Holdings: Wills, trusts, and estates

Wills, trusts, and estates: keyed to Dukeminier/Sitkoff/Lindgren eighth edition

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Bibliographic Details
Main Author:	Wendel, Peter (Author)
Format:	Book
Language:	English
Published:	New York, NY Aspen Publ. 2010
Series:	The Emanuel law outlines series
Subjects:	Wills / United States / Outlines, syllabi, etc Trusts and trustees / United States / Outlines, syllabi, etc Inheritance and succession / United States / Outlines, syllabi, etc USA
Online Access:	Inhaltsverzeichnis
Physical Description:	XXVII, 41, 396 S. graph. Darst.
ISBN:	9780735579231 0735579237

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MARC


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adam_text	Table of Contents Preface ................................................................................. xxiii Casebook Correlation Chart ....... —...................................___............ xxv Capsule Summary — .___................................................. —........ C-I Chapter 1 INTRODUCTION TO WILLS, TRUSTS, AND ESTATES I. The Power to Transfer Property at Death .......................................___...... 1 A. Introduction ........................................................................ 1 B. Right vs. privilege ................................................................... 2 С Public policy debate ................................................................. 3 D. State variations ..................................................................... 3 E. Shifting patterns .................................................................... 3 П. Dead Hand Control ................................................................... 4 A. Definition ........................................................................... 4 B. Restatement (Third) of Property ..................................................... 4 C. Valid conditions ................................................ —................. 4 D. Invalid conditions ..................___............................................. 4 E. Remedy ............................................................................ 5 III. Who Takes Decedent s Property: An Overview .......................................... 6 A. Macro issue ......................................................................... 6 B. Macro answer ..........................___........................................ 6 C. Probate vs. nonprobate property ..................................................... 6 D. Nonprobate property ............ — ...................... — ...................... 6 E. Nonprobate property takers ......................................................... 7 F. Probate property .................................................................... 7 G. Summary ........................................................................... 7 IV. The Probate Process: An Overview ...................................................... 7 A. Probate is the default .....................___...................................... 7 B. Probate administration ...........___........___................................... 8 C. Terminology ...............................___..... —............................ 8 D. The probate process ................................................................. 9 E. Personal representative s powers ..................................................... 9 F. Personal representative s duties ...................................................... 9 G. Costs and delays of probate ........................................................ 10 H. Probate and Hitted property ...................................................... 10 I. Avoiding probate ................................................................... 10 V. Estate Planning ........................................................................ U A. Objectives ......................................................................... 11 B. Decedent s intent ................................................................... И C. Avoid estate taxes .................................................................. 11 D. Avoid probate ...................................................................... 11 E. Professional responsibility .......................................................... 11 Quiz Yourself on INTRODUCTION TO WILLS, TRUSTS, AND ESTATES .................. 14 Exam Tips on INTRODUCTION TO WILLS, TRUSTS, AND ESTATES ..................... 16 Chapter 2 INTESTACY: THE DEFAULT DISTRIBUTION SCHEME I. The Intestate Distribution Scheme ..... — .......... — ...................... 20 A. Introduction .......___.....___......................................___......... 20 B. Overview — a typical intestate scheme ..............___............................. 20 C. The UPC approach ................................................................ 22 II. Surviving Spouse: Who Qualifies ....................................................... 22 A. Marriage requirement .............................................................. 22 B. Same-sex couples .................................................................. 22 C. Putative spouses ................................................................... 23 D. Married but separated ............................................................. 23 E. Survival requirement ............................................................... 24 III. Surviving Spouse: Calculating Share ................................................... 26 A. Policy concerns .................................................................... 26 B. Traditional intestate distribution scheme ............................................ 26 C. UPC approach ..................................................................... 27 D. State s spousal share .......................................___.................... 28 IV. Descendants/Issue: Calculating Shares .................................................. 28 A. Property to descendants/issue ....................................................... 28 B. Calculating shares — analytical steps . — ....... — ... —.......................... 28 С Per stirpes ......___........................................................___... 30 D. Per capita with representation ...................................................... 31 E. Per capita at each generation ....................................................... 32 E Miscellaneous rules .......................___..................................... 34 V. Shares of Ancestors and Remote Collaterals ............................................. 34 A. Introduction ........___.......___................................................ 34 B. Parentelic approach ..................___.........___.....................___.... 35 C. Degree of relationship approach .................................................... 35 D. Degree of relationship with parentelic tiebreaker approach ........................... 36 E. Half-bloods ........................................................................ 37 VI. Descendantsflssue: Who Qualifies ...................................................... 37 A. Оеѕсепаап1ѕЛѕѕие as takers ......................................................... 37 B. Qualifying as a descendant/issue .................................................... 38 C. Establishing parent-child relationship ............................................... 38 D. Adoption.......................................................................... 39 E. Equitable adoption ................................................................. 41 F. Child born out of wedlock .......................................................... 42 G. Nontraditional parent-child relationships — reproductive technology ................... 43 VII. Gifts to Children .------................................................................ 45 A. Advancements ..................................................................... 45 B. Transfers to minors ................................................................ 47 VIII. Bars to Succession ................................................................... 48 A. Introduction ..............------..................................................... 48 B. Homicide .......................................................................... 48 C. Abandonment/elder abuse ....................................................... 49 D. Disclaimers ........................................................................ 50 Quiz Yourself on INTESTACY: THE DEFAULT DISTRIBUTION SCHEME ................. 5 í Exam Tips on INTESTACY: THE DEFAULT DISTRIBUTION SCHEME .................... 56 Chapter 3 TESTAMENTARY CAPACITY I. General Testamentary Capacity ......................................................... 62 A. Introduction ....................................................................... 62 B. Requirements ...................................................................... 62 II. Insane Delusion ........................................................................ 64 A. Definition .......................................................................... 64 B. Jurisdictional split ..____........................................................... 64 C. Causation .....................____.......................................____..... 66 III. Undue Influence ...................................................................... 67 A. Introduction ..........____........................................____............. 67 B. Definition .......................................................................... 67 С Traditional rule statement ............................................... 67 D. Burden-shifting approach ......,.,,.,.........,..,.....,...,,,.,. 67 E. Gifts to attorneys .................................................................. 69 F. Anticipating and deterring challenges .....,..,.,....,.,,.....,,.,...,,,.,,..,.....,, 71 IV. Fraud ................................................................................ 70 A. Rule ............................................................................... 73 B. Fraud in the inducemeni ......,...,,.,,,,,.,..,,..,,..,.,,..,.,.,.,,,,..,.,,.,,,,-. 73 C. Fraud in the execution .......,...,...,.,,,.,,,,,..,.,,.,..,,,,,,,,..,,,,,,,,,,,,,,. 73 D. Elements .......................................................................... 73 V. Duress ...................................................................____,____.____ 74 A. Introduction ....................................................................... 74 B. Example ........................................................................... 74 VI. Tortious Interference with an Expectancy .............................................. 74 A. Introduction ....................................................................... 74 Β. Rule statement ..................................................................... 74 C. Advantages ........................................................................ 75 D. Procedural issues .................................................................. 75 Quiz Yourself on TESTAMENTARY CAPACITY .......................................... 76 Exam Tips on TESTAMENTARY CAPACITY ............................................. 79 Chapter 4 WILLS EXECUTION, REVOCATION, AND SCOPE I. Executing a Valid Will .................___............................................ 84 A. Overview .......................................................................... 84 B. Statutory requirements ..........___.----.......................................... 84 C. Judicial philosophy .....................___........................................ 84 II. Common Law Approach to Attested Wills ..................................... —...... 85 A. Introduction ...................................................................___ 85 B. Statutory requirements ............................................................. 85 C. Judicial approach .................................................................. 85 D. Typical formalities ................................................................. 86 E. Interested witness .................................................................. 88 F. Swapped wills ..................................................................... 90 III. Modern Trend Approach to Attested Wills ............................................. 91 A. Introduction ....................................................................... 91 B. UPC statutory provision ............................................................ 92 С UPC requirements ................................................................. 92 D. Curative doctrines — UPC judicial philosophy ............................... — ..... 92 IV. Notarized Wills ....................................................................... 94 A. Revised UPC ...................................................................... 94 V. Holographic Wills ...................................................................... 94 A. Distinguishing feature .............................................................. 94 B. Requirements ....___...............................___.-----......----............ 94 С Judicial approach .....................___...................___.............. — 96 VI. Revocation ..............................................___.----...........----..... 97 A. Revocabffity of wills ........___....................___............................ 97 B. Revocation by act .................................................................. 97 C. Revocation by writing .......................___................................... 97 D. Revocation by presumption ......................................................... 99 E. Dependent relative revocation ..................................................... 100 F. Revival ........................................................................... 102 G. Revocation by operation of law—divorce ........................................... 103 VII. Scope of a Will ...................................................................... 104 A. Integration ....................................................................... 104 B. Republication by codicil ........................................................... 104 C. Incorporation by reference ........................................................ 105 D. Acts of independent significance .........................___...................... 107 E. Temporal perspectives ................___.___.................................... 108 VIII. Contracts Concerning Wills ......................................................... 108 A. Introduction ...................................................................... 108 B. Writing requirement .............................................................. 109 C. Contracts not to revoke a will .................................................... 109 Quiz Yourself on WILLS EXECUTION, REVOCATION, AND SCOPE ..................... 112 Exam Tips on WILLS EXECUTION, REVOCATION, AND SCOPE ........................ 119 Chapter S CONSTRUING WILLS I. Admissibility of Extrinsic Evidence: General Rule ....................................... 128 A. Scope of chapter .......___....................................................... 128 B. Admissibility — validity vs. construction ...................................___...... 128 C. Common law ..................................................................... 129 D. Plain meaning rule ................................................................ 129 E. Patent vs. latent ambiguity ........................................................ 129 F. Modern trend — migrating toward reformation ...................................... 131 П. Changes in the Beneficiary ............................................................ 133 A. Survival requirement .......................................................... — 133 B. Lapse ....................................................____.................... 133 C. Failed/void gift—default takers .................................................... 134 D. Anti-lapse statutes ................................................................ 135 E. Class gift ......................................................................... 137 III. Changes in Testator s Property ....................................................... 140 A. Introduction ...................................................................... 140 B. Ademption ....................................................................... 1 C. Avoidance/softening doctrines ίο identity approach ......,,,.,...,:.,,,.,..,,.,-,..,, 1 D. UPC/intent approach ....,.,.....,.,........,..,....,,,,,, 1 E. Stocks .................................,...,...,,,,...,....,.,..,......,.,,,., :., I F. Miscellaneous construction doctrines .......,...,,.,,.,,.,,.,....,....,,..:,,.,.,,... 1 Quiz Yourself on CONSTRUING WILLS ..,..........,.........,,,,..,.,.,,:.,:......,., 1 Exam Tips on CONSTRUING WILLS ................................................... :M9 Chapter 6 WILL SUBSTITUTES AND PLANNING FOR INCAPACITY I. Overview to the Will Substitutes ....................................................... 154 A. Introduction ...................................................................... 154 Β. Controlling law ................................................................... 154 С. Scope ............................................................................ 155 П. Inter Vivos Trusts .................................................................... 155 A. Introduction ...................................................................... 155 B. Theoretical perspective ............................................................ 155 C. Traditional doctrinal perspective ................................................... 156 D. UTC approach .................................................................... 157 E. Revocability ...................................................................... 157 F. Revocation — particular method expressed .......................................... 157 G. Revocaction — no particular method expressed ..........................___....___ 158 H. Rights of creditors of the settlor ............................ —................... 158 III. Contracts with Payable-on-Death Clauses . —........................................ 160 A. Life insurance .................................................................... 160 B. Common law ....................___......___................................... 160 C. Modern trend/UPC approach ...................................................... 160 D. Transfer on death (T.O.D.) deeds .................................................. 161 E. Superwills ........................................................................ 162 F. Pension plans ..................................................................... 162 IV. Multiple Party Accounts .............................................................. 163 A. Introduction ...................................................................... 163 B. Intent vs. paperwork .............................................................. 163 C. Depositor s intent ................................................................. 164 D. Bank s/Brokerage house s perspective .............................................. 164 E. Extrinsic evidence ................................................................. 164 F. Criticism ......................................................................... 165 G. UPC approach .................................................................... 165 H. Totten trusts ...................................................................... 166 V. Pour-Over Wills and Inter Vivos Trusts .___..........___............................. 166 A. Introduction ...................................................................... 166 B. Pour-over wills .......___......................................................... 167 C. Validity ........................................................................... 167 D. Common law ..................................................................... 167 E. UTATA ........................................................................... 169 F. Revocable trusts .................................................................. 171 VI. Joint Tenancies in Real Property ..........................................___........ 173 A. Introduction ....................................___.___......................... 173 B. Probate avoidance ..................... —....................................... 173 C. Devisability ....................................................................... 174 D. Creditor s claims .......___....................___............................... 174 VII. Planning for the Possibility of Incapacity ............................................. 174 A. Introduction ...................................................................... 174 B. Asset management ................................................................ 174 C. Health care management .......................................................... 175 Quizing Yourself on WILL SUBSTITUTES AND PLANNING FOR INCAPACITY .......... 176 Exam Tips on WILL SUBSTITUTES AND PLANNING FOR INCAPACITY ................ 181 Chapter 7 LIMITATIONS ON THE TESTAMENTARY POWER TO TRANSFER I. Spousal Protection Schemes: An Overview .............................................. 186 A. Introduction ...................................................................... 186 II. Surviving Spouse s Right to Support ................................................... 186 A. Spousal support ...............................,,.,,.,...,,,,,..,,,,,,,,,,,,,.,.,, 186 III. Surviving Spouse s Right to a Share of the Marital Property ,,,,,,,,,,.,,,,,,,.,,,,,,,, і 88 A. Overview ......................................................................... 188 B. Traditional scenario ............................................................... 188 C. Policy issues ...................................................................... 188 D. Overview of the elective share ..................................................... 188 E. Overview of community property .................................................. 189 F. Temporal differences .................................____......................... 189 G. Fundamental differences ........................................................... 189 H. Partnership model ................................................................ 190 IV. The Elective Share: Policy Considerations ............................................. 190 A. Jurisdictional variations ........................................................... 190 B. Recap ............................................................................ 190 C. Personal right .................................................................... 191 D. Life estates ....................................................................... 191 E. Medicaid eligibility .........____...____....................................____.... 192 F. Spousal abandonment ............................................................. 192 G. Malpractice liability ............................................................... 192 H. Same-sex couples ................................................................. 192 V. The Elective Share: Doctrinal Considerations ...................................... 192 A. Scope of doctrine ................................................................. Ш B. Traditional scope ...................,.....,.,.,....,,,,...,.................,,.,,,, 19 / С Nonprobate avoidance ...................,.,.,.......,.,..,,.,,...........,.,...,., 192 D. Judicial responses ..........................,.........,.....,,,,.,,.,.,,,...,.,,,., 193 E. Statutory/UPC response .................................... ........,.........,,,,. 194 F. Funding the elective share with a life estate ........................................ 196 G. Waiver ........................................................................... 196 VI. Community Property ........,....,.,.,..,,,,,,.,,.,..,,,,,,.,,,,,,,,,,..,,,,,,,,,,,,, 197 A. Overview ......................................................................... 197 B. Putting a spouse to an election .................................................. 197 C. Migrating couples ................................................................. 198 VII. The Omitted Spouse ................................................................. 199 A. Overview ......................................................................... 199 Β. Traditional scenario ............................................................... 199 C. Omitted spouse presumption ....................................................... 199 D. Rebuttable presumption ........................................................... 199 E. Omitted spouse s share ............................................................ 200 F. UPC ............................................................................. 200 G. Modern trend ..................................................................... 200 H. Elective share vs. omitted spouse ................................................... 200 I. Malpractice liability ............................................................... 201 VIII. The Omitted Child .......................................................... 201 A. Overview ......................................................................... 201 B. Unintentional disinheritance of child — traditional scenario ___...................... 202 C. Omitted child presumption ........................................................ 202 D. Rebuttable presumption ___..............................................___..... 202 E. Omitted child s share ............................................................. 202 F. Example .......................................................................... 202 G. Overlooked child .................................................................. 203 H. UPC ............................................................................. 203 I. Omitted issue of deceased child .................................................... 204 J. Modern trend ..................................................................... 204 Quiz Yourself on LIMITATIONS ON THE TESTAMENTARY POWER TO TRANSFER ..... 204 Exam Tips on LIMITATIONS ON THE TESTAMENTARY POWER TO TRANSFER ........ 209 Chapter 8 TRUSTS: OVERVIEW AND CREATION I. Conceptual Overview .................................................................. 214 A. Introduction ...........................................-----....................... 214 B. Terminology ..............___................................___................ 214 C. Trust purpose ..................................................................... 214 D. Trust structure .................................................................... 214 E. Bifurcated gift .................................................................... 214 F. Ongoing gift ...................................................................... 215 G. Example — gift vs. trust ........................... —............................. 215 H. Visualize ......................................................................... 216 I. Historical origin .................................................................. 216 J. Trust purposes ......___............----..............----........................ 216 K. Basic trust rules .......___....................................................... 217 L. Remedial trusts ................................................................... 217 II. Requirements to Create a Valid Trust .................................................. 218 A. Overview ......................................................................... 218 B. Theoretical comparison ............................................................ 218 C. Observation ...................................................................... 219 D. Intent ............................................................... E. Funding .......................................................................... 221 F. Ascertainable beneficiaries ......................................................... 224 G. Writing ........................................................................... 227 Quiz Yourself on TRUSTS: OVERVIEW AND CREATION ................................ 229 Exam Tips on TRUSTS: OVERVIEW AND CREATION ................................... 233 Chapter 9 TRUSTS: LIFE AND TERMINATION I. Life of Trust — Extent of Beneficiaries Interests ..,.,......,.,....,.....,,..,.,.,,..,,.,, :Ш A. Introduction ........................,............,.,,.......,,..,..,..,..,,.,..,,, 236 B. Mandatory trust .................................................................. 236 С Discretionary trust ................................................................ 236 D. Sprinkle/spray trust ............................................................... 239 E. Unitrust .......................................................................... 239 F. Perpetual dynasty trust ..____.......................................____.......... 239 II. Life of Trust: Creditors Rights ....................................................... 239 A. Introduction ...................................................................... 239 B. Discretionary Trust ............................................................... 240 С Spendthrift trust .................................................................. 241 D. Settlor as beneficiary ( self-settled asset protection trusts ) .......................... 243 E. Public health benefits ............................................................. 245 III. Trust Modification and Termination ....___..___.................................... 245 A. Introduction ...................................................................... 245 B. Interest in trust ................___..___......................................... 246 С Settlor and beneficiaries consent ................................................. 246 D. Trustee and beneficiaries consent .___.......................................... 246 E. Beneficiaries consent—trustee objects ......................................... 246 F. Trust modification ................................................................ 246 G. Trust termination .......,..,.,.........,.,...,....,...,.,..,.,....,,.,.....,.,..,, 249 H. Trustee s removal ............,.......,.....,...,.,.,.,.,...,.,....,....,,.,...,.,, 2ϋΟ Quiz Yourself on TRUSTS: LIFE AND TERMINATION .......,,..,, ,,.,,,,,,,..,,,,,.,,, ГЛ Exam Tips on TRUSTS: UFE ANI) TERMINATION ..,,,,....,....,...,.,....,,,,... , , 233 Chapter 10 TRUST ADMINISTRATION AND THE TRUSTEE S DUTIES I. Introduction ........................................................................... 258 A. Risk management ................................................................. 258 II. Trustee s Powers ..................................................................___ 259 A. Common law .................................................................___ 259 I B. Judicial authorization ............................................................. 259 C. Modern trend ..................................................................... 259 D. Third parties liability ............................................................. 259 Ш. Duty of Loyalty ...................................................................... 260 A. Scope ............................................................................ 260 B. Duty against self-dealing .......................................................... 260 C. Duty to avoid conflicts of interest .................................................. 261 D. Co-trustee liability ................................................................ 262 IV. Duty of Prudence — Trust Investments .......................___...................... 262 A. Introduction ...................................................................... 262 B. Trust investments — overview ...................................................... 262 C. Model Prudent Man Investment Act ............................................... 263 D. Uniform Prudent Investor Act ..................................................... 263 V. Impartiality — Allocating Principal and Income ........___............................. 269 A. Duty to be impartial ...........................................___............... 269 B. Allocating principal and income ................................................... 270 VI. Sub-Duties Relating to Care of Trust Property ......................................... 272 A. Introduction ...................................................................... 272 VII. Duty to Inform and Account ......................................................... 272 A. Duty to disclose ................................................................... 272 B. Duty to account ................................................................... 273 Quiz Yourself on TRUST ADMINISTRATION AND THE TRUSTEE S DUTIES ............ 275 Exam Tips on TRUST ADMINISTRATION AND THE TRUSTEE S DUTIES ............... 277 Chapter 11 CHARITABLE TRUSTS I. Charitable Purpose .................................................................... 281 A. Rule statement .................................................................... 281 B. Charitable purposes ............................................................... 281 C. Beneficiaries ...................................................................... 282 D. Rule against Perpetuities ...___................................................... 283 E. Trustees .......................................................................... 283 II. Су Pres .............................................................................. 283 A. Overview .................___...............___................................. 283 B. Су pres rule statement ............................................................ 283 III. Enforcing the Terms of a Charitable Trust ............................................ 285 A. Overview ......................................................................... 285 B. State attorney general ............................................................. 285 C. Individuals with special interest .................................................... 285 D. Settlors/donors .................................................................... 285 Quiz Yourself on CHARITABLE TRUSTS ............................................... 287 Exam Tips on CHARITABLE TRUSTS .................................................. 288 Chapter 12 POWERS OF APPOINTMENT: DISCRETIONARY FLEXIBILITY I. Introduction ........................................................................... 290 A. Conceptual overview .............................................................. 290 B. Terminology ...................................................................... 291 C. Types of powers .................................................................. 291 D. Creditors rights .................................................................. 291 II. Creating a Power of Appointment .................................................. 293 A. Intent ............................................................................ 293 B. Donee ............................................................................ 294 C. Power to consume ...........................____.................................. 294 III. Exercising a Power of Appointment ____............................................... 294 A. Intent ............................................................................ 294 B. Residuary clause .................................................................. 294 С Limitations ....................................................................... 296 D. Attempted appointment that fails .................................................. 297 IV. Release of a Power of Appointment .........................................____...... 297 A. Release ..................____..........................____....................... 297 B. Testamentary power ............................................................... 297 V. Failure to Exercise a Power of Appointment ............................................ 298 A. Donor s intent .................................................................... 298 B. Takers in default .................................................................. 298 С No takers in default—general power ..,,,,,..,...,....,,..,,,,,.,,,,,,,,,,.,,,,,,,, 298 D. No takers in default- -special power ,,,,,,.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 298 Quiz Yourself on POWERS OF APPOINTMENT: DISCRETIONARY FLEXIBILITY ........ 299 Exam Tips on POWERS OF APPOINTMENT: DISCRETIONARY FLEXIBILITY .,.......,, 301 Chapter 13 CONSTRUING TRUSTS s FUTURE INTERE Л к?) I. Future Interests ___..............................___...........___.................. 306 A. Trust s equitable interests ......................................................... 306 B. Future interests in the grantor/settlor .............................................. 306 C. Future interests in a grantee/beneficiary ............................................ 307 П. Preference for Vested Remainders ..................................................... 309 A. Vested vs. contingent .............................................................. 309 B. Destructibiüty .................................................................... 309 C. Accelerate to possession ........................................................... 310 D. Transferability .................................................................... 311 E. Instrument ambiguous re when remainder vests .................................... 311 III. Class Gifts .......................................................................... 316 A. Definition — review ................................................................ 316 B. Income to class ................................................................... 316 C. Gifts to surviving children ....................................................... 316 D. Gifts to issue/descendants ....................................................... 317 E. Adopted children .............................................................___ 317 F. Gifts to heirs ................................................................... 318 G. Class closing rules ...............___............................................. 319 Quiz Yourself on CONSTRUING TRUSTS: FUTURE INTERESTS ......................... 322 Exam Tips on CONSTRUING TRUSTS: FUTURE INTERESTS ........................... 325 Chapter 14 THE RULE AGAINST PERPETUITIES I. Introduction ........................................................................... 330 A. Overview ......................................................................... 330 B. Rule statement .................................................................... 330 C. Conceptual understanding ......................................................... 330 D. Scope ............................................................................ 331 E. Application ....................................................................... 331 F. Vesting requirement ___........................................................... 331 G. Analytical steps .............................................___..............___ 331 Ы. Creation of future interest ..............................___....................... 332 I. Periods of gestation ___................................................___....... 333 II. Classic Rule against Perpetuities Scenarios ..........................___...___........ 333 A. Introduction ___....___...___................................................... 333 B. The fertile octogenarian .........___......................___................... 333 C. The unborn widow .................................___....................___... 333 D. The slothful executor ............................................ ................. 334 E. Other scenarios that can trip the unsuspecting ...................................... 334 III. Perpetuities Reform ___.............................................................. 335 A. Self-Help — saving clause ...........................................___........... 335 B. The су pres approach ............................................................. 335 C. Modern trend .....................................___............................ 335 D. The wait-and-see approach ........................................................ 335 E. Abolition ......................................................................... 336 IV. Class Gifts and the Rule against Perpetuities .......................................... 337 A. All or nothing .................................................................... 337 B. Subclasses exception .............................................................. 337 С. Specific amount exception ......................................................... 338 V. Powers of Appointment and the Rule Against Perpetuities .........___. — ....___.... 338 A. Introduction ...................................................................... 338 B. Application ............................... —....................... — ......... 338 C. The power ........................................................................ 338 D. Exercise of power — interests created ............................................... 339 VI. Other Rules Regulating Temporal Restrictions ......................................... 340 A. The rule prohibiting suspension of the power of alienation ..,,...,...,..,,...,,,, 340 B. The rule against accumulations of income ............,..,..,,.....,,,,..,.., 341 Quiz Yourself on THE RULE AGAINST PERPETUITIES ................................. 341 Exam Tips on THE RULE AGAINST PERPETUITIES .................................... 344 Chapter 15 ESTATE AND GIFT TAXES I. Overview .............................................................................. 348 A. Gift vs. estate taxes .......................................................___.... 348 П. The Federal Gift Tax Scheme ......................................................... 350 A. Taxable gift ....................................................................... 350 B. Gift tax annual exclusion .......................................................... 352 С Other gift tax exclusions ........................................................... 354 D. Deductions in computing taxable gifts .............................................. 354 III. The Federal Estate Tax: An Overview ................................................. 354 A, Overview ......................................................................... 354 IV. Calculating the Decedent s Gross Estate ............................................... 355 A. Decedent s gross estate — an overview .............................................. 355 B. Property includible in decedent s gross estate ..,.,..,.,,,,,.,.,,,,,,,,,,,,., 355 V. The Marital Deduction ..........................,.,...,,.,,...,.,,....,,.,..,,.,,.,.., 360 A. Introduction ..................,.,,....,.,.,..,,,,,,,,.,,.,,,.,,,,..,,.,,,,..,,,,-, 360 B. Requirements ........,.........,...,.,...,.,.,...,.,...,.,...,..,,....,...,,,..,,. 360 VI. The Generation-Skipping Transfer Таж ,,......,,.,,,,.,.,,,,.,,,,.,,,,,...,.,,,,,,,,,, Жл A. Historical background ........,...,.,,,,,,,.,....,...,...,.,,,,.,,.,..,,.,..,..,... 363 B. Generation-skipping transfer tax .,..,.,.,..,.....,..,..,.,..,,.,,,,.,,..,..,,,.,,:.- 363 C. Generation-skipping transfers ,,,,,,,,,,,.,,, 363 D. Rate .......................................................,.:.......,............ 364 E. Property covered .................................................................. 364 F. Exemption ........................................................................ 364 G. Exclusions ..............................................____...................... 364 H. Terminology ...................................................................... 364 I. Property interests subject to the tax ................................................ 364 УЛ. State Death Taxes ................................................................... 365 A. Overview ......................................................................... 365 Quiz Yourself on ESTATE AND GIFT TAXES ............................................ 365 Exam Tips on ESTATE AND GIFT TAXES .............................................. 369 Essay Exam Questions and Answers ...................................................... 373 Table of Cases ........................................................................... 381 Index ................................................................................... 385
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discipline	Rechtswissenschaft
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geographic	USA
geographic_facet	USA
id	DE-604.BV037308404
illustrated	Illustrated
indexdate	2024-07-09T23:21:45Z
institution	BVB
isbn	9780735579231 0735579237
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-022462896
oclc_num	491945624
open_access_boolean
owner	DE-384 DE-739
owner_facet	DE-384 DE-739
physical	XXVII, 41, 396 S. graph. Darst.
publishDate	2010
publishDateSearch	2010
publishDateSort	2010
publisher	Aspen Publ.
record_format	marc
series2	The Emanuel law outlines series
spelling	Wendel, Peter Verfasser (DE-588)107155648 aut Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition Peter Wendel New York, NY Aspen Publ. 2010 XXVII, 41, 396 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Emanuel law outlines series Wills / United States / Outlines, syllabi, etc Trusts and trustees / United States / Outlines, syllabi, etc Inheritance and succession / United States / Outlines, syllabi, etc USA Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022462896&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Wendel, Peter Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition Wills / United States / Outlines, syllabi, etc Trusts and trustees / United States / Outlines, syllabi, etc Inheritance and succession / United States / Outlines, syllabi, etc
title	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition
title_auth	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition
title_exact_search	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition
title_full	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition Peter Wendel
title_fullStr	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition Peter Wendel
title_full_unstemmed	Wills, trusts, and estates keyed to Dukeminier/Sitkoff/Lindgren eighth edition Peter Wendel
title_short	Wills, trusts, and estates
title_sort	wills trusts and estates keyed to dukeminier sitkoff lindgren eighth edition
title_sub	keyed to Dukeminier/Sitkoff/Lindgren eighth edition
topic	Wills / United States / Outlines, syllabi, etc Trusts and trustees / United States / Outlines, syllabi, etc Inheritance and succession / United States / Outlines, syllabi, etc
topic_facet	Wills / United States / Outlines, syllabi, etc Trusts and trustees / United States / Outlines, syllabi, etc Inheritance and succession / United States / Outlines, syllabi, etc USA
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022462896&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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