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ForTamara,mypartnerandheirapparent. Iwillbeforevergratefulthatyouagreedtointegrateourhousehold productionfunctionsandtosponsorjointfranchisees.

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SUMMARYOFCONTENTS

Contents

List of Illustrations

Preface

Acknowledgments

Chapter1 INTRODUCTION:FREEDOMOFDISPOSITION

Chapter2 INTESTACY:ANESTATEPLANBYDEFAULT

Chapter3 WILLS:FORMALITIESANDFORMS

Chapter4 WILLS:CAPACITYANDCONTESTS

Chapter5 WILLS:CONSTRUCTION

Chapter6 TRUSTS:CHARACTERISTICSANDCREATION

Chapter7 NONPROBATETRANSFERSANDPLANNINGFOR INCAPACITY

Chapter8 LIMITSONFREEDOMOFDISPOSITION: PROTECTIONOFTHESPOUSEANDCHILDREN

Chapter9 TRUSTS:FIDUCIARYADMINISTRATION

Chapter10 TRUSTS:ALIENATIONANDMODIFICATION

Chapter11 TRUSTS:CHARITABLEPURPOSES,CYPRES,AND SUPERVISION

Chapter12 TRUSTS:POWERSOFAPPOINTMENT

Chapter13 TRUSTS:CONSTRUCTIONANDFUTUREINTERESTS

Chapter14 THERULEAGAINSTPERPETUITIESANDTRUST DURATION

Chapter15 WEALTHTRANSFERTAXATION

Table of Cases

Author Index

Index

CONTENTS

List of Illustrations

Preface

Acknowledgments

Chapter1INTRODUCTION:FREEDOMOFDISPOSITION

A.ThePowertoTransmitPropertyatDeath

LawrenceM.Friedman,DeadHands:ASocialHistory ofWills,Trusts,andInheritanceLaw

1.FreedomofDispositionandtheDeadHand

Shapira v. Union National Bank

2.JustifyingFreedomofDisposition

a.TheDonor’sPrerogative

AdamJ.Hirsch&WilliamK.S.Wang,A QualitativeTheoryoftheDeadHand

DanielB.Kelly,RestrictingTestamentary

Freedom:ExAnteVersusExPost

Justifications

b.ConcentrationsofWealth

WojciechKopczuk,WhatDoWeKnowAbout theEvolutionofTopWealthSharesinthe UnitedStates?

EdwardN.Wolff&MauryGittleman, InheritancesandtheDistributionofWealthor WhateverHappenedtotheGreatInheritance Boom?

c.HumanandCulturalCapital

StephenJ.McNamee&RobertK.Miller,Jr., TheMeritocracyMyth

d.AQuestionofTaxPolicy?

3.FromFeudalismtoaConstitutionalRight

4.PosthumouslyCreatedPropertyRights

Shaw Family Archives Ltd. v. CMG Worldwide, Inc.

B.TheMechanicsofSuccession

1.ProbateandNonprobateProperty

2.ProbateTerminology

3.ProbateAdministration

a.OpeningProbateandChoiceofLaw

b.CommonFormandSolemnFormProbate

c.FormalandInformalProbate

d.SupervisedandUnsupervisedAdministration

e.BarringCreditors

f.ClosingtheEstate

4.CanProbateBeAvoided?

C.ProfessionalResponsibility

1.DutiestoIntendedBeneficiaries

Simpson v. Calivas

2.JointRepresentation

A. v. B.

Chapter2INTESTACY:ANESTATEPLANBYDEFAULT

A.AnEstatePlanbyDefault

1.WhyDoSoManyPeopleDieIntestate?

2.ThePurposeofIntestacyStatutes

3.HeirshipandtheExpectancyofanHeirApparent

4.ApplicableLawandtheUniformProbateCode

UniformProbateCode§§2-101,2-102,2-103,2105

B.TheStructureofIntestateSuccession

1.SurvivingSpouse

a.TheSpouse’sShare

b.UnmarriedCohabitingPartners

c.TheProblemofSimultaneousDeath

2.Descendants

a.Representation

b.RepresentationinWillsandTrusts

3.Ancestors,Collaterals,andOthers

a.Parents

b.OtherAncestorsandCollaterals

c.LaughingHeirs

d.StepchildrenandIn-Laws

e.Half-Bloods

f.Escheat

4.DisinheritancebyNegativeWill

C.TransferstoChildren

1.AdoptedChildren

a.FormalAdoption

Hall v. Vallandingham

b.AdultAdoption

c.AdoptionandWillsandTrusts

Minary v. Citizens Fidelity Bank & Trust Co.

d.EquitableAdoption

O’Neal v. Wilkes

2.PosthumousChildren

3.NonmaritalChildren

4.ReproductiveTechnologyandNewFormsof Parentage

a.PosthumouslyConceivedChildren

Woodward v. Commissioner of Social Security

b.PosthumouslyConceivedChildrenandWillsand Trusts

c.SurrogacyandOpposite-SexMarriedCouples

d.AssistedReproductionandSame-SexCouples

e.The2008AmendmentstotheUPC

5.AdvancementsandHotchpot

a.AdvancementsatCommonLaw

b.Hotchpot

c.AdvancementsinModernLaw

UniformProbateCode§2-109

6.GuardianshipandConservatorshipofMinors

a.GuardianofthePerson

b.PropertyManagementOptions

D.BarstoSuccession

1.TheSlayerRule

In re Estate of Mahoney

TheUnworthyHeir

2.Disclaimer

a.FromCommonLawtoStatutoryLaw

b.AvoidingTaxes

c.AvoidingCreditors

d.DisclaimerstoQualifyforMedicaid

Chapter3WILLS:FORMALITIESANDFORMS

A.ExecutionofWills

1.AttestedWills

a.TheCoreFormalities

UniformProbateCode§2-502

b.TheFunctionsofFormalities

JohnH.Langbein,SubstantialCompliance withtheWillsAct

c.TheStrictComplianceRule

Stevens v. Casdorph

TheMeaningof“Presence”

The“Signature”Requirement

d.InterestedWitnessesandPurgingStatutes

(1)FromDisqualificationtoPurging

(2)TheTrendAwayfromPurging

e.ModelExecutionCeremony

TheSelf-ProvingAffidavit

SafeguardingaWill

f.AdHocRelieffromStrictCompliance

In re Pavlinko’s Estate

In re Snide

g.TheSubstantialComplianceDoctrine

TheUnfulfilledPromiseofSubstantial Compliance

FromSubstantialCompliancetoHarmless Error:Australia’sNationalExperiment

h.TheHarmlessErrorRule

UniformProbateCode§2-503

In re Estate of Hall

In re Probate of Will and Codicil of Macool Writings,Documents,andElectronicor DigitalWills

In re Estate of Javier Castro

2.NotarizedWills

LawrenceW.Waggoner,TheUPCAuthorizes

NotarizedWills

3.HolographicWills

a.DiscerningTestamentaryIntent

AshbelG.Gulliver&CatherineJ.Tilson, ClassificationofGratuitousTransfers

In re Kimmel’s Estate

b.PreprintedWillForms

In re Estate of Gonzalez

c.SignatureandHandwriting

(1)Signature

(2)TheExtentoftheTestator’sHandwriting

d.ExtrinsicEvidence

In re Estate of Kuralt

B.RevocationofWills

1.RevocationbyWritingorbyPhysicalAct

UniformProbateCode§2-507

a.ExpressandImpliedRevocatoryWritings

b.FormalityinRevocationbyWritingorPhysical Act

Thompson v. Royall

c.PresumptionofPhysicalActRevocation

Harrison v. Bird

LostWillsandthePresumptionofRevocation

d.HarmlessErrorinRevocation

In re Estate of Stoker

e.PartialRevocationbyPhysicalAct

2.DependentRelativeRevocation

LaCroix v. Senecal

Restatement(Third)ofProperty:WillsandOther

DonativeTransfers§4.3

3.RevivalofRevokedWills

UniformProbateCode§2-509

4.RevocationbyOperationofLaw

a.Divorce

UniformProbateCode§2-804

b.Marriage

c.BirthofChildren

C.ComponentsofaWill

1.Integration

In re Estate of Rigsby

2.RepublicationbyCodicil

3.IncorporationbyReference

a.ExistingWritings

UniformProbateCode§2-510

Clark v. Greenhalge

b.SubsequentWritingsandTangiblePersonal Property

UniformProbateCode§2-513

4.ActsofIndependentSignificance

UniformProbateCode§2-512

D.ContractsRelatingtoWills

1.ContractstoMakeaWill

UniformProbateCode§2-514

2.ContractsNottoRevokeaWill Keith v. Lulofs

Chapter4WILLS:CAPACITYANDCONTESTS

A.CapacitytoMakeaWill

1.MentalCapacity

In re Wright’s Estate

Wilson v. Lane

2.InsaneDelusion

In re Strittmater’s Estate

Breeden v. Stone

B.UndueInfluence

1.WhatIsUndueInfluence?

2.UndueInfluenceintheCases

In re Estate of Sharis

PresumptionsandBurdenShiftinginUndue

InfluenceCases

In re Will of Moses

Lipper v. Weslow

BequeststoLawyersandFiduciaryAppointments

3.PlanningforandAvoidingaWillContest

a.WarningSigns

b.Strategies

C.Duress

Latham v. Father Divine

InterferencewithInheritance,RestitutionandUnjust Enrichment,andConstructiveTrust

D.Fraud

E.TortiousInterferencewithanExpectancy

Schilling v. Herrera

Chapter5WILLS:CONSTRUCTION

A.MistakenorAmbiguousLanguageinWills

1.PlainMeaningandNoReformation

Mahoney v. Grainger

In re Estate of Cole

2.AdHocReliefforMistakenTerms

Arnheiter v. Arnheiter

In re Gibbs’ Estate

3.OpenlyReformingWillsforMistake

UniformProbateCode§2-805

In re Estate of Duke

B.DeathofBeneficiaryBeforeDeathofTestator

1.LapsedandVoidDevises

In re Estate of Russell

2.AntilapseStatutes

UniformProbateCode§2-605

a.PresumedIntent

b.Scope

c.DefaultRules

d.WordsofSurvivorship

Ruotolo v. Tietjen

3.ClassGifts

a.WhatIsaClass?

Restatement(Third)ofProperty:Willsand OtherDonativeTransfers§§13.1,13.2

Dawson v. Yucus

b.ApplicationofAntilapseStatutestoClassGifts

4.SummaryDiagram

C.ChangesinPropertyAfterExecutionofWill

1.AdemptionbyExtinction

In re Estate of Anton

UniformProbateCode§2-606

2.StockSplitsandtheProblemofIncrease

3.SatisfactionofGeneralPecuniaryBequests

4.ExonerationofLiens

5.Abatement

Chapter6TRUSTS:CHARACTERISTICSANDCREATION

A.TheTrustinAmericanLaw

1.OriginsoftheTrust

2.SourcesofLaw

MaxM.Schanzenbach&RobertH.Sitkoff,The PrudentInvestorRuleandTrustAssetAllocation: AnEmpiricalAnalysis

3.Vocabulary,Typology,andIllustrativeUses

4.BifurcationofOwnership

5.ATrustComparedwithaLegalLifeEstate

a.LegalLifeEstate

b.EquitableLifeEstate—ATrust

6.BusinessTrusts

7.ForeignTrustLaw

B.CreationofaTrust

1.IntenttoCreateaTrust

a.TestamentaryTrust

b.DeedofTrust

Jimenez v. Lee

c.DeclarationofTrust

Hebrew University Ass’n v. Nye (1961)

Hebrew University Ass’n v. Nye (1966)

2.TrustProperty

Unthank v. Rippstein

3.AscertainableBeneficiaries

a.TheBeneficiaryPrinciple Clark v. Campbell

b.PetandOtherNoncharitablePurposeTrusts In re Searight’s Estate

4.AWrittenInstrument?

a.OralInterVivosTrustsofPersonalProperty UniformTrustCode§407 In re Estate of Fournier

b.SecretTestamentaryTrustsandtheWillsAct Olliffe v. Wells

c.OralInterVivosTrustsofLandandtheStatuteof Frauds

Chapter7NONPROBATETRANSFERSANDPLANNINGFOR INCAPACITY

A.TheRiseofNonprobateSuccession

JohnH.Langbein,MajorReformsoftheProperty

RestatementandtheUniformProbateCode: Reformation,HarmlessError,andNonprobateTransfers

B.RevocableTrusts

1.TheWillsActandaPresentTransfer

2.AbandoningthePresentTransferFiction

UniformTrustCode§603

Fulp v. Gilliland

3.RevokingorAmendingaRevocableTrust

UniformTrustCode§602

Patterson v. Patterson

4.TheSubsidiaryLawofWills

State Street Bank and Trust Co. v. Reiser

Clymer v. Mayo

5.RevocableTrustsinContemporaryPractice

a.ThePour-OverWill

b.StatutoryValidationofaPourOverintoan UnfundedRevocableTrust

c.DeathtimeConsiderations

d.LifetimeConsiderations

C.TheOtherWillSubstitutes

1.LifeInsurance

Cook v. Equitable Life Assurance Society

2.PensionandRetirementPlans

a.TheGrowthinPensionandRetirementPlans

JohnH.Langbein,TheTwentieth-Century RevolutioninFamilyWealthTransmission

b.TypesofPensionandRetirementPlans

c.SuccessionIssuesforPensionandRetirement Accounts

Nunnenman v. Estate of Grubbs

Egelhoff v. Egelhoff

3.Pay-on-DeathandTransfer-on-DeathContracts

UniformProbateCode§6-101

Multiple-PartyBankandBrokerageAccounts

Varela v. Bernachea

4.NonprobateTransferofRealProperty

D.PlanningforIncapacity

1.PropertyManagement

a.Conservatorship

b.RevocableTrust

c.DurablePowerofAttorney

In re Estate of Kurrelmeyer

2.HealthCare

a.DefaultLaw

b.AdvanceDirectives

c.PhysicianAidinDying

3.DispositionoftheBody

a.Post-MortemRemains

b.OrganDonation

Chapter8LIMITSONFREEDOMOFDISPOSITION: PROTECTIONOFTHESPOUSEANDCHILDREN

A.ProtectionoftheSurvivingSpouse

1.TheElectiveShareofaSeparatePropertySurviving Spouse

a.EconomicPartnershiporSupportObligation? UniformProbateCodeArticleII,Part2, GeneralComment

b.UnmarriedCohabitingPartners

c.VariationAcrosstheStates

d.NonprobateProperty

(1)JudicialResponses Sullivan v. Burkin

(2)StatutoryReform In re Estate of Myers

e.TheUniformProbateCode

f.WaiverbyPremaritalorPostnuptialAgreement UniformPremaritalandMaritalAgreement Act§9

Reece v. Elliott

2.CommunityProperty

a.TheSpreadoftheCommunityPropertySystem

b.ManagementandDispositionofCommunity Property

3.MigratingCouplesandMultistatePropertyHoldings

a.MovingfromSeparatePropertytoCommunity Property

b.MovingfromCommunityPropertytoSeparate Property

4.MiscellaneousAdditionalRights

a.SocialSecurity

b.PensionandRetirementAccounts

c.Homestead

d.PersonalPropertySet-Aside

e.FamilyAllowance

f.DowerandCurtesy

B.IntentionalOmissionofaChild

1.AmericanLaw

2.TheFamilyMaintenanceSystemofthe Commonwealth Lambeff v. Farmers Co-operative Executors & Trustees Ltd.

C.ProtectionAgainstUnintentionalOmission

1.SpouseOmittedfromPremaritalWill UniformProbateCode§2-301 In re Estate of Prestie

2.UnintentionalDisinheritanceofaChild UniformProbateCode§2-302

Gray v. Gray In re Estate of Jackson

Chapter9TRUSTS:FIDUCIARYADMINISTRATION

A.FromLimitedPowerstoFiduciaryAdministration

1.FromConveyancetoManagement

JohnH.Langbein,RiseoftheManagementTrust

2.Trustees’Powers

3.FiduciaryGovernance

RobertH.Sitkoff,TrustLawasFiduciary GovernancePlusAssetPartitioning

B.TheDutyofLoyalty

Hartman v. Hartle

In re Gleeson’s Will In re Rothko

C.TheDutyofPrudence

1.TheDistributionFunction

a.DiscretionaryDistributions Marsman v. Nasca

b.Sole,Absolute,orUncontrolledDiscretion

c.ExculpationClauses

d.MandatoryArbitration

2.TheInvestmentFunction

a.FromLegalListstothePrudentInvestorRule UniformPrudentInvestorAct§§1,2,3,4

MaxM.Schanzenbach&RobertH.Sitkoff, ThePrudentInvestorRuleandMarketRisk: AnEmpiricalAnalysis

b.RecurringProblemsinApplyingthePrudent InvestorRule

(1)TheDutytoDiversifyandInceptionAssets In re Estate of Janes CompensatoryDamagesfor ImprudentInvestment

(2)TheTermsoftheTrust Wood v. U.S. Bank, N.A.

3.TheCustodialandAdministrativeFunctions

a.DutytoCollectandProtectTrustProperty

b.DutytoEarmarkTrustProperty

c.DutyNottoMingleTrustFundswiththe Trustee’sOwn

d.DutytoKeepAdequateRecordsof Administration

e.DutytoBringandDefendClaims

4.TrusteeSelectionandDividedTrusteeship

a.ChoosingaTrustee

b.DelegationbyaTrustee UniformTrustCode§807

c.DivisionbyaSettlor

(1)Co-Trustees

(2)PowerofAppointment

(3)DirectedTrusts

d.PrivateTrustCompany

D.TheDutyofImpartiality

1.DueRegardandtheTermsoftheTrust

2.ThePrincipalandIncomeProblem

In re Heller

E.TheDutytoInformandAccount UniformTrustCode§813

1.RespondingtoaRequestforInformation

UniformTrustCode§105

Wilson v. Wilson

2.AffirmativeDisclosure

Allard v. Pacific National Bank

3.AccountingsandRepose

a.JudicialAccountings

National Academy of Sciences v. Cambridge Trust Co.

b.InformalAccountingsandRelease

Chapter10TRUSTS:ALIENATIONANDMODIFICATION

A.AlienationoftheBeneficialInterest

1.DiscretionaryTrusts

a.PureDiscretionaryTrust

b.SupportTrust

c.DiscretionarySupportTrust

d.CollapsingtheCategories UniformTrustCode§504

e.ProtectiveTrusts

2.SpendthriftTrusts

UniformTrustCode§§502,503

Scheffel v. Krueger

3.Self-SettledAssetProtectionTrusts

Federal Trade Commission v. Affordable Media, LLC

4.TrustsfortheStateSupported

a.Self-SettledTrusts

b.TrustsCreatedbyThirdParties

B.ModificationandTermination

1.ConsentoftheBeneficiaries

a.EnglishLaw

b.The Claflin Doctrine

In re Estate of Brown

c.TheUTCandtheRestatement(Third)ofTrusts

UniformTrustCode§411

2.DeviationandChangedCircumstances

a.TraditionalLaw

b.ExtensiontoDispositiveProvisions

UniformTrustCode§412

In re Riddell

c.TaxObjectives

3.TrustDecanting

Harrell v. Badger

C.TrusteeRemoval

UniformTrustCode§706

Davis v. U.S. Bank National Association

Chapter11TRUSTS:CHARITABLEPURPOSES,CYPRES,AND SUPERVISION

A.CharitablePurposes

Shenandoah Valley National Bank v. Taylor

B.CyPresandDeviation

1.CyPres

a.Illegal,Impossible,orImpracticable

In re Neher’s Will

b.Wasteful

SanFranciscoChronicle:TheBuckTrust

2.Deviation

PhiladelphiaStory:TheBarnesFoundation

3.DiscriminatoryTrusts

C.EnforcementofCharitableTrusts

1.TraditionalLaw

2.SettlorStanding

Smithers v. St. Luke’s-Roosevelt Hospital Center

3.LocalPolitics

TheSweetestPlaceonEarth:Hershey’sKiss-Off

4.PersonswithaSpecialInterestintheTrust

5.FederalSupervision

HawaiiJournal:TheBishopEstate

Chapter12TRUSTS:POWERSOFAPPOINTMENT

A.Purposes,Terminology,andTypesofPowers

1.TerminologyandRelationships

a.TheParties

b.Creation

c.GeneralandNongeneralPowers

d.TimeandMannerofExercise

e.OwnershipEquivalence

f.AFiduciaryPowerofAppointment?

2.TaxConsiderations

a.GeneralandNongeneralPowers

b.FlexibilityWithoutEstateTaxLiability

3.CreditorRights

Irwin Union Bank & Trust Co. v. Long

B.ExerciseofaPowerofAppointment

1.ManifestationofIntent

Beals v. State Street Bank & Trust Co.

2.FormalRequirementsImposedbytheDonor

a.TheNatureoftheInstrument

b.SpecificReferenceRequirement

UniformProbateCode§2-704

3.PermissibleExerciseofthePower

a.AppointmenttoanObject

Timmons v. Ingrahm

b.AppointmentinFurtherTrust

Brown v. Miller

c.CreationofaNewPowerofAppointment

d.ExclusiveandNonexclusivePowers

e.SalvageDoctrines:AllocationandCapture

(1)Allocation

(2)Capture

4.Disclaimer,Release,andContract

C.FailuretoExerciseaPowerofAppointment

1.GeneralPower

UniformPowersofAppointmentAct§310

2.NongeneralPower

UniformPowersofAppointmentAct§311

Chapter13TRUSTS:CONSTRUCTIONANDFUTUREINTERESTS

A.FutureInterests

1.Classification

2.FutureInterestsintheTransferor

a.Reversion

b.PossibilityofReverter

c.RightofEntry

3.FutureInterestsinTransferees

a.Remainders

(1)VestedandContingentRemainders

(2)VestedSubjecttoPartialDivestment

(3)VestedSubjecttoDivestmentor Contingent?

(4)RemaindersandReversions

b.ExecutoryInterests

4.FutureInterestsReform

B.ConstructionofTrustInstruments

1.PreferenceforVestedInterests

a.AccelerationintoPossession

b.Transferability

(1)InterVivosTransfer

(2)TransferatDeath

c.RequiringSurvivaltoTimeofPossession

(1)TheTraditionalNo-SurvivorshipRuleof Construction

Tait v. Community First Trust Co.

(2)MultigenerationalClassGiftsandOther Exceptions

Clobberie’s Case

(3)TheSurvivorship-Plus-AntilapseRuleof UPC§2-707

2.GiftstoClasses

a.GiftsofIncome

Dewire v. Haveles

b.GiftstoChildren,Issue,orDescendants

(1)GifttoChildren

(2)GifttoIssueorDescendants

c.GiftstoHeirs

Estate of Woodworth

d.TheRuleofConvenience

(1)ImmediateGifts

(2)PostponedGifts

(3)GiftsofSpecificSums

Chapter14THERULEAGAINSTPERPETUITIESANDTRUST DURATION

A.TheCommonLawRule

1.History

a.PredicatestotheRule

b.TheDukeofNorfolk’sCase

c.TowardLivesinBeingPlus21Years

2.ThePolicyAgainstRemoteVesting

a.TheModernPurposesoftheRule

b.Why“LivesinBeingPlus21Years”?

c.TheRuleandTrustDuration

3.ARuleofLogicalProof

a.SomeLifeinBeing

b.WhentheLivesinBeingAreAscertained

4.WhatMightHappenandtheFantasticalCharacters

a.TheFertileOctogenarian

b.TheUnbornWidow

c.TheSlothfulExecutor

d.TheMagicGravelPitandOtherMarvels

B.PerpetuitiesReform

1.SavingClauses

2.Reformation(orCyPres)

3.Wait-and-See

4.AbolitionoftheRuleAgainstPerpetuities

RobertH.Sitkoff&MaxM.Schanzenbach, JurisdictionalCompetitionforTrustFunds:An EmpiricalAnalysisofPerpetuitiesandTaxes

LawrenceW.Waggoner,FromHeretoEternity: TheFollyofPerpetualTrusts

JesseDukeminier&JamesE.Krier,TheRiseofthe PerpetualTrust

5.TheRestatement(Third)ofProperty

Restatement(Third)ofProperty:WillsandOther

DonativeTransfers§27.1

C.ApplicationoftheRuletoClassGiftsandPowersof Appointment

1.ClassGifts

a.TheAll-or-NothingRule

b.ExceptionstotheAll-or-NothingRule

(1)GiftstoSubclasses

(2)SpecificSumtoEachClassMember

2.PowersofAppointment

a.GeneralPowersPresentlyExercisable

(1)ValidityofPower

(2)ValidityofExercise

b.GeneralTestamentaryPowersandNongeneral Powers

(1)ValidityofPower

(2)ValidityofExercise

c.TheDelawareTaxTrap

D.OtherDurationalLimits

1.TheRuleAgainstSuspensionofthePowerof Alienation

2.TheRuleAgainstAccumulationsofIncome

A.TheFederalGiftTax

1.TaxableGifts

a.InadequateConsiderationinMoney’sWorth

b.Completion

c.JointTenancy

d.IncomeTaxBasis

e.LiabilityforGiftandEstateTaxes

2.TheAnnualExclusion

Estate of Cristofani v. Commissioner

3.TheMaritalDeductionandGiftSplitting

B.TheFederalEstateTax

1.AThumbnailSketch

2.TheGrossEstate

a.TheProbateEstate

b.JointTenancy

c.AnnuitiesandEmployeeDeathBenefits

d.LifeInsurance

e.RetainedRightsorPowers

Estate of Maxwell v. Commissioner

Old Colony Trust Co. v. United States

FamilyLimitedPartnerships

f.RevocableTransfers

g.TransfersWithinThreeYearsofDeath

h.PowersofAppointment

Estate of Vissering v. Commissioner

3.Deductions

a.TheMaritalDeduction

(1)RequirementstoQualify

(2)TheNondeductibleTerminableInterest Rule

(3)ExceptionstotheNondeductibleInterest Rule

(4)QualifiedDomesticTrusts

(5)TaxPlanningforSpouses:TheCredit ShelterTrustandPortability

b.TheCharitableDeduction

C.TheGeneration-SkippingTransferTax

1.TheNatureoftheTax

a.ATaxableGeneration-SkippingTransfer

b.WhenGSTTaxMustBePaid

2.ExemptionandExclusions

D.StateEstateandInheritanceTaxes

E.IncomeTaxationofGrantorTrusts

Table of Cases Author Index Index

LISTOFILLUSTRATIONS

Chapter1

Cartoon by Frank Gotham (“Just so you know, I’m taking all this with me intotheafterlife.”)

SirArthurHobhouse(photograph)

TommyManville(photograph)

JudgeRichardA.Posner(photograph)

Boots(photograph)

JusticeHugoL.Black(photograph)

Cartoon by Pat Byrnes (“Researchers say I’m not happier for being richer, butdoyouknowhowmuchresearchersmake?”)

KarlMarx(photograph)

DonaldTrump(photograph)

Cartoon by Barbara Smaller (“Meritocracy worked for my grandfather, it workedformyfather,andit’sworkingforme.”)

CartoonbyPatByrnes(“Howmuchisthatinyearsoftuition?”)

CartoonbyWilliam Hamilton (“It’salittle lessamusingwhenyouhearyour kidscallingit‘thedeathtax.’”)

FranklinDelanoRoosevelt(photograph)

JusticeSandraDayO’Connor(photograph)

MarilynMonroe(photograph)

ArnoldSchwarzenegger(photograph)

ProvisionofRobinWilliams’strustconcerninghisrightofpublicity

Provision of Adam Yauch’s will prohibiting use of his “music or any artistic property”foradvertising

CartoonbyArnieLevin(“Usernameandpassword?”)

Cartoon by Harley Schwadron (“Daddy doesn’t know why birds migrate. Askmeaboutwaystoavoidprobate.”)

Figure1.1:PrivityDefense(2016)

Chapter2

CartoonbyStuRees(“Doyouthinkalotaboutdeath?”)

Prince(photograph)

Cartoon by Dana Fradon (“Bentley, I don’t care if you are my heir apparent.”)

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Instant download Wills trusts & estates, tenth edition [connected casebook] (aspen casebook) 10th pd by Education Libraries - Issuu