Anatomy of a Trust
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South Dakota Vs. Minnesota Trust Law Desk Reference Guide
South Dakota vs. Minnesota Trust Law Desk Reference Guide Advantage South Dakota Minnesota For over 30 years, SD has been Like many states, MN has one of the best places to locate attempted to catch up to SD by a trust. A unique and active implementing the Uniform legislative trust committee, Trust Code. However, the Trust Location (Situs) favorable Legislature and difference is still clear and governor support continues to distinct, and the state does not rank SD as a top tier trust have the stability or support jurisdiction state; as verified by that SD enjoys from the industry leaders. government. In addition to many other taxes, MN taxes its trusts. In 2018, the There is no state personal, Fielding v. Commissioner of corporate, or fiduciary income Revenue decision highlighted tax, as well as no state tax on this major difference, holding State Taxes capital gains, dividends, that a trust set up as a MN trust interest, intangibles, or any may not need to stay a resident other income. This equates to trust for tax purposes for the NO state taxes on trust income. entire length of the trust (depending on circumstances). A Dynasty Trust has unlimited possibilities because there is no Rule Against Perpetuities MN has a Rule Against The Dynasty Trust - Legacy (abolished in 1983). Dynasty Perpetuities. By statute, all Trusts avoid federal estate and non-vested interests must vest Planning for Generations income taxation on trust assets (pass) 21 years after death of an because there is no forced asset individual or 90 years after its distribution and the bonus of creation. -
TRUSTS, LIFE INSURANCE and RETIREMENT BENEFITS M. KEITH BRANYON Jackson Walker L.L.P. 301 Commerce Street, Suite 2400 Fort Worth
TRUSTS, LIFE INSURANCE AND RETIREMENT BENEFITS M. KEITH BRANYON Jackson Walker L.L.P. 301 Commerce Street, Suite 2400 Fort Worth, Texas 76102 State Bar of Texas 29th ANNUAL ADVANCED ESTATE PLANNING AND PROBATE COURSE June 8-10, 2005 Fort Worth M. KEITH BRANYON Jackson Walker L.L.P. 301 Commerce Street, Suite 2400 Fort Worth, Texas 76102 Telephone: 817.334.7235 Telecopier: 817.870.5135 BIOGRAPHICAL INFORMATION EDUCATION B.B.A. in Accounting, Baylor University J.D., Baylor University School of Law PROFESSIONAL ACTIVITIES Partner, Jackson Walker L.L.P., Fort Worth, Texas Board Certified in Tax Law and in Estate Planning and Probate Law, Texas Board of Legal Specialization Chair, Advisory Commission for Estate Planning and Probate Law, Texas Board of Legal Specialization (2002-2005) Member, Advisory Commission for Estate Planning and Probate Law, Texas Board of Legal Specialization (2000-2005) Member, Advisory Commission for Tax Law, Texas Board of Legal Specialization (2005- ) Certified Public Accountant Fellow – American College of Trust & Estate Counsel LAW RELATED PUBLICATIONS Author/Speaker, National Business Institute, June 2-3, 1992 Planning Opportunities with Living Trusts in Texas Author/Speaker, National Business Institute, February 11, 1994 Texas Probate: Beyond the Basics Author/Speaker, State Bar of Texas, 20th Annual Advanced Estate Planning and Probate Course, 1996 The Slayer’s Rule Revisited Author/Speaker, National Business Institute, July 15-16, 1999 How to Draft Wills and Trusts in Texas Author/Speaker, State Bar of Texas, -
Wills--Deceased Residuary Legatee's Share Held Not to Pass by Way Of
St. John's Law Review Volume 38 Number 1 Volume 38, December 1963, Number Article 11 1 Wills--Deceased Residuary Legatee's Share Held Not to Pass by Way of Intestacy Where It Is Clearly Manifested That Surviving Residuary Legatees Should Share in the Residuum (In re Dammann's Estate, 12 N.Y.2d 500 (1963)) St. John's Law Review Follow this and additional works at: https://scholarship.law.stjohns.edu/lawreview This Recent Development in New York Law is brought to you for free and open access by the Journals at St. John's Law Scholarship Repository. It has been accepted for inclusion in St. John's Law Review by an authorized editor of St. John's Law Scholarship Repository. For more information, please contact [email protected]. ST. JOHN'S LAW REVIEW [ VOL. 38 argument against such an extension was rejected. 52 Likewise, the presence of a compensation fund for prisoners was held not necessarily to preclude prisoner suits under the FTCA.53 The Court found the compensation scheme to be non-comprehensive.5 4 The government's contention that variations in state laws might hamper uniform administration of federal prisons, as it was feared they would with the military, was rejected. Admitting that prisoner recoveries might be prejudiced to some extent by variations in state law, the Court regarded no recovery at all as a more serious prejudice to the prisoner's rights.55 In this connection, it is interesting to consider the desirability of spreading tort liability in the governmental area.5" The impact of the principal case is, in some respects, clear. -
Trusts for Purposes: Policy, Ambiguity, and Anomaly in the Uniform Laws
Florida State University Law Review Volume 26 Issue 4 Article 6 1999 Trusts for Purposes: Policy, Ambiguity, and Anomaly in the Uniform Laws Adam J. Hirsch [email protected] Follow this and additional works at: https://ir.law.fsu.edu/lr Part of the Law Commons Recommended Citation Adam J. Hirsch, Trusts for Purposes: Policy, Ambiguity, and Anomaly in the Uniform Laws, 26 Fla. St. U. L. Rev. 913 (2017) . https://ir.law.fsu.edu/lr/vol26/iss4/6 This Article is brought to you for free and open access by Scholarship Repository. It has been accepted for inclusion in Florida State University Law Review by an authorized editor of Scholarship Repository. For more information, please contact [email protected]. FLORIDA STATE UNIVERSITY LAW REVIEW TRUSTS FOR PURPOSES: POLICY, AMBIGUITY, AND ANOMALY IN THE UNIFORM LAWS Adam J. Hirsch VOLUME 26 SUMMER 1999 NUMBER 4 Recommended citation: Adam J. Hirsch, Trusts for Purposes: Policy, Ambiguity, and Anomaly in the Uniform Laws, 26 FLA. ST. U. L. REV. 913 (1999). TRUSTS FOR PURPOSES: POLICY, AMBIGUITY, AND ANOMALY IN THE UNIFORM LAWS* ADAM J. HIRSCH** I. INTRODUCTION........................................................................................................ 913 II. SCOPE AND EFFECTIVENESS .................................................................................. 915 III. PROCESS .................................................................................................................. 923 IV. DURATION OF TRUSTS ........................................................................................... -
Attorney and Client - Unauthorized Practice - Practice of Law by Corporations John T
Marquette Law Review Volume 21 Article 5 Issue 1 December 1936 Attorney and Client - Unauthorized Practice - Practice of Law by Corporations John T. McCarrier Follow this and additional works at: http://scholarship.law.marquette.edu/mulr Part of the Law Commons Repository Citation John T. McCarrier, Attorney and Client - Unauthorized Practice - Practice of Law by Corporations, 21 Marq. L. Rev. 55 (1936). Available at: http://scholarship.law.marquette.edu/mulr/vol21/iss1/5 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Law Review by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact [email protected]. 1936] RECENT DECISIONS in the end would retain the amount received by them and the residuary legatee would not be relieved in the slightest. The result would be effected only if costs consumed the corpus of the residuary legatee's portion or if such legatee was bankrupt. The banking commission seems to have been fully satisfied on this score and hence its resolve to bring the action only against the residuary legatee is perfectly intel- ligible. Just why the court should not be satisfied with this arrange- ment which would do complete justice between the parties and save expense and trouble is difficult to understand in view of the two other cases above mentioned in which the liability was enforced against dis- tributees. In all three cases all that really happened was that property of the deceased stockholder came to the legatee subject to a lien for the superadded liability. -
How Unclaimed Property Laws Impact Funds in Your Preneed Trust
BY WENDY RUSSELL WIENER We all recognize the benefit of general laws dealing with unclaimed property, which facilitate reuniting people with MISMATCHEDproperty they’ve lost track of – entirely M appropriate when the property is money in a bank account. But the op- eration of those laws on preneed trust funds is not entirely appropriate LAWS and can put trustees and licensees in an HOW UNCLAIMED impossible position. PROPERTY LAWS Let’s start by looking at the only two IMPACT FUNDS ways to fund a preneed contract. The first option is for the consumer to pay IN YOUR PRENEED the funeral home, which must then de- posit some or all of the money into trust. TRUST. The other option is for the consumer to purchase a life insurance policy; the same three circumstances – fulfillment, NOW THAT ACTION HAS BEEN TAKEN IN death benefit payable under that policy cancellation or default. SOME STATES, THEY'VE GONE ABOUT is assigned to the funeral home so that Thus, the trust funds are locked up the firm will receive some or all of the by both law and contract, and they can IT INCORRECTLY, AMENDING ONLY money upon the death of the preneed only be accessed when one of the three GENERAL UNCLAIMED PROPERTY LAWS contract beneficiary. conditions occur. WHILE IGNORING SPECIFIC PRENEED Only one of these funding mecha- Few states include, within their pre- nisms – insurance – is exempt from the need laws, direction to the funeral TRUST LAWS. BY DOING SO, STATES reach of the unclaimed property laws home or trustee on how to handle pre- HAVE LITERALLY ENACTED LAWS THAT in some states. -
Purpose Trusts As a Planning Tool for the 21St Century Thomas E
University of South Dakota School of Law From the SelectedWorks of Thomas E. Simmons September 8, 2019 Purpose Trusts as a Planning Tool for the 21st Century Thomas E. Simmons Brad Myers Available at: https://works.bepress.com/tom_simmons/71/ Sunday Session III: Purpose Trusts as a Planning Tool for the 21st Century 1 – Myers & Simmons Purpose Trusts as a Planning Tool for the 21st Century Bradley Myers is the Associate Dean for Administration and the Randy H. Lee Professor at the University of North Dakota School of Law. He became a Fellow of the American College of Trust & Estate Counsel in 2017. Governor Hoeven named him one of North Dakota’ Commissioners to the Uniform Law Commission in 2007 and has served on several drafting committees for Uniform Acts in the Trusts & Estates area. Professor Myers joined faculty at the University of North Dakota in 2001 and teaches Federal Income Taxation, Business Entities Taxation Trusts and Estates, Estate Planning. Professor Myers formerly practiced law in the states of Nevada, California and Oregon, with his practice focused primarily in tax, business and estate planning with a special focus on the issues surrounding the development of low-income housing. Professor Myers received BS and MS degrees in Kinesiology from the University of California, Los Angeles. He then spent two years at the University of California, Davis, doing post-graduate research in avian respiratory control. Professor Myers received his J.D. from the University of Oregon. He served on the editorial staff of the Oregon Law Review and was elected to the Order of the Coif. -
Imperfect Gifts As Declarations of Trust: Unapologetic Anomaly Sarajane Love Rutgers University-Camden
Kentucky Law Journal Volume 67 | Issue 2 Article 3 1978 Imperfect Gifts as Declarations of Trust: Unapologetic Anomaly Sarajane Love Rutgers University-Camden Follow this and additional works at: https://uknowledge.uky.edu/klj Part of the Estates and Trusts Commons Right click to open a feedback form in a new tab to let us know how this document benefits you. Recommended Citation Love, Sarajane (1978) "Imperfect Gifts as eD clarations of Trust: Unapologetic Anomaly," Kentucky Law Journal: Vol. 67 : Iss. 2 , Article 3. Available at: https://uknowledge.uky.edu/klj/vol67/iss2/3 This Article is brought to you for free and open access by the Law Journals at UKnowledge. It has been accepted for inclusion in Kentucky Law Journal by an authorized editor of UKnowledge. For more information, please contact [email protected]. IMPERFECT GIFTS AS DECLARATIONS OF TRUST: AN UNAPOLOGETIC ANOMALY By SARAJANE LovE* One fundamental proposition is that, under a legal system recognizing the individualistic institution of private property and granting to the owner the power to determine his succes- sors in ownership, the general philosophy of the courts should favor giving effect to an intentional exercise of that power.' INTRODUCTION Ethel Yahuda was a widow who wished to give a library of Hebrew manuscripts collected by her and her late husband to the Hebrew University in Israel. She announced her gift at a public luncheon in Israel and upon her return to the United States began to catalogue and crate the collection for shipment to the university. Her intention to go forward with the gift was repeatedly expressed to friends and to the university. -
Pouring Nonprobate Assets Into a Testamentary Trust: a Half-Protected Activity in Alaska
Pouring Nonprobate Assets Into a Testamentary Trust: A Half-Protected Activity in Alaska This Note examines the use of a testamentary trust as the recepta- cle for transfers of nonprobate assets. First, this Note describes the two principal objections that courts have raised with respect to the designation of a testamentary trustee as the beneficiary of nonprobateassets. Then, this Note evaluates statutory attempts to address these two objections. Finally, this Note concludes that recently proposed House Bill 308 could easily be revised to provideAlaskans with comprehensiveprotection from the dangers posed by both objections. I. INTRODUCTION During the last half century, an enormous change has occurred in both the nature of wealth and the way in which it is held.' So- called "will substitutes" such as life insurance, pension and retirement accounts, joint accounts and even revocable trusts have become commonplace and increasingly significant in the asset portfolios of middle and upper-income Americans. Will substitutes permit the transfer of property at death through the use of beneficiary designations. More importantly, however, will substi- tutes transfer title in a way that completely avoids the probate system. Thus, as the use of will substitutes has proliferated, the traditional system of title-clearing through a probate court has suffered a corresponding marginalization. Part of the marginalization of the probate system can be traced to popular resentment of it. Norman Dacey's bestseller How to Avoid Probate,2 now in its fifth edition,3 reflects the widespread public scorn that crystallized around the middle of this century. The probate process has earned a reputation as an expensive, Copyright © 1995 by Alaska Law Review 1. -
Southampton Student Law Review 2014 Volume 4, Issue 1
Southampton Student Law Review 2014 volume 4, issue 1 1 Southampton Student Law Review Southampton Law School Published in the United Kingdom By the Southampton Student Law Review Southampton Law School University of Southampton SO17 1BJ In affiliation with the University of Southampton, Southampton Law School All rights reserved. Copyright© 2014 University of Southampton. No part of this publication may be reproduced, transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, or stored in any retrieval system of any nature, without the prior, express written permission of the Southampton Student Law Review and the author, to whom all requests to reproduce copyright material should be directed, in writing. The views expressed by the contributors are not necessarily those of the Editors of the Southampton Student Law Review. Whilst every effort has been made to ensure that the information contained in this journal is correct, the Editors do not accept any responsibility for any errors or omissions, or for any resulting consequences. © 2014 Southampton Student Law Review www.southampton.ac.uk/law/lawreview ISSN 2047 - 1017 This volume should be cited (2014) 4(1) S.S.L.R. Editorial Board 2014 Editors-in-Chief Elizabeth Herbert Ida Petretta Editorial Board Neil Brown Louise Cheung Dingjing (James) Huang Ebenezer Laryea Henry Pearce Viktor Weber Acknowledgements The Editors wish to thank our academic advisor Professor Oren Ben-Dor for his advice, commitment and support The Editors also wish to thank all members -
Chapter 5 Managing Incapacity
1 CHAPTER 5 MANAGING INCAPACITY 5.1 INTRODUCTION As nature and human affairs change the human condition over time, each individual struggles to maintain the greatest amount of control over life. This strug- gle is tempered by the fragility of the human body and mind. As Sophocles observed in Oepidus Rex: Let every man in mankind’s frailty Consider his last day; and let none Presume on his good fortune until he find Life, at his death, a memory without pain. The ability to make one’s own decisions about family, property, social and business affairs, health care, and testamentary dispositions can be destroyed or severely impaired by the ravages of disease and injury. Society strives through tradi- tion and laws to give the individual suffering from these afflictions the greatest possible control over life’s affairs, and ultimately, one’s final wishes as to death. This chapter addresses the legal structures for managing and responding to the possibility that diseases and injuries of the mind and body will win the war over the individual’s autonomy. The legal bulwarks of protection against incapacity are primarily the power of attorney and the advance medical directive. The former safe- guards a person’s decisions regarding business, financial, and property transactions and the latter preserves authority over one’s affairs of life, health care, and death. 5.2 THE EVALUATION PROCESS 5.201 In General. It is to be expected that many of an elder law attorney’s clients will have some degree of age-related cognitive impairment.1 An informal evaluation of the mental capacity of every elderly client is therefore prudent. -
TAXATION of INCOME of DECEDENTS George Craven T
1953] TAXATION OF INCOME OF DECEDENTS George Craven t The federal income tax statute dealing with income in respect of decedents 1 has been in force for eleven years, and during that period the courts have solved many of the income tax problems arising under that statute as well as companion problems arising under the estate tax statute. As an aid to understanding the purpose and meaning of the income tax statute, it is helpful to review the considerations which gave rise to its enactment. TREATMENT PRIOR TO 1942 OF INCOME ACCRUED AT DEATH Prior to the Revenue Act of 1934, if an individual filed his fed- eral income tax returns on a cash basis, income which had accrued to him but was uncollected at the time of his death was not taxable to the decedent, because it had not been received by him. It was subject to estate tax as an asset of his estate, and it was held to be corpus and not income to the estate and therefore not subject to income tax to the estate2 The result was that the income escaped income tax entirely. The Revenue Act of 1934 provided for the first time for including in the final return of a cash basis decedent amounts of income accrued but uncollected at the time of death.' Similarly, that Act allowed as deductions in such decedent's final income tax return items other- wise deductible which had accrued but were unpaid at the time of his death.4 Those provisions remained in force until the enactment of the Revenue Act of 1942.