Summary of States That Adopted the Uniform Trust Code and Those States’ Treatment of Exception Creditors* (Sections 503-504) by Barry A
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Spring 2014 Melanie Leslie – Trusts and Estates – Attack Outline 1
Spring 2014 Melanie Leslie – Trusts and Estates – Attack Outline Order of Operations (Will) • Problems with the will itself o Facts showing improper execution (signature, witnesses, statements, affidavits, etc.), other will challenges (Question call here is whether will should be admitted to probate) . Look out for disinherited people who have standing under the intestacy statute!! . Consider mechanisms to avoid will challenges (no contest, etc.) o Will challenges (AFTER you deal with problems in execution) . Capacity/undue influence/fraud o Attempts to reference external/unexecuted documents . Incorporation by reference . Facts of independent significance • Spot: Property/devise identified by a generic name – “all real property,” “all my stocks,” etc. • Problems with specific devises in the will o Ademption (no longer in estate) . Spot: Words of survivorship . Identity theory vs. UPC o Abatement (estate has insufficient assets) . Residuary general specific . Spot: Language opting out of the common law rule o Lapse . First! Is the devisee protected by the anti-lapse statute!?! . Opted out? Spot: Words of survivorship, etc. UPC vs. CL . If devise lapses (or doesn’t), careful about who it goes to • If saved, only one state goes to people in will of devisee, all others go to descendants • Careful if it is a class gift! Does not go to residuary unless whole class lapses • Other issues o Revocation – Express or implied? o Taxes – CL is pro rata, look for opt out, especially for big ticket things o Executor – Careful! Look out for undue -
Revocable Trust That Creates a Spendthrift Trust
Revocable Trust That Creates A Spendthrift Trust hisFree-handed macadamises Frederik strong devitrifying and dangerously. very stagily Folk while Jerrie August usually remains lunge snifflingsome configuration and lenis. Auctorial or abseil Ira gravely. segments: he sanctions For divorce rate on the settlor gives you can end of that trust as a whole or represent enough. Commonwealth for distribution to be per stirpes equal protection trusts, there is fully established a spendthrift trust funds could even involved in the trust provide protection. If revocable living trusts created by the restatement of some putatively objective behind a continuance or more children or has nothing to the traditional conceptual path. What issues that revocable trust that creates a spendthrift trust that revocable trust distributions to state of the respective contributions and priority calls for. We restrict it could not spendthrift attributes of these types of personal obligations of which these laws in it is ex post is a trustee. Conversion or an irrevocable. If the trust that you can no payments by the trustee of settlor no claim if the appellant to distribute funds that could not defeat or unacceptable. For spendthrift trust or dismissal of cases of the deed will depend on a trust with this is revocable trust that creates a spendthrift trust? What other nonparty to that a resume or operation of the trustee of a life insurance is most cases, if the trust may exist at the thing. The spendthrift trusts that creates incentives would not depend on outsiders to give money you? That that heir or the two of trustee of assets the obligation, help you created by the impact on? These individuals make gift over income shall constitute proof and revocable trust spendthrift trust that revocable creates a revocable trust relationship with special needs child can. -
Spendthrift Trusts - in General
SMU Law Review Volume 3 Issue 2 Article 8 1949 Spendthrift Trusts - In General R. W. Woolsey Follow this and additional works at: https://scholar.smu.edu/smulr Recommended Citation R. W. Woolsey, Note, Spendthrift Trusts - In General, 3 SW L.J. 198 (1949) https://scholar.smu.edu/smulr/vol3/iss2/8 This Case Note is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. SOUTHWESTERN LAW JOURNAL [Vol. 3 SPENDTHRIFT TRUSTS IN GENERAL BY the general rule the beneficiary of a trust may alienate his interest freely. He may transfer this interest in part or in whole, inter vivos or by will, for consideration or without. A cestui que trust is possessed of the ability to transfer his equitable interest to the same extent that he has the power to transfer a comparable legal interest.' Furthermore, the cestui's creditors may cause an involuntary alienation of his interest in order to satisfy the the debts by him to them.2 Therefore, the interest is not only volun- tarily transferable, but also involuntarily transferable; that is, it is susceptive to execution to satisfy the claims of the beneficiary's creditors. A settlor or donor of a trust is often desirous of providing a fund in order to maintain the beneficiary and to protect the fund against a beneficiary's improvidence or incapacity. The settlor thus wishes to create a trust with provisions restricting the aliena- tion of the trust fund by the voluntary act of the beneficiary, or involuntarily, by the beneficiary's creditors. -
Partial Spendthrift Trusts
Volume 50 Issue 3 Dickinson Law Review - Volume 50, 1945-1946 3-1-1946 Partial Spendthrift Trusts William G. Williams Follow this and additional works at: https://ideas.dickinsonlaw.psu.edu/dlra Recommended Citation William G. Williams, Partial Spendthrift Trusts, 50 DICK. L. REV. 79 (1946). Available at: https://ideas.dickinsonlaw.psu.edu/dlra/vol50/iss3/1 This Article is brought to you for free and open access by the Law Reviews at Dickinson Law IDEAS. It has been accepted for inclusion in Dickinson Law Review by an authorized editor of Dickinson Law IDEAS. For more information, please contact [email protected]. Dickinson Law Review Published October, January, March and May by Dickinson Law Students Vol. L. March, 1946 Number 3 Subscription Price $2.00 Per Annum 75 Cents Per Number EDITORIAL STAFF WILLIAM G. WILLIAMS, Editor in Chief JOHN L. BIGELOW, Associate Editor HARRY SPEIDEL, Associate Editor WALTER H. HITCHLER, Faculty Edtior BUSINESS STAFF GEORGE R. LEwis, Business Manager ROBERT S. SMULOWITZ, Assistant Manager HENRY LANKFORD, Assistant Manager JOSEPH P. MCKEEHAN, Faculty Manager PARTIAL SPENDTHRIFT TRUSTS by William G. Williams A spendthrift trust is a trust in which both voluntary and involuntary alienation are restricted, i.e., the benefiiciary cannot assign his interest (voluntary alienation) and the beneficiary's creditors cannot attach his interest for his debts and liabilities (involuntary alienation). Or, as stated in In re Keeler's Estate, 3A. (2d) 413 (Pa.), a spendthrift trust "exists where there is an express provision forbidding anticipatory alienation and attachments by creditors." In case of a legal life estate it is the general rule that a direct restraint upon alienation, vol- untary or involuntary, is invalid; but in most jurisdictions, the settlor of a trust may impose both of these restraints upon the equitable estate and they will be given effect, at least where there is provision, express or implied, against both. -
Text and Time: a Theory of Testamentary Obsolescence
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Washington University St. Louis: Open Scholarship Washington University Law Review Volume 86 Issue 3 2009 Text and Time: A Theory of Testamentary Obsolescence Adam J. Hirsch Florida State University Follow this and additional works at: https://openscholarship.wustl.edu/law_lawreview Part of the Estates and Trusts Commons Recommended Citation Adam J. Hirsch, Text and Time: A Theory of Testamentary Obsolescence, 86 WASH. U. L. REV. 609 (2009). Available at: https://openscholarship.wustl.edu/law_lawreview/vol86/iss3/2 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Washington University Law Review by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. TEXT AND TIME: A THEORY OF TESTAMENTARY OBSOLESCENCE ADAM J. HIRSCH∗ Events may occur after a will is executed that ordinarily give rise to changes of intent regarding the estate plan—yet the testator may take no action to revoke or amend the original will. Should such a will be given literal effect? When, if ever, should lawmakers intervene to update a will on the testator's behalf? This is the problem of testamentary obsolescence. It reflects a fundamental, structural problem in law that can also crop up with regard to constitutions, statutes, and other performative texts, any one of which may become timeworn. This Article develops a theoretical framework for determining when lawmakers should—and should not—step in to revise wills that testators have left unaltered and endeavors to locate this framework in the context of other forms of textual obsolescence. -
Support Claims of the Wife and the Spendthrift Trust Interest of the Husband-Beneficiary
Volume 51 Issue 1 Dickinson Law Review - Volume 51, 1946-1947 10-1-1946 Support Claims of the Wife and the Spendthrift Trust Interest of the Husband-Beneficiary John L. Bigelow Follow this and additional works at: https://ideas.dickinsonlaw.psu.edu/dlra Recommended Citation John L. Bigelow, Support Claims of the Wife and the Spendthrift Trust Interest of the Husband-Beneficiary, 51 DICK. L. REV. 1 (1946). Available at: https://ideas.dickinsonlaw.psu.edu/dlra/vol51/iss1/1 This Article is brought to you for free and open access by the Law Reviews at Dickinson Law IDEAS. It has been accepted for inclusion in Dickinson Law Review by an authorized editor of Dickinson Law IDEAS. For more information, please contact [email protected]. Dickinson Law Review Published October, January, March and June by Dickinson Law Students Vol. LI OCTORER, 1946 NUMBER I Subscription Price $2.00 Per Annum 75 Cents Per Number EDITORIAL STAFF BUSINESS STAFF W. RICHARD ESIIELMAN ..... Editor.in.Chiel HOWARD L. WILLIAMS .... Business Manager FRED T. CADMUS, III ....... Assistant Editor J. IRVING STINEMAN ...... Assistant Manager HARRY W. SPEIDEL ........ Assistant Edito, ANDREW L. HERSTER, JR., . Assistant Manage, ROBERT L. RUBENDALL ...... Assistant Editor WM. S. LIVENGOOD, JR., Assistant Manager ROBERT RUBENDALL ........ Assistant Editor JAMES D. FLOWER ....... Assistant Manage, TOM H. BIETSCH. .......... Assistant Editor WALTER H. HITCHLER ....... Faculty Editor JOSEPH P. McKEEHAN ..... Faculty Manager SUPPORT CLAIMS OF THE WIFE AND THE SPENDTHRIFT TRUST INTEREST OF THE HUSBAND-BENEFICIARY By John L. Bigelow In the recent case of Lippincott v. Lippincott,' the Supreme Court of Pennsyl- vania, through Mr. Justice Drew, said: "It is now firmly settled not only by our decisions, but also under our Statutes, that as to claims for maintenance and support of deserted and neglected wive, not divorced, spendthrift trusts are invalid in this Commonwealth." This unequivocal excerpt hints that such was not always the law. -
Spendthrift Trusts and Public Policy: Economic and Cognitive Perspectives
Washington University Law Review Volume 73 Issue 1 January 1995 Spendthrift Trusts and Public Policy: Economic and Cognitive Perspectives Adam J. Hirsch Florida State University Follow this and additional works at: https://openscholarship.wustl.edu/law_lawreview Part of the Estates and Trusts Commons, and the Law and Economics Commons Recommended Citation Adam J. Hirsch, Spendthrift Trusts and Public Policy: Economic and Cognitive Perspectives, 73 WASH. U. L. Q. 1 (1995). Available at: https://openscholarship.wustl.edu/law_lawreview/vol73/iss1/1 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Washington University Law Review by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. Washington University Law Quarterly VOLUME 73 NUMBER 1 1995 ARTICLES SPENDTHRIFT TRUSTS AND PUBLIC POLICY: ECONOMIC AND COGNITIVE PERSPECTIVES ADAM J. HIRSCH" TABLE OF CONTENTS INTRODUCTION .. .................................... 1 I. VOLUNTARY ALIENATION ............................. 9 A. Economic Perspectives ........................... 9 B. The Psychology of Saving ......................... 17 C. The Psychology of Inheritance ...................... 33 D. The Problem of Paternalism ....................... 44 II. INVOLUNTARY ALIENATION .......................... 56 III. EXCEPTIONS .................................... 72 CONCLUSION ........................................ 92 -
In the United States Bankruptcy Court for the Eastern District of Tennessee
IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TENNESSEE In re Case No. 98-33204 STEPHEN WELLS WACHTER Debtor ANN MOSTOLLER, TRUSTEE Plaintiff v. Adv. Proc. No. 04-3010 STEPHEN WELLS WACHTER, CHARLES M. KNOWLES, TRUSTEE, and LEILA RAMEY KNOWLES, TRUSTEE Defendants PUBLISHED: Mostoller v. Wachter (In re Wachter), 314 B.R. 365 (Bankr. E.D. Tenn. 2004) IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TENNESSEE In re Case No. 98-33204 STEPHEN WELLS WACHTER Debtor ANN MOSTOLLER, TRUSTEE Plaintiff v. Adv. Proc. No. 04-3010 STEPHEN WELLS WACHTER, CHARLES M. KNOWLES, TRUSTEE, and LEILA RAMEY KNOWLES, TRUSTEE Defendants MEMORANDUM ON MOTIONS FOR SUMMARY JUDGMENT APPEARANCES: JENKINS & JENKINS ATTORNEYS, PLLC Edward J. Shultz, Esq. 800 South Gay Street Suite 2121 Knoxville, Tennessee 37929 Attorneys for Plaintiff EGERTON, McAFEE, ARMISTEAD & DAVIS, P.C. William W. Davis, Jr., Esq. Post Office Box 2047 Knoxville, Tennessee 37901 Attorneys for Defendants RICHARD STAIR, JR. UNITED STATES BANKRUPTCY JUDGE The Plaintiff, Ann Mostoller, Trustee, filed the Complaint initiating this adversary proceeding on January 22, 2004, seeking a determination that a distribution to be received by the Debtor pursuant to the terms of a spendthrift trust is property of his bankruptcy estate and, accordingly, subject to turnover to the Plaintiff. Presently before the court are the following, both filed on June 1, 2004: (1) the Plaintiff’s Motion for Summary Judgment; and (2) the Motion for Summary Judgment filed by the Defendants. Both Motions are supported by memoranda of law, as required by E.D. Tenn. LBR 7007-1. -
Uniform Trust Code
D R A F T FOR DISCUSSION ONLY UNIFORM TRUST CODE NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS MARCH 10, 2000 INTERIM DRAFT UNIFORM TRUST CODE WITHOUT PREFATORY NOTE AND COMMENTS Copyright © 2000 By NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS The ideas and conclusions set forth in this draft, including the proposed statutory language and any comments or reporter’s notes, have not been passed upon by the National Conference of Commissioners on Uniform State Laws or the Drafting Committee. They do not necessarily reflect the views of the Conference and its Commissioners and the Drafting Committee and its Members and Reporters. Proposed statutory language may not be used to ascertain the intent or meaning of any promulgated final statutory proposal. UNIFORM TRUST CODE TABLE OF CONTENTS ARTICLE 1 GENERAL PROVISIONS AND DEFINITIONS SECTION 101. SHORT TITLE. ............................................................ 1 SECTION 102. SCOPE. ................................................................... 1 SECTION 103. DEFINITIONS. ............................................................. 1 SECTION 104. DEFAULT AND MANDATORY RULES. ...................................... 4 SECTION 105. QUALIFIED BENEFICIARIES. ............................................... 5 SECTION 106. NOTICE. .................................................................. 5 SECTION 107. COMMON LAW OF TRUSTS. ................................................ 6 SECTION 108. CHOICE OF LAW. ......................................................... -
Discretionary Distributions, 26Th Annual Estate Planning
DISCRETIONARY DISTRIBUTIONS Given By Frank N. Ikard, Jr. Ikard & Golden, P.C. Austin, Texas Advanced Estate Planning and Probate Course 2002 June 5-7, 2002 Dallas, Texas CHAPTER 40 FRANK N. IKARD, JR. IKARD & GOLDEN, P.C. Attorney at Law 106 East Sixth Street, Suite 500 Austin, Texas 78701 (512) 472-2884 EDUCATION: - University of Texas School of Law, J.D., 1968 - University of the South and University of Texas, B.A., 1965 - Phi Alpha Delta PROFESSIONAL ACTIVITIES: Board Certified, Estate Planning and Probate Law, Texas Board of Legal Specialization American Bar Association, Real Property Probate and Trust Law Section, Estate and Trust Litigation and Controversy Committee American College of Trust and Estate Council, Fellow 1979 - present Member, Fiduciary Litigation Committee; Chairman, Breach of Fiduciary Duty Subcommittee Greater Austin Crime Commission, 1999 - present Board of Director, 2000 - 2001 Real Property Probate and Trust Law Section -American Bar Association, Estate and Trust Litigation Committee; Continuing Legal Education Subcommittee Real Estate, Probate and Trust Law Section, State Bar of Texas, Member and Past Chairman; Past member of the Trust Code Committee and Legislative Committee Texas Academy of Real Estate, Probate and Trust Lawyers, Co-Founder and Member Board of Directors, Texas Bar Foundation, Fellow 1991 - present Travis County Bar Association, Estate Planning and Probate Section The Best Lawyers in America, 1993-2000 Fifth Circuit Judicial Conference, 1983 SPEECHES AND PUBLICATIONS: Specialty Drafting Regarding the Fiduciary, Travis County Bar Association, Probate and Estate Planning Seminar, March 2001 Fiduciary Duties: What are They and How to Modify Them, Texas Banker’s Association Estate Administration Seminar, October 2000. -
SPECIAL NEEDS TRUSTS: What Every Estate Planning Professional Needs to Know Bernard A
2013 NAEPC Webinar SPECIAL NEEDS TRUSTS: What Every Estate Planning Professional Needs To Know Bernard A. Krooks, JD, CPA, LL.M, CELA, AEP Littman Krooks LLP www.littmankrooks.com Special Needs Trusts Third Party SNT D(4)(A) SNT D(4)(c)SNT ©2013 Special Needs Trust ◦(d)(4)(A) trust ◦First-party trust ◦Payback trust ©2013 1 SSDI ◦ Unable to do any substantial gainful activity due to disability Medicare Special Ed VA Means tested ◦ Medicaid ◦ SSI ©2013 Created with the assets or income of an individual with disabilities under age 65 Inheritance PI lawsuit Matrimonial action ◦ Established by the individual’s parent, grandparent, legal guardian or court ©2013 No SSI or Medicaid penalty period Disregarded as available income or resource Medicaid payback ©2013 2 Protects resources without sacrificing government benefits Irrevocable trust Wholly discretionary trust Individual with disabilities must be sole beneficiary while alive ©2013 State law Amendments Asset protection SNT Compensation to caregiver Insurance on life of family caregiver Family visitation ©2013 Reimbursement is only for Medicaid, not all public benefits Reimbursement is based on actual Medicaid expenditures, not prevailing market costs No interest Some services not readily available in the private market ©2013 3 Created and managed by non-profit association May be established by the individual Separate accounts maintained for the benefit of individuals with disabilities (d)(4)(C) trust Modified payback provision ©2013 Non-profit 501(C)(3) organization as trustee Must be irrevocable Beneficiary may be any age Medicaid asset transfer issue after age 65 Often used in smaller cases ©2013 Accept the money Spend down Gift Self settled SNT Pooled trust ©2013 4 Incomplete gift ◦ Creditors’ claims ◦ Sole benefit ◦ Limited POA Grantor trust Estate tax inclusion ◦ Medicaid payback deduction ©2013 No payback requirement ◦ Can direct corpus at death of beneficiary to any individual No age limit Third-party SNT ◦ Testamentary trust ◦ Inter-vivos trust Revocable v. -
Uniform Trust Code Final Act with Comments
UNIFORM TRUST CODE (Last Revised or Amended in 2010) Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE MEETING IN ITS ONE-HUNDRED-AND-NINTH YEAR ST. AUGUSTINE, FLORIDA JULY 28 – AUGUST 4, 2000 WITH PREFATORY NOTE AND COMMENTS Copyright © 2000, 2010 By NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS April 10, 2020 1 ABOUT NCCUSL The National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 114th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. Conference members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical. $ NCCUSL strengthens the federal system by providing rules and procedures that are consistent from state to state but that also reflect the diverse experience of the states. $ NCCUSL statutes are representative of state experience, because the organization is made up of representatives from each state, appointed by state government. $ NCCUSL keeps state law up-to-date by addressing important and timely legal issues. $ NCCUSL’s efforts reduce the need for individuals and businesses to deal with different laws as they move and do business in different states.