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Thursday, October 21, 2021

Off Topic: Water Law Symposium: West Texas Water

At the request of my colleague and friend, Prof. Amy Hardberger , the George W. McCleskey Professor of Water Law and  Director of the Center for Water Law and Policy at the Texas Tech University School of Law, below is information about a seminar entitled West Texas Water:
The Texas Tech Law Review is proud to host the first West Texas Water Law Symposium on November 5th in conjunction with the Center for Water Law and Policy. The symposia will be offered for CLE credit. Register for the event
Continue Reading Off Topic: Water Law Symposium: West Texas Water

Thursday, October 21, 2021

Article: Trust Planning and the Washington State Capital Gains Tax

J. M. Coppieters recently published an article entitled, Trust Planning and the Washington State Capital Gains Tax, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article.
On April 25, 2021, the Washington State Legislature enacted a new state capital gains tax. Before now, Washington state has been one of the few states that does not impose a tax on either income or capital gains. Because of limitations imposed by the Washington State Constitution, the legislature has been forced to
Continue Reading Article: Trust Planning and the Washington State Capital Gains Tax

Wednesday, October 20, 2021

Injunctive Relief to Prevent Monetary Damages in Estate Litigation

Generally, a party is only entitled to injunctive relief if they can “demonstrate that the damages for which they seek redress are not compensable by an award of monetary damages. . .”
However, the US District Court recently decided that injunctive relief was necessary to preserve monetary assets pending the resolution of the matter. Though it is rare to see estate litigation before a US District Courts the Court applied New Jersey law to reach its holding that injunctive relief was appropriate. 
The US District Court found
Continue Reading Injunctive Relief to Prevent Monetary Damages in Estate Litigation

Tuesday, October 19, 2021

Reimagining Postmortem Conception

Kristine S. Knaplund recently published an article entitled, Reimagining Postmortem Conception, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article.
Hundreds, likely thousands, of babies have been born years after a parent has died. Thousands more people have cryopreserved their sperm, ova, and embryos, or have requested that a loved one’s gametes be retrieved after death to produce still more such children. Twenty-three states have enacted statutes detailing how these postmortem conception children can inherit from their predeceased parents. And yet, few of these children will
Continue Reading Reimagining Postmortem Conception

Tuesday, October 19, 2021

Approaching Equitable Retirement Tax Incentives

Albert Feuer has recently posted on SSRN  his article entitled Approaching Equitable Retirement Tax Incentives.   Here is the abstract of his article:
In September, the Ways-and-Means Committee of the House approved proposals to substantially improve the equity of retirement tax incentives for American workers. The new requirement that employers automatically enroll employees in a simple defined contribution plan, and the new refundable retirement savings tax credits, both do so. One major proposal needs to be added. Roth individual retirement accounts and annuities (IRAs) must be subject to the same required
Continue Reading Approaching Equitable Retirement Tax Incentives

Of course, owning one home comes with its challenges. But the challenges may mount even higher when owners split their time equally between two or more properties. In these cases, owners face tax, legal, financial, and personal challenges. 
The Rounds family have recently faced these challenges since they have began to spend an extensive amount of time at their second home in the Teton Vally region on the Wyoming/Idaho border. 
Mr. Rounds and his wife closed on a $2.5 million house in Idaho, and although the family planned on splitting their time equally between their home on the East Coast
Continue Reading As Second Homes Get Far More Use, the Question Is: Where Do You Live?

Sunday, October 17, 2021

National Estate Planning Awareness Week October 18-24, 2021

National Estate Planning week will begin on Monday, October 18 2021 and will extend to October 24, 2021. National Estate Planning week was adopted in 2008 “to help the public understand what estate planning is and why it is such a vital component of financial wellness.”

The National Association of Estate Planners & Councils (NAEPC) is the association of choice for estate planning professionals. The NAEPC is made up of 2,000 Accredited Estate Planner designated professionals, 270 affiliated local estate planning councils, and 30,000 members with ongoing education
Continue Reading National Estate Planning Awareness Week October 18-24, 2021

Saturday, October 16, 2021

Cher Sues Sonny Bono’s Widow, Mary, for Withholding Royalties

Cher has filed suit against Sonny Bono’s widow, Mary Bono, alleging that Sonny’s widow has “been withholding royalties from Sonny and Cher’s 1960s hits. . .such as ‘I Got You Babe’ and ‘The Beat Goes On.” 
According to the legal documents filed in Federal Court, Cher claims that she and Sonny agreed to an equal split of their music royalties when they divorced in 1975. Cher claims that she and Sonny executed a deal when the couple settled the divorce in 1978. 
Cher alleges that Mary has
Continue Reading Cher Sues Sonny Bono’s Widow, Mary, for Withholding Royalties

Friday, October 15, 2021

Top state court upholds trust provision requiring beneficiary to be unmarried

On October 8th, the Indiana Supreme Court upheld a trust provision that made distribution of an inheritance contingent on the beneficiary being unmarried. 
The Court held that the provision “is not an unlawful restraint on marriage.” The provision was part of a revocable trust that “resulted in the estate of Marcille Borcherding to her son, daughter and four stepchildren after her death.” 
The trust stated that Marcille’s son, Roger Rotert, would get his share of the estate outright if he was unmarried at the time
Continue Reading Top state court upholds trust provision requiring beneficiary to be unmarried

Thursday, October 14, 2021

Pandora Papers: Secret wealth and dealings of world leaders exposed

The Pandora Papers revealed the secret wealth and dealings of world leaders, politicians and billionaires. About 35 current and former leaders and more than 300 public officials are named in the files from offshore companies, which are being referred to as the Pandora Papers.
The examination of the files, organized by the International Consortium of Investigative Journalists (ICIJ), is the largest examination by the ICIJ with more than 650 reporters taking part. 
In what has been called one of the biggest leaks of financial documents, exposés
Continue Reading Pandora Papers: Secret wealth and dealings of world leaders exposed

Thursday, October 14, 2021

Article: Trustee Decision-making in the Australian Superannuation Context

Tobias Barkely recently published an article entitled, Trustee Decision-making in the Australian Superannuation Context, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
The Australian compulsory superannuation system contains $AUD 3 trillion in funds, which is a substantial share of the personal wealth held in Australia. This means decisions made by superannuation trustees are important for everyone in Australia, both as beneficiaries and as participants in the Australian economy. The regulation of trustee decision-making, like the superannuation system as a whole,
Continue Reading Article: Trustee Decision-making in the Australian Superannuation Context

Wednesday, October 13, 2021

Article: Incentivizing Wills Through Tax

Margaret Ryznar recently published an article entitled, Incentivizing Wills Through Tax, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article.
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
Continue Reading Article: Incentivizing Wills Through Tax

Tuesday, October 12, 2021

Sean Lennon has taken control of John Lennon’s estate

For around 30 years, John Lennon’s estate had been managed by Lennon’s widow Yoko Ono. However, Ono has “retired from public life in recent years,” with her last formal appearance being in 2017. 
Due to Ono’s “retirement,” Sean Ono Lennon has taken control of John Lennon’s estate. Sean Lennon mentioned to an audience at the National Music Publisher’s Association Awards that Ono had an “illness” but did not disclose any further information. 
Sean was appointed as the director at eight companies linking to Yoko Ono and the
Continue Reading Sean Lennon has taken control of John Lennon’s estate

In 1951, Johns Hopkins Hospital took tissue from the cervix Henrietta Lacks, a Black woman diagnosed with cervical cancer, without her consent. Using the tissue sample, a doctor at the hospital was able to create the first human cell line to reproduce outside the body. Lacks died in 1951 from cancer at the age of 31. 
The family of Henrietta Lacks filed a lawsuit against Thermo Fisher Scientific Inc. for “unjust enrichment from the nonconsensual use and profiting from her tissue sample and cell line.”
In the lawsuit, the family alleges that Thermo Fisher Scientific is “knowingly profiting from the ‘unlawful
Continue Reading Estate of Henrietta Lacks sues biotechnical company for nonconsensual use of her cells

Sunday, October 10, 2021

Article: Mega-IRAs, Boon or a Bane?

Albert Feuer recently published an article entitled Mega-IRAs, Boon or a Bane?, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
Peter Thiel reportedly converted a 1999 Roth IRA investment of $1,700 in PayPal “founder’s shares,” into assets that appeared to be worth $7 billion on June 30, 2021. There are serious questions whether this IRA and other Mega-IRAs are entitled to the IRA tax benefits. The IRS should have the resources to challenge the tax exemption of any Mega-IRAs appearing to violate
Continue Reading Article: Mega-IRAs, Boon or a Bane?

Genial Englishman Douglas Latchford has been known for his love for ancient sculptures. Latchford even risked land mines to explore Khmer Empire cities in remote Cambodia. Since the 1970s, Latchford has built on of the world’s largest private collections of Khmer treasures. 
Latchford’s collection is mostly made up of Hindu and Buddhist sculpture. Latchford co-wrote three books on the subject, one which is called “Adoration and Glory,” in which he wrote: 

The sculpture and architecture created by the Khmer to honor their gods and their rulers are among the major artistic masterpieces of the world. . .”

Although Latchford openly
Continue Reading GLOBAL HUNT FOR LOOTED TREASURES LEADS TO OFFSHORE TRUSTS