corvette-themed NFT with a twist- the winner will walk away with the block chain and the sports car that inspired the artwork. 
    Nick Sullo, an artist hired by Chevy, has created a lime green Corvette Z06 which will be accompanied but a custom-painted 2023 Corvette Z06 color-matched to the the NFT. It will be the only car painted in that color, as Chevy promises not to
    Continue Reading Chevy is auctioning off a Corvette NFT, and the winning bidder gets the car, too

    Sunday, June 26, 2022

    Article: The ‘Pallant v Morgan Equity’ in Australia: Substantive or Superfluous?

    Ying Khai Liew and Cristina Poon recently published an article entitled, The ‘Gallant v Morgan Equity’ in Australia: Substantive or Superfluous, Australian Property Law Journal, 2002. Provided below is an abstract of the Article:

    The ‘Pallant v Morgan equity’ is a relatively new but well-entrenched constructive trust doctrine in English law. However, its precise status in Australia is uncertain. This paper asks whether the Pallant v Morgan equity is a superfluous or substantive doctrine in Australia. It explores four different equitable doctrines which judges
    Continue Reading Article: The ‘Pallant v Morgan Equity’ in Australia: Substantive or Superfluous?

    Saturday, June 25, 2022

    Article: Freedom of Testamentary Disposition

    Paul B. Miller recently published an article entitled, Freedom of Testamentary Disposition, Oxford University Press, Philosophical Foundations of the Law of Trusts, Forthcoming. Provided below is an abstract of the Article:
    American law is notoriously solicitous of property owners’ testamentary freedom. Interpretive theorists cannot but acknowledge its centrality to enabling law. Yet freedom of testamentary disposition has attracted criticism on normative grounds for centuries. Indeed, it is widely viewed as one of the most tenuous of incidents of private ownership.This chapter examines leading arguments offered in defense of wide testamentary
    Continue Reading Article: Freedom of Testamentary Disposition

    Friday, June 24, 2022

    Survey: 25% of Americans are delaying retirement due to inflation

    The market is currently experiencing one of the largest downturns in recent history, which is not only impacting how people spend money now, but is impacting future plans for retirement.

    A quarterly survey conducted by BMO Real Financial Progress Index reports that 25% of Americans reporting plans to delay retirement due to inflation, and 60% of those between 18-34 have pulled back on savings contributions due to rising costs.

    Overall, 21% of Americans are putting away less for retirement and 36% have reported reducing their savings
    Continue Reading Survey: 25% of Americans are delaying retirement due to inflation

    Thursday, June 23, 2022

    Article: Would the Securing a Strong Retirement Act Secure More Retirement Equity?

    Albert Feuer recently published an article entitled, Would the Securing a Strong Retirement Act Secure More Retirement Equity?, Tax Management Comp Plan Journal, 2022. Provided below is an abstract of the Article:

    On March 29, 2022 the House approved H.R. 2954 that is titled the Securing a Strong Retirement Act of 2022 (the SECURE Act 2.0) by a vote of 414-5.

    On May 26, 2022, a discussion draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg
    Continue Reading Article: Would the Securing a Strong Retirement Act Secure More Retirement Equity?

    Wednesday, June 22, 2022

    Article: Tax incentives for Green Burial

    Victoria J. Haneman recently published an article entitled, Tax Incentives for Green Burial, Nevada Law Journal, 2021. Provided below is an abstract of the Article:

    Every living being is doomed to decay and die and decay some more. Death is inevitable, and the disposal of our dead is a fundamental global activity with the potential to have significant environmental impact. In the United States, the environmental toxicity of “traditional” modern burial is stark. A cosmeticized body is pumped with three gallons of embalming fluid (containing chemicals such as formaldehyde)
    Continue Reading Article: Tax incentives for Green Burial

    Tuesday, June 21, 2022

    Article: When Beneficiaries Predecease: An Empirical Analysis

    Adam J. Hirsch recently published an article entitled, When Beneficiaries Predecease: An Empirical Analysis, Emory Law Journal, 2022. Provided below is an abstract of the Article:
    Under current law, bequests to beneficiaries who predecease the testator “lapse” to the beneficiary of the residuary, unless they are preserved for the descendants of predeceased beneficiaries under an “antilapse” statute. The beneficiaries covered by antilapse statutes vary from state to state, but in most states today the statutes apply only to blood relatives of the testator as distant as first cousins.
    Continue Reading Article: When Beneficiaries Predecease: An Empirical Analysis

    Monday, June 20, 2022

    Iowa Supreme Court: Surviving Settlor Cannot Modify Irrevocable Trust Without Court Approval

    Last month the Iowa Supreme Court concluded that a surviving settlor of an irrevocable trust cannot modify the dispositive terms without court approval.

    In Iowa, a trust agreement executed after July 1, 2000 is presumed revocable and can be modified or revoked by the settlor unless the terms state that it is to be irrevocable. Iowa Code provides that an irrevocable trust can be modified with the consent of the settlor and all beneficiaries, which must include all of the settlors, not just the
    Continue Reading Iowa Supreme Court: Surviving Settlor Cannot Modify Irrevocable Trust Without Court Approval

    Sunday, June 19, 2022

    Oligarch Roman Abramovich transferred the ownership of his $400 million luxury jets to his children the same month Russia invaded Ukraine, FBI alleges

    An FBI agent has alleged in court documents that Russian Billionaire, Roman Abramovich, made his children beneficiaries of two trusts, and by shifting legal ownership, the Oligarch has avoided Russian Sanctions by the United States.
    The documents were filed in support of an application for a seizure of warrant to illuminate the complicated financial structures utilized in various tax havens. Abramovich has been sanctioned by the UK and EU but has evaded U.S.
    Continue Reading Oligarch Roman Abramovich transferred the ownership of his $400 million luxury jets to his children the same month Russia invaded Ukraine, FBI alleges

    On March 29, 2022 the House approved H.R. 2954 that is titled the Securing a Strong Retirement Act of 2022 (the SECURE Act 2.0) by a vote of 414-5. On May 26, 2022, a discussion draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act of 2022 was released by the Senate Health, Education, Labor, and Pensions Committee Chair Senator Patty Murray (D-WA), and Ranking Member Senator Richard Burr (R-NC). The article argues that despite providing tax incentives in excess of more than $70 billion, the bills in concert would
    Continue Reading SECURE Act 2.0 Analyzed

    Friday, June 17, 2022

    Los Angeles Chargers owner is sued by his sister in a legal battle for control of the franchise

    Dean Spanos is being sued by Los Angeles Chargers co-owner and sister, Dea Spanos Berberian, for control of the family trust that owns the largest share of the franchise. 
    The siblings were named co-trustees of the trust after the deaths of their parents in 2018. The family trust holds a 36% ownership stake in the team. Separately, each of the four Spanos children own 15% of the Chargers with the remaining 4% being owned by parties outside the
    Continue Reading Los Angeles Chargers owner is sued by his sister in a legal battle for control of the franchise

    Thursday, June 16, 2022

    COVID-19 Is Motivating Americans to Get a Will – Especially After Contracting COVID-19 


    The COVID-19 pandemic served as a wake-up call for many Americans, especially regarding end-of-life planning. 
    According to the survey question “Did your loved one have a will before dying of COVID-19?” only 22.6% responded with Yes, 17.6% responded that their loved one had a living trust, and 15.8% had a different estate planning document in place.
    Now, nearly half of those who had a serious case of COVID-19 are much more likely to have a will than those who have not experienced the virus.
    Continue Reading COVID-19 Is Motivating Americans to Get a Will – Especially After Contracting COVID-19