Wills, Trusts & Estates Prof Blog

Effect of Estate Tax Repeal in Italy

A recent Italian survey looked at the effect the repeal of the estate tax in Italy.  The survey reveals that without an estate tax, real estate transfers between generations have increased by about 2%. A report on the survey concludes that "since in Italy the ratio of real estate assets to total wealth exceeds 85% for [people over 60], it is likely that at least part of the increase in the propensity to bequeath real estates is a genuine effect" of the estate tax repeal in the country.  Tullio Jappelli, Mario Padula & Giovanni Pica, Estate taxation and intergenerational transfers, vox, Feb. 26, 2010.

Special thanks to Hani Sarji (LL.M. in Tax candidate at New York Law School) for bringing this to my attention.

Top SSRN Downloads

Here are the top downloads from December 30, 2009 to February 28, 2010 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days.

Rank	Downloads	Paper Title
1	213	Law Review Articles You Should've Read (But Probably Didn't) in 2009 Bridget J. Crawford, Pace University School of Law, Date posted to database: January 25, 2010 Last Revised: January 25, 2010
2	193	The Core Nature of Fiduciary Accountability Robert Flannigan, University of Saskatchewan, Date posted to database: December 15, 2009 Last Revised: December 29, 2009
3	191	Who is Entitled to Life Insurance Benefits and Top-Hat Benefits from an ERISA Plan Following a Divorce or a Marital Separation? Albert Feuer, Law Offices of Albert Feuer, Date posted to database: January 14, 2010 Last Revised: February 7, 2010
4	171	Estate and Gift Tax Problems of Principals and Agents Under Durable Powers of Attorney Paul L. Caron, University of Cincinnati - College of Law, Date posted to database: January 31, 2010 Last Revised: January 31, 2010
5	143	Pets Trusts: Fido with a Fortune? Gerry W. Beyer, Texas Tech University School of Law, Date posted to database: December 6, 2009 Last Revised: December 6, 2009
6	108	Elder Law Teaching and Scholarship: An Empirical Analysis of an Evolving Field Nina A. Kohn, Edward D. Spurgeon, Syracuse University - College of Law, University of Utah, Date posted to database: February 5, 2010 Last Revised: February 8, 2010
7	103	Check-the-Box Regs and Gift Tax Discounts Wendy C. Gerzog, University of Baltimore - School of Law, Date posted to database: February 17, 2010 Last Revised: February 26, 2010
8	92	Hicks v. Dowd, Conservation Easements, and the Charitable Trust Doctrine: Setting the Record Straight Nancy A. McLaughlin, W. William Weeks, University of Utah S.J. Quinney College of Law, Indiana University Bloomington - Maurer School of Law, Date posted to database: January 27, 2010 Last Revised: January 27, 2010
9	86	Burn the Rembrandt? Trust Law's Limits on the Settlor's Power to Direct Investments John H. Langbein, Yale University - Law School, Date posted to database: January 26, 2010 Last Revised: February 18, 2010
10	58	It is Logic Rather than Whom You Trust: A Rejoinder to Prof. Cohen Douglas A. Kahn, University of Michigan at Ann Arbor - Law School - Faculty, Date posted to database: January 21, 2010 Last Revised: February 9, 2010

Checklist for Reviewing Wills in 2010

The February 2010 edition of The Estate Analyst is comprised of an article by Robert L. Moshman (attorney and writer) entitled Emergency Will Repairs at Ground Zero--Estate Planning for 2010. The introduction to the article and the January 2010 edition of The Estate Analyst is below:

Estates now face a bona fide catastrophe. We’ve arrived at ground zero for the estate tax, and many estate plans were not designed for a world without any Federal estate tax.

Many wills need to be addressed immediately. Even a classic “credit shelter” or “A-B” plan could blow up under the current situation. Language from virtually every type of arrangement needs to be examined for each of the possible scenarios that could unfold.

Let’s sort it all out and build a checklist of ideas, protections and remedies that people can incorporate into their estate plans right now.

The end of the article contains a useful ten-step will review checklist for 2010.

Poll Indicates that Estate Planning is on the Decline in the United States

According to a surveys by Lawyers.com, the number of Americans with some type of estate planning document dropped from 64% in 2007 to 51% in 2009.  Of this 51% surveyed, only 35% reported that they have a will.

The following, taken from Lawyers.com, Lawyers.com Survey Reveals Drop in Estate Planning, Feb. 25, 2010, indicates that the percentage decline fro, 2007 to 2009 is due in part to poor economic conditions:

• Seven in ten Americans (71 percent) believe that given today’s economy, it is more important to focus on saving money for immediate needs than long-term planning of their estate. 
• Nearly three-quarters of Americans (73 percent) agree that the current economic downturn has made it even more difficult for them to plan for their future. 
• For Americans who do not have any estate planning documents, 44 percent cite a greater focus on the "essentials" (e.g. paying bills, buying groceries, etc.) as the reason, 31 percent cite it's not a top of mind concern right now, 11 percent don't believe it is necessary and 9 percent believe it takes too much time to create one. 
• One in five Americans (20 percent) that do not have estate planning documents report that this is because they believe their spouse and/or children will automatically receive any assets, and 19 percent feel it is too expensive.

Special thanks to  Hani Sarji (LL.M. in Tax candidate at New York Law School) for bringing this to my attention.

New Kentucky Estate Planning Blog to Follow

Those practicing, teaching, or living in Kentucky should enjoy following KYEstate$, a blog for the Kentucky trusts & estates community.  This blog was created by Carter Ruml (attorney, Louisville) "to share and discuss tax and non-tax developments of interest to the estate planning, estate administration, fiduciary, and wealth management community in Kentucky."

Florida International University College of Law Seeks Visiting Professor

Florida International University College of Law invites applications from candidates for one or more visiting faculty positions beginning in Fall 2010. Areas of curricular preference include PROPERTY, CRIMINAL LAW, TORTS, ENVIRONMENTAL LAW, and TRUSTS AND ESTATES. Visits could be for either the fall or spring semester or for the full year.

ABOUT FIU COLLEGE OF LAW:

Part of Miami's public research university, the College of Law is a dynamic urban law school with approximately 600 students. FIU College of Law was established in 2000, enrolled its first class in 2002, and currently has 30 full-time faculty members. In the spring of 2007, the FIU College of Law moved into a new state-of-the-art building at the heart of the main university campus. Over the past two years, our FIU on-campus community has been enriched through the addition of a new medical school and the construction of the Frost Art Museum.

The FIU community and the College of Law are strongly committed to the pursuit of excellence and the goal of ensuring opportunities within the legal profession for individuals who represent different groups as defined by race, ethnicity, gender, sexual orientation, socioeconomic background, age, disability, national origin, and religion.

APPLICATION PROCEDURE:

Applicants should have a J.D. degree; applicants with additional advanced degrees are also encouraged to apply. Applicants must possess a strong commitment to teaching and a record or the promise of outstanding scholarship. Applicants interested in joining the FIU College of Law faculty as a visiting faculty member should send a cover letter expressing interest and a resume as soon as possible to:

Associate Dean Joelle Moreno
Chair - Faculty Appointments Committee
Florida International University College of Law
11200 S.W. 8th Street
Miami, FL 33199

You may also send application materials electronically to jmoreno@fiu.edu.

FURTHER INFORMATION:

For more information, please visit the school's website at http://www.law.fiu.edu.

Florida International University encourages applications from candidates who would continue to enhance the diversity of our College of Law faculty and university community and does not discriminate on the basis of race, color, national origin, ancestry, sex, disability, religion, age, sexual orientation or veteran status in its education and employment programs or activities. FIU is also a member of the State University System and an Equal Opportunity, Equal Access, Affirmative Action Employer.

Taxing Family Foundations to Lower Future Estate Tax Levels?

Undisclosed sources have indicated that Senators Kyl (R-Ariz.) and Lincoln (D-Ark.) are considering a "toll charge" on family foundations to pay for reinstating the estate tax in 2011 at levels lower than those in place in 2009.  

See Jay Heflin, Bill Gates, other super rich may pay price for estate tax fix, The Hill, Feb. 2, 2010.

Special thanks to Stan Foster (attorney, Seattle) for bringing this to my attention.

Yale University: Finding New Purposes for Old Gifts in the Face of Budget Shortfalls

In the face of a $300 million budget shortfall, a team of staff and administrators at Yale spent the summer combing the university's endowment funds for gifts to the university that could be put to better use. 

The following excerpt from the Yale Daily News explains how Yale can "repurpose" a gift.  

In most cases, . . . repurposing is just a matter of convincing chairs and directors to shift costs away from the general operating budget and into their gifts . . . . When gifts are more specific, development officials search archives for the original donor agreements to see if the language allows for broader use, Vice President for Development Inge Reichenbach said.

If the language does not permit a more flexible interpretation, . . . department administrators and development officials may even ask the donor or the donor’s heirs for permission to use the money for purposes close to the original. This happens only rarely, or in under 10 percent of cases . . . .

When no donor is living, Reichenbach said, administrators may present their case to Connecticut’s attorney general. As long as they can show a donor’s original intention is no longer viable despite Yale’s best efforts, the attorney general typically grants such requests, she said.

The team discovered hundreds of gifts given for a specific purpose that had not been put to use for years, resulting in an accumulation of thousands of dollars in some cases.  Some of these gifts have become obsolete.  

Yale has encountered problems with repurposing gifts in the past.  Without properly repurposing gifts, however, Yale's $16 billion endowment fund cannot be used to meet current budget needs. The Yale Daily News concludes with the following on the matter:

If there’s anything Yale has learned from trying to use money from the numerous restricted funds in its endowment, it is that donors must be encouraged to give Yale flexibility in using their gifts, Reichenbach said. Not only will broader agreements with donors allow Yale to overcome its budget troubles, but they will also prevent gifts from becoming irrelevant.

See Vivian Yee, University combs gifts for new uses, Yale Daily News, Feb. 4, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.

Montana Becomes the Third State to Allow Physician Aid in Dying

The following is taken from Kristine S. Knaplund, Montana Becomes Third U.S. State To Allow Physician Aid In Dying, which was written for the February 2010 RPTE eReport, an electronic report issued by the ABA Section of Real Property, Trusts & Estates:

On December 31, 2009, the Montana Supreme Court issued its decision in Baxter v. State of Montana, 2009 MT 449, regarding physician aid in dying (PAD). While the lower court had found a state constitutional right for such aid, a majority of the Supreme Court expressly declined to reach the constitutional issue. Rather, the majority found that the consent of a terminally ill, competent adult to lethal medication would protect the physician from liability for homicide. Montana joins Oregon and Washington in legalizing PAD, but is the only state to do so by judicial decision.

According to Knaplund, the Montana decision leaves unanswered questions about the use of physician assistance in dying, such as whether residents of other states could travel to Montana to receive physician aid in dying, whether the death resulting of the aid would be deemed a suicide, and whether a physician may aid a person who is incapable of administering the medicine.  

For more information on the Montana Supreme Court decision, see Kristine S. Knaplund, Montana Becomes Third U.S. State To Allow Physician Aid In Dying, RPTE eReport (Feb. 2010).

University of Notre Dame seeks Program Director of Tax & Estate Planning Institute

The University of Notre Dame invites applications for a Program Director to organize and implement all aspects of the annual Notre Dame Tax & Estate Planning Institute. This Institute, which is a nationally-recognized event in its field, has been offered by Notre Dame in South Bend for 35 years, and attracts between 800 to 1000 sophisticated attorneys, trust officers, accountants, and other estate planning professionals from across the country to a two-day event held in the fall. The Program Director will be responsible for creating a program addressing cutting-edge issues in the tax and estate planning field, securing nationally-recognized speakers for the event, and implementing all logistical details. The position is a one-year limited-term position, but may become a permanent position upon the demonstrated success of the Institute under the Program Director's leadership.

Specific duties include the following:

• Attend other national estate planning institutes, and meet with past organizers of the Notre Dame Institute as well as faculty of the Law School and of past institutes.
• Be sufficiently acquainted with the cutting-edge issues in the field of tax & estate planning to devise an outstanding program of great interest to practitioners.
• Secure nationally-recognized panelists and speakers for the program through existing or recently cultivated relationships either on one's own or through the support of an advisory board.
• Attend to all logistical details in organizing this two-day event, including communications and site preparation.

MINIMUM QUALIFICATIONS:

The Program Director should have a J.D. or other advanced degree and preferably 2 - 4 years in tax and estate planning experience. The Program Director should also have some event planning experience, such as planning and executing continuing education programs or conferences. Experience managing advisory boards is also desirable. The Director must have good project management skills and also strong interpersonal and communications skills, which will be essential to building interest in and loyalty among the speakers, many of whom have been long-time participants in past institutes.

APPLICATION PROCESS:

Please apply online at http://ND.jobs to Job #10073. For additional information about working at the University of Notre Dame and various benefits available to employees, please visit http://hr.nd.edu/why-nd.

The University of Notre Dame is committed to diversity in its staff, faculty, and student body. As such, we strongly encourage applications from members of minority groups, women, veterans, individuals with disabilities, and others who will enhance our community. The University of Notre Dame, an international Catholic research university, is an equal opportunity employer.

Wyoming Attorney General Prevents the Wrongful Termination of a Perpetual Conservation Easement

After over six years of litigation, a case involving a Wyoming county’s attempted termination of a perpetual conservation easement has settled, with the conservation easement remaining in full force and effect on the burdened land.

Background. In 1993, Paul and Linda Lowham donated a conservation easement as a tax-deductible charitable gift to the Board of County Commissioners of Johnson County, Wyoming, for the purpose of preserving and protecting in perpetuity the conservation values of a 1,043-acre ranch located in the county. In 1999, the Lowhams sold the land, subject to the perpetual easement, to the Dowds. When an energy company later prepared to drill for coalbed methane on the land, the Dowds requested that the Board terminate the conservation easement. The Board passed a resolution in which it agreed to do so, and then executed a quitclaim deed transferring the conservation easement to the Dowds for purposes of terminating the easement.

In 2002, a resident of the county, Hicks, filed suit alleging, inter alia, that the Board breached its fiduciary duties to both the easement donor and the public by agreeing to terminate the conservation easement without court approval obtained in a cy pres proceeding. Hicks also argued that the minimal drilling that had occurred on the property had not rendered continued protection of land’s conservation values impossible or impractical.

In 2007, the Wyoming Supreme Court dismissed Hicks’s case on the ground that Hicks, a mere resident of the county, did not have standing to sue. See Hicks v. Dowd, 157 P.3d 914 (Wyo. 2007). For an NPR story on the case up to this point, click here.

In the summer of 2008, the Wyoming Attorney General filed suit against the Board and the Dowds. The Wyoming Attorney General argued that the Board had violated its fiduciary duties by agreeing to terminate the conservation easement without court approval obtained in a cy pres proceeding. The Attorney General requested that the Board’s attempted termination of the conservation easement be declared null and void. The Attorney General and some conservation organizations were also concerned that the Board’s actions, if upheld, could render conservation easements in Wyoming nondeductible. Federal tax law requires that the conservation purpose of a tax-deductible conservation easement be “protected in perpetuity.” I.R.C. § 170(h)(5)(A). For their part, the Dowds argued that “[t]here is nothing special about a conservation easement when it comes to termination,” and that conservation easements can be modified or terminated by simple agreement of the then owner of the land and the government or nonprofit holder of the easement.

Settlement. While the Motions for Summary Judgment in the case were pending, the parties to the case agreed to settle. On February 10th, 2010, the District Court Judge signed a Stipulated Judgment approving the settlement, which declares that:

(i) the resolution passed by the Board was of no legal effect insofar as it purported to authorize the Board to transfer the conservation easement to the Dowds;

(ii) the Board’s quitclaim deed purporting to transfer the conservation easement to the Dowds was null and void and of no effect; and

(iii) the original deed of conservation easement remains in full force and effect with minor amendments as set forth in the Judgment. See the stipulated Judgment entered on Feb. 17, 2010, by the Fourth District Court, Johnson County, Wyoming, in Salzburg v. Dowd.

Implications. The settlement represents a victory for the Wyoming Attorney General as well as the public, which is investing heavily in what it assumes are perpetual conservation easements. It also represents a victory for conservation easement donors, who are willing to significantly reduce the value of their land in large part because of a strong personal connection to—and the promise of permanent protection of—that land.

For a recent article discussing the case and including relevant portions of the Wyoming Attorney General’s Motion for Summary Judgment as an Appendix, see Nancy A. McLaughlin & W. William Weeks, Hicks v. Dowd, Conservation Easements, and the Charitable Trust Doctrine: Setting the Record Straight, 10 Wyo. L. Rev. 73 (2010).

Special thanks to Nancy McLaughlin (professor of law, University of Utah) for providing a summary of this case.

Family and Cryonics Foundation Fight For Deceased Woman's Head

The family of a deceased Colorado woman and a cryonics foundation are fighting over a deceased woman's head and a $50,000 annuity. 

• The woman signed documents that gave the Alcor Life Extension Foundation the right to preserve her head cryogenically and the annuity to cover preservation costs.  
• The family claims the woman changed her mind about preservation because of the invasive procedures that it required before she was dead.  
• The woman's body is being stored in dry ice until the dispute is resolved. 

See AP, Colorado Family, Nonprofit Group Battle Over Woman's Head, Feb. 22, 2010. 

Special thanks to Matthew Harris (J.D. candidate 2011, Texas Tech University) for bringing this to my attention.

Texas Case Law on the Disposition of Community Property Life Insurance Proceeds

Christopher Hildreth (J.D. candidate 2010, Baylor University) has published his comment entitled Street v. Skipper & Martin v. Moran: Resolving a Split in Authority in Texas Regarding the Disposition of Proceeds from a Community-Property Life Insurance Policy Payable to the Insured Spouse's Estate, 61 Baylor L. Rev. 973 (2009). 

An excerpt from the article is below:

Martin v. Moran and Street v. Skipper are both Texas Court of Appeals cases addressing the disposition of proceeds from a community-property life insurance policy naming the insured's estate when a beneficiary other than the surviving spouse is named in the decedent's will. The two cases reach different conclusions as to the rights of the surviving spouse to the proceeds. Martin v. Moran holds that proceeds from a community-property life insurance policy payable to the estate of a spouse should, as a matter of law, be subject to a partition between the devisees named in the will and the surviving spouse. Street v. Skipper holds that when proceeds of a community-property life insurance policy are payable to the insured spouse's estate and the will names a devisee other than the surviving spouse, the surviving spouse may only recover a portion of the proceeds if the transfer results in a fraud on the community. The conflict turns on a power versus right distinction, as well as whether the issue of the surviving spouse's right to a portion of the proceeds should be settled as a matter of law or as a question of fact.

UK Poll Reveals That Only Eight Percent of Citizens Have Living Will

A recent poll of United Kingdom citizens found that 8% of those polled have a living will, 17% would very likely make a living will if it were easy, and 30% would quite likely make a living will if it were easy. 

Also of note in the UK, the Director of Public Prosecutions is supposed to publish on Thursday his policy on prosecuting those who assist a suicide, which will replace the interim guidelines currently in place.

See Andrew Alderson, Half the population would make a 'living will' if it was easy, says new poll, Telegraph UK, Feb. 21, 2010; see also my prior posts on the interim guidelines for prosecuting a United Kingdom citizen for assisting a suicide. 

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.

Chicago's Grave Relocation for New O'Hare Runway Halted

The St. Johannes Cemetery is the historic cemetery that borders Chicago's O'Hare International Airport.  An Illinois judge recently approved the transfer of cemetery land to the city of Chicago for construction of a new runway, and the city began relocating graves.  Last week, however, a state appellate court issued a restraining order that prevents the city from relocating any more graves so that family members of those buried in the cemetery can appeal the land transfer, which they claim violates the religious rights of the deceased.

See Matt Bartosik, City Barred from Removing Graves Near O'Hare, NBC Chicago, Feb. 19, 2010. 

Author and Illustrator Tasha Tudor Leaves Behind Fighting Children

Tasha Tudor, famed author and illustrator of children's books, passed away in 2008.  In contrast to Tasha Tudor's simple lifestyle, her four children are now fighting over the $2 million estate she left behind:

• Tasha left the bulk of her estate to her son Seth and his son.
• Because of their estrangement from her, Tasha left $1,000 to each of her daughters and an antique object to her other son Thomas.
• Thomas now claims that Seth exerted undue influence over Tasha and as a result, Tasha rewrote her will to substantially cut out her other three children.  Thomas has accused Seth of hatching this disinhertiance plot over ten years ago.
• Additionally, the siblings are fighting over minor matters, such as expenses for snow-plowing the road to Tasha's former residence.
• Although Tasha asked that she be buried with her predecased dogs, her ashes were divided and buried in two different places as a result of fighting between her children on the issue.  One sibling described the ceremony as being a really unpleasant situation. 

See John Curran, Author Tasha Tudor's Children Battle Over Estate, AP, Feb. 2010.

Special thanks to Jim Hillhouse (Wealth Counsel) for bringing this to my attention.

Juror in Astor Trial Claims that She Voted to Convict Out of Fear for Her Safety

Defense attorneys are seeking to overturn the convictions of Anthony D. Marshall and Francis X. Morrissey, Jr., after a juror from the trial has announced that she voted to convict out of fear for her safety:  

• The juror, Judith DeMarco, alleges that on one occasion another juror threatened her with gang signs, menacing movements, and assertions that she once dated a member of the gang the Latin Kings.  
• Defense attorneys argue that their clients were deprived of a fair trial because the judge in the case failed to address the issue after being notified that one of the jurors felt threatened.
• Additionally, emails from the jurors evidence that they orchestrated how to portray their deliberations.
• DeMarco may suffer from credibility issues, however, because she made prior statements evidencing a belief that the evidence supported the convictions, she did not sign the affidavits obtained by defense attorneys out of fear of scrutiny, and another juror has characterized her as a drama queen.

See John Eligon, An Astor Juror Says Her Fear Dictated Vote, NY Times, Feb. 21, 2010; see also my prior posts regarding Brooke Astor's estate and the trial of Marshall and Morrissey.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.

Criticisms of Missouri's Laws Regarding Posthumous Children

Kimberly E. Naguit has published her note entitled The Inadequacies of Missouri Intestacy Law: Addressing the Rights of Posthumously Conceived Children, 74 Mo. L. Rev. 889 (2009). An excerpt from the introduction of the article is below:

Recently, courts have started to address the inheritance rights of posthumously conceived children. The current statutory and common-law framework in Missouri, as in many other states, “revolves around the idea that parent-child relationships are created by a man and a woman having sexual intercourse and a child being born as a result.” With the rapid advances in reproductive technology, however, this concept of parentage is clearly outdated and in need of improvement. Missouri law does not adequately address the issues of intestate succession and inheritance for children born through posthumous conception. To resolve this gap in state law, the Missouri legislature should adopt the 2008 amendments to the Uniform Probate Code (UPC). This note examines the provisions of the 2008 amendments, legislation and case law in other states, and the possible ways a Missouri court could decide a case based on its current statutory framework. In the end, adopting these provisions in Missouri would do much to clarify the rights of inheritance for the posthumously conceived.

CLE for Attorneys Who Have Private Foundation Clients

The ABA Section of Real Property, Trust & Estate Law is sponsoring teleconference and life audio webcast CLE entitled Low-Profit, Limited Liability Companies: Facilitating Program Related Investments by Your Private Foundation Clients on March 2, 2010.

A summary of the program is below:

A low-profit, limited liability company (L3C) is a for profit venture that pursuant to its state organizational documents must have a primary goal of performing a socially beneficial purpose, not maximizing income. State legislation authorizing L3Cs has been specifically written to comply with the federal IRS regulations relevant to Program Related Investments (PRIs) by private foundations. The L3C facilitates tranched investing with the PRI taking first the risk position thereby making the investment in the lower tranches more attractive to commercial investors. Because the private foundations take the highest risk at little or no return, it essentially turns the venture capital model on its head and gives many social enterprises enough low cost capital to be self sustainable. Additionally, by providing the possibility of a small return on investment it has the potential to increase the charitable dollars available for distribution by private foundation.

During this program our panel will discuss:

• Structuring an L3C
• Maintaining compliance with the PRI rules
• Proposed and pending state and federal legislation effecting L3Cs and PRIs

Should I or Should I Not Throw Momma From the Bus This Year?

Last week the New York Times featured yet another article on the uncertainty surrounding the estate tax.  The following is somewhat humorous commentary regarding changes to capital gains treatment this could be disadvantageous for smaller estates:

Estate planners say the tax hiatus has inspired jokes among their peers along the lines of “Throw Momma from the train in 2010.”

Yet if Momma has a fortune of less than seven figures, her loved ones probably would be better off keeping her on board.

Conrad De Aenlle, That Fog Still Hasn’t Lifted From the Estate Tax, NY Times, Feb. 13, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.