Wills, Trusts & Estates Prof Blog

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Thursday, March 9, 2023

New York landlord becomes legal guardian of 93-year-old Holocaust survivor: ‘She had no one else’

Brock Cvijanovich, the owner of a property management company in New York state, was offered a $50,000 price cut on an apartment building in Binghamton, New York, if he agreed to take care of one of the residents of the building, Alice Schuman.
The previous property owner had been giving Schuman a deal on her rent for years, in addition to escorting her to the bank, doctor’s appointments, and the grocery store at the beginning of every month. Cvijanovich followed suit;
Continue Reading New York landlord becomes legal guardian of 93-year-old Holocaust survivor: ‘She had no one else’

Wednesday, March 8, 2023

André Leon Talley’s estate auction reveals how he lived and survived

American fashion journalist, stylist, creative director and editor-at-large of Vogue magazine, André Leon Talley, passed away last year at 73. He left behind an extensive collection of fashion memorabilia, personal artwork, and antique furniture illustrating how Talley lived his life.
Christie’s handled the Collection of André Leon Talley last month, which brought in over $3.55 million. Representative of Talley’s larger-than-life presence, the auction featured an Abyssinian choir clad in black and pearls performing Diana Ross’s “Theme from Mahogany,” Marvin Gaye’s “What’s Going On,” Nina Simone’s
Continue Reading André Leon Talley’s estate auction reveals how he lived and survived

Tuesday, March 7, 2023

Article: Real Estate and Related Issues in the Estate Administration Process

Michael A. Sneeringer (Porter Wright) recently published an article, Real Estate and Related Issues in the Estate Administration Process, ABA Real Property, Trust & Estate Law Journal, 2023. Provided below is an introduction to the Article:
Real estate attorneys are fast talking, dress well, and are aggressive, but up until 2020 may not have been as busy as in 2021 and 2022. There appears to have been a real estate boom in the United States. Interest rates helped. See Diana Olick, Confused About
Continue Reading Article: Real Estate and Related Issues in the Estate Administration Process

Monday, March 6, 2023

Article: How the US Tax Code Can Save Our Most Endangered Species Part I: A Survey of Conservation Easement Law and How the Tax Code Helps Private Landowners Make the Most Beneficial Impact to Our Most Threatened Species

Elizabeth M. Hughes recently published an article, How the US Tax Code Can Save Our Most Endangered Species Part I, ABA Real Property, Trust & Estate Law Journal, 2023. Provided below is an introduction to the Article:
Ecologists around the world acknowledge that a single organism’s extinction affects other organisms in the ecosystem and that the loss of
Continue Reading Article: How the US Tax Code Can Save Our Most Endangered Species Part I: A Survey of Conservation Easement Law and How the Tax Code Helps Private Landowners Make the Most Beneficial Impact to Our Most Threatened Species

Jeffrey L Carson and Trace Brooks recently published an article, Of Privacy and Publicity: Symbiotic Rights (or Wellspring of Obfuscation), 48 ACTEC L.J. [13], 2023. Provided below is an introduction to the Article:
This Article discusses the relationship between the rights of privacy and publicity. After reviewing the historical development of the law of privacy and publicity and the areas where privacy and publicity overlap and create a valuable, potentially descendible property right, they propose a planning strategy that can allow practitioners to help their clients preserve their commercially valuable publicity rights by utilizing Tennessee trust law.

https://lawprofessors.typepad.com/trusts_estates_prof/2023/03/article-of-privacy-and-publicity-symbiotic-rights-or-wellspring-of-obfuscation.html
Continue Reading Article: Of Privacy and Publicity: Symbiotic Rights (or Wellspring of Obfuscation)

Saturday, March 4, 2023

Article: Functional Siblings, Donor-conceived People – and Intestacy

Naomi R. Cahn (University of Virginia School of Law) recently published an article, Functional Siblings, Donor-Conceived People— And Intestacy, 48 ACTEC L.J. [5], 2023. Provided below is an introduction to the Article:

Naomi R. Cahn considers the legal rights of donor-conceived people and was factors must be considered when determining the rights same-donor peers should have in intestacy. She explains that changes to family structures have required the law to adapt to address the needs of modern families; assisted reproductive technology has encouraged the development
Continue Reading Article: Functional Siblings, Donor-conceived People – and Intestacy

Friday, March 3, 2023

Arizona grandmother’s M&M-themed funeral casket goes viral

Mary Stocks Martin of Snowflake, Arizona, died in early February at age 86. She wanted her funeral to reflect her personality and chose an M&M-shaped casket.
The retired school teacher reportedly built her unique casket with the help from her son years before her death. It was modeled after her favorite M&M spokes candy, the blue M&M.
Funeral attendees wore M&M t-shirts and hats to honor Martin’s lifelong love of the candy. She was proud of her handy-work and wanted family members to share photos of the coffin. Her
Continue Reading Arizona grandmother’s M&M-themed funeral casket goes viral

Wednesday, March 1, 2023

Here’s What Really Matters in Preventing Dementia. It’s Not All Brain Teasers and Crosswords.

Americans aged 50 and over have reported being obsessed with brain health and avoiding dementia. But, according to brain scientists, there is not just one thing we can all do to maintain brain function and protect against dementia. Instead, there are a plethora of actions people can take.

These actions include making physical activity a routine, intellectual stimulation, controlling hypertension, catching hearing loss early, and monitoring stress levels.

For more information see Neal Templin “Here’s What Really Matters in Preventing Dementia.
Continue Reading Here’s What Really Matters in Preventing Dementia. It’s Not All Brain Teasers and Crosswords.

Wednesday, March 1, 2023

Supreme Court Rules In Taxpayer’s Favor On FBAR Penalties

The U.S. Supreme Court ruled yesterday that penalties for non-willfully failing to file, or inaccurate filing, a Report of Foreign Bank and Financial Accounts (FBAR) Form 114 applies to each report, not each account.
Under the Bank Secrecy Act, every U.S. person with a financial interest in, or signature or other authority over, one or more foreign financial accounts with the aggregate value of $10,000 must annually report the account to the treasury department. Failure to report can result in a penalty. Penalties vary depending on whether
Continue Reading Supreme Court Rules In Taxpayer’s Favor On FBAR Penalties

Tuesday, February 28, 2023

We should be better by now at talking about grief in the workplace

Although the mortality rate is 100%, many employees fear discussing grief and loss in the workplace. A recent study suggests that nearly a quarter of employees are uncomfortable approaching their managers about the issue. Some of this may be due to companies traditionally failing at accommodating grief.
Experts advocate taking up to 20 days off of work, yet most US companies provide just a fraction of that. The average bereavement policy is somewhere between 1-5 days. In addition, most Americans take unpaid time
Continue Reading We should be better by now at talking about grief in the workplace

Sunday, February 26, 2023

A Jewish family fleeing the Nazis sold a Picasso in 1938. Their heirs want it back

One of Pablo Picasso’s Blue Period paintings, “Woman Ironing (La rapasseuse),” is at the center of a lawsuit between a Jewish family and the Guggenheim Museum.

Karl Adler and Rosi Jacobi’s heirs want the piece’s repatriation, which they claim their ancestors sold under duress while fleeing Nazis in 1938. Adler desperately sold the piece below value in 1938, taking a substantial loss to obtain short-term visas during their exile in Europe. The lawsuit alleges that the subsequent owner was “profiting
Continue Reading A Jewish family fleeing the Nazis sold a Picasso in 1938. Their heirs want it back

Saturday, February 25, 2023

How Kobe Bryant made his $600 million fortune– and who is in charge of it

Kobe Bryant was an NBA Most Valuable Player, a five-time NBA champion, and one of the highest-paid NBA players in history. He earned $323,312,307 from the Los Angeles Lakers while on the team. 
On top of being an exceptional athlete, Bryant also had a mind for business. He secured lucrative endorsement deals with brands like McDonald’s, Nike, and Mercedes-Benz and started a $100 million venture capital firm in 2013 with Jeff Stibel. His net worth at the time of his death
Continue Reading How Kobe Bryant made his $600 million fortune– and who is in charge of it

Friday, February 24, 2023

The world’s oldest person made it to 122—3 reasons she lived so long, from a longevity expert who knew her

Jean Calment lived to age 122, maintaining the title of longest living person on record. Before her passing, she spoke with Jean-Marie Robine, an expert demographer who studies longevity.
The top reason Calment was able to live so long was due to being a wealthy woman. She was from a bourgeois family in the south of France, which allowed her to pursue an education, which was unheard of for women at the time. She had very
Continue Reading The world’s oldest person made it to 122—3 reasons she lived so long, from a longevity expert who knew her

Thursday, February 23, 2023

Lottery winner burns through nearly $50 million before death

Colin Weir of North Ayrshire, Scotland, won one of the largest EuroMillions jackpots in 2011. Unfortunately, he passed away in 2019, but not before burning through most of his fortune.
Weir spent an average of $131,900 weekly in an eight-year span, mostly purchasing luxury items and investments. For example, he and his wife bought a mansion, Frognal House, which they spent thousands renovating.
Weir also purchased a 55% share in the Glasgow soccer team, Partick Thistle, wiping out the team’s debt and funding the team’s youth academy.
Continue Reading Lottery winner burns through nearly $50 million before death

Wednesday, February 22, 2023

The Perfect Retirement Investment Nobody Wants

More than 20 years ago, Mark Warhawsky, an economist and current senior fellow at American Enterprise Institute, proposed a hybrid product combining long-term care insurance with an annuity, which would incur a steady stream of payments that last as long as the customer lives. However, insurers have never implemented this type of product. 
Under the current system, people with health problems apply for long-term care insurance without disclosing their illness, driving up premiums and discouraging healthier people from applying. On the flip side, only those who think they will live
Continue Reading The Perfect Retirement Investment Nobody Wants

Tuesday, February 21, 2023

Getting an Inheritance? Here Are 4 Things to Consider

Individuals receiving an inheritance might view this as a blessing and a curse. Dealing with losing a loved one is complex, and simultaneously organizing financial and administrative affairs can be difficult. While you may be unable to predict what was left in a will, it is possible to prepare ahead of time.

First, it is important to expect that the process will take time. Settling an estate can be nuanced, especially if the deceased did not leave a will. Executors must notify beneficiaries, pay outstanding bills, close
Continue Reading Getting an Inheritance? Here Are 4 Things to Consider