Wills, Trusts & Estates Prof Blog

CLE on State Death Taxes

The American Bar Association Section of Real Property, Trust & Estate Law is sponsoring a 90-minute teleconference and live audio webcast entitled Pulling Back the Curtain: Dealing with Oft-Overlooked State Death Taxes on September 14, 2010. The program information is below:

For many years, the federal estate tax credit for state death taxes meant that many estate plans did not need to consider the impact of those taxes on a client's estate planning. Since the credit was phased out and then replaced with a deduction in 2005, many states have decoupled, enacting estate or inheritance taxes that can be traps for the unwary. Clients living in states that do not have a death tax may own property in states that do. Our panel will discuss:

• Common approaches to state death tax legislation and responses to changing federal law
• Recent developments regarding state death taxes
• How state death tax statutes may (or may not) apply, with an emphasis on planning opportunities (e.g., "state only" QTIP elections, death-bed transfers, etc.)

Removal of Independent Executor

In In re Estate of Hoelzer, 310 S.W.3d 899 (Tex. App.—Beaumont 2010, pet. filed), after Step-mother died, Son was appointed as the successor independent executor of Father’s estate.  He then filed a claim against Father’s estate on behalf of himself and his three siblings for reimbursement of funds Step-mother received as the result of asbestos litigation about twenty years ago.  The probate court removed Son because the courts had previously determined that Son and his siblings were not creditors of their father’s estate and that any potential claims were time-barred.  Thus, under Tex. Prob. Code § 149C, Son’s actions constituted gross misconduct and gross management as well as showing that he was about to misapply estate funds.  Son appealed.

The appellate court affirmed explaining that there was sufficient evidence to show that Son’s actions were inappropriate under § 149C.  All that was necessary was for the trial court to determine that sufficient grounds appeared to support the belief that Son has misapplied or is about to misapply property of the estate, that is, to pay a judgment-barred claim.  It is not necessary for court to be absolutely certain that misapplication has occurred or may occur in the future.

Moral:  An independent executor should not pay judgment-barred claims, especially to himself and his relatives.

Another issues was raised in the same case.  Texas Probate Code § 149C provides that the court may remove an independent executor after the executor is cited by personal service to answer at a time and place fixed in the notice.  This specific provision governs over Texas Rule of Civil Procedure 245 which requires at least a notice of 45 days.  Thus, the Probate Court may require the executor to answer sooner than 45 days.  In addition, the court held that service on the executor’s attorney by any method satisfies the personal service on the executor requirement.  See Prob. Code § 33(f)(1).

Moral:  An executor must read any service of process carefully to determine the time by when an answer is required and cannot rely on the general 45 day rule.

Uncovering Bock's Misconduct

I previously mentioned the beginning of an investigation into Clark’s attorney, Wallace Bock. Since then, Bock’s former paralegal, Cynthia Garcia, has come forward with some valuable information. After 9/11, Bock had Garcia write to Clark asking her for $1.5 million to build a bomb shelter in Israel for Bock’s daughters and grandchildren. Within an hour, Clark sent a check for that amount to Bock. Bock also contacted Garcia recently, asking her to keep quiet about his dealings with Clark.

See Dan Mangan, 104-Year-Old Heiress Gave Lawyer ‘Millions’ in Gifts, N.Y. Post, Aug. 29, 2010.

Problems Caused by Surprise Liens

Chad J. Pomeroy (attorney, Salt Lake City, UT) recently published his article entitled Ending Surprise Liens on Real Property, Nev. L. Rev. (forthcoming). The abstract provided on SSRN is below:

Academics, law makers, and the general public have long believed that secret liens are problematic. In real property, these are liens that are not recorded in the real property filing system. Secret liens become especially problematic when they are enforced, despite their secrecy, against subsequent purchasers of the property. If the purchaser does not satisfy the lien by paying the underlying debt, the lien holder can foreclose on the property. One of the main purposes of having real property recording statutes was to avoid surprise liens (secret liens afforded priority over subsequent purchasers) and ensure that real estate purchasers and investors are fully informed. Yet surprise liens continue to exist and are, in fact, increasingly accepted by lawmakers.

This Article examines two prototypical surprise liens – federal estate tax liens and mechanics' liens – and proposes that these are indicative of a trend wherein modern lawmakers are increasingly tolerant of surprise liens. This Article then examines potential justifications for this deviation from the longstanding preference against these types of liens. First, some argue that property filing systems are economically inefficient. Second, some argue that creditors and purchasers do not actually check property filing systems. Finally, the Article identifies and addresses the possibility that law makers justify surprise liens based upon the identity of the lienor.

After examining these arguments, this Article concludes that the first two justifications are convincingly countered by existing economic theory and circumstances and that creditors and buyers do, in fact, rely on real property records. This leaves lienor identity as the true driver behind the rising acceptance of surprise liens. This justification, identified herein, is ultimately based upon the perceived social economic benefits arising from granting these favored classes the right to surprise liens. A careful examination of the full economic consequences of surprise liens, however, demonstrates that this justification is not sufficient and ultimately self-defeating.

Granting special rights to certain classes of lienors imposes higher individual costs than is commonly believed and also creates significant costs that likely counter any social economic benefits actually created. Additionally, surprise liens (even if economically justified) defeat basic conceptions of fairness inherent in the American system of jurisprudence and arising out of basic concepts of due process and social ethics. This Article therefore concludes that these liens should be removed through a strengthening of recording concepts at both a state and federal level.

Guardianship Expert Sharon Gardner Authors Guardianship Blog

One of the foremost experts in guardianship law in Texas, Sharon Gardner (Shareholder, Crain, Caton & James, Houston, Texas), is now authoring a blog entitled Gardner on Guardianships.

This blog should prove to be useful to attorneys and lay individuals alike.

Unsuitability of Named Executors

In In re Estate of Gay, 309 S.W.3d 676 (Tex. App.—Houston [14^th Dist.] 2010, no pet. h.), Brothers asserted that they were their deceased father’s “personal representatives by testamentary designation” to the United States Court of Appeals for the Tenth Circuit so they could be substituted as a party to a lawsuit that was pending at the time of their father’s death.  In reality, they had not been appointed by a court as their father’s personal representatives.  When they later attempted to be appointed as their father’s independent executors, the court probate court determined that they were “unsuitable” under Prob. Code § 78(c) because they misrepresented themselves before a federal tribunal.  Brothers appealed.

The appellate court held that the probate court abused its discretion and acted without reference to guiding rules and principles by refusing to appoint Brothers.  The court looked closely at what the Brothers actually told the court.  They only said they were “named” as independent co-executors which was true.  They never claimed that had been actually appointed.  In addition, Brothers’ actions were designed to benefit their father’s estate by defending an appeal.  The court also noted that the primary beneficiary of the will, the decedent’s wife (Brothers’ mother) was in favor of their appointment having declined to serve as the independent executrix despite being first named in the will.

Moral:  A court will attempt to permit the named executor to serve because of a long-standing tradition of permitting a testator to select his/her executor.  Nonetheless, prudent practice is to not “cut hairs” by making statements such as, “I’ve been named as the executor” when you have not been officially appointed unless you clearly indicate the fact of non-appointment.

Top SSRN Downloads

Here are the top downloads from June 30, 2010 to August 29, 2010 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days.

Rank	Downloads	Paper Title
1	370	2009 Developments in Connecticut Estate and Probate Law John R. Ivimey, Jeffrey A. Cooper, Reid and Riege, P.C., Quinnipiac University School of Law, Date posted to database: May 27, 2010 Last Revised: August 22, 2010
2	181	Ending Surprise Liens on Real Property Chad J. Pomeroy, Fabian & Clendenin, P.C., Date posted to database: June 29, 2010 Last Revised: July 31, 2010
3	73	Curtailing Dead-Hand Control: The American Law Institute Declares the Perpetual-Trust Movement Ill Advised Lawrence W. Waggoner, University of Michigan at Ann Arbor - Law School - Faculty, Date posted to database: May 24, 2010 Last Revised: July 13, 2010
4	66	Morgens: More QTIP Mischief Wendy C. Gerzog, University of Baltimore - School of Law, Date posted to database: July 24, 2010 Last Revised: July 24, 2010
5	60	The American Law Institute Proposes Simplifying the Doctrine of Estates Lawrence W. Waggoner, University of Michigan at Ann Arbor - Law School - Faculty, Date posted to database: May 22, 2010 Last Revised: June 16, 2010
6	44	The American Law Institute Proposes a New Approach to Perpetuities: Limiting the Dead Hand to Two Younger Generations Lawrence W. Waggoner, University of Michigan at Ann Arbor - Law School - Faculty, Date posted to database: May 24, 2010 Last Revised: July 13, 2010
7	43	Son of the Trust Code - The Iowa Trust Code after Ten Years Martin D. Begleiter, Drake University Law School, Date posted to database: May 20, 2010 Last Revised: May 21, 2010
8	36	Congress Should Impose a Two-Generation Limit on the GST Exemption: Here's Why Lawrence W. Waggoner, University of Michigan at Ann Arbor - Law School - Faculty, Date posted to database: July 17, 2010 Last Revised: July 21, 2010
9	32	Helping Nonprofits Police Themselves: What Trust Law Can Teach Us About Conflicts of Interest Melanie B. Leslie, Cardozo Law School, Date posted to database: July 19, 2010 Last Revised: July 19, 2010
10	30	Charity for the 'Death Tax': The Impact of Legislation on Charitable Bequests Kristine S. Knaplund, Pepperdine University School of Law, Date posted to database: August 10, 2010 Last Revised: August 10, 2010

Using Life Insurance to Protect Assets

Ike Z. Devji (attorney, Phoenix, AZ) co-authored an article entitled What is an alternative to my current cash position that will protect my money from litigation?, Worth Magazine (Oct.-Nov. 2009). The article, provided in full, is below:

In our current economic environment, many clients want their money safe and liquid. When most people consider “safe” and “liquid,” they immediately think of their bank. However, what most people do not know is that their checking or savings account is unprotected from a very real threat: the exposure to an increasingly hostile and predatory litigation system. Consider this: There are tens of thousands of lawsuits filed each day in this country. The average legal cost of defending a frivolous lawsuit is $91,000, plus the settlement amount itself. The number of lawsuits increases in tough economic times as people look to your wealth as an additional source of income.

Our team often takes commonly used tools and redesigns them to provide protection of client assets, while allowing clients to retain control and liquidity. The situations below demonstrate the benefits of a strategy we are using in which we take a universal life insurance policy and design it to provide 98 to 102 percent cash surrender value in the first year.

Current Situation—Cash in the Bank

A healthy 45-year-old male client has a bank checking account with $1 million. He rarely uses this account, but he keeps his money there because he likes to have a certain amount of funds liquid in case he needs to access it quickly. Here is how this account works:

• The account earns about 1 percent interest per year, with income taxable as ordinary income.
• If the client is sued for any reason and loses, the judge can order the transfer of the assets from the client’s checking account and into the plaintiff’s pockets. This may sound like an unlikely scenario, but we see it, and the threat of it, often.
• If the client dies, the named beneficiaries will receive the $1 million minus the taxes due. 
• If the client needs to use the money, he is able to take the amount needed.

Creditor-Protected Cash Alternative

The strategy our team has designed allows the same client to place the $1 million into a specially designed universal life insurance policy and insurance trust structure by paying a premium amount of $500,000 in each of the first two years. The policy will provide the following benefits:

• The account will earn a net interest of about 1 percent annually invested in the policy’s fixed account, and the gains are allowed to grow tax-deferred.
• If the client is sued for any reason and loses, the money in this account is 100 percent creditor-protected from day one.
• If the client dies, the named beneficiaries will receive a death benefit of $10,624,682, the face amount associated with this specific example.
• If the client needs to withdraw all or part of the money in the account, he is able to do so at any time with no fees or surrender charges, and he will have access to the money within a week.

Our strategy, needless to say, is a very powerful tool that keeps a client’s money liquid and safe.

Giving Gifts to Save on Taxes

As people focus on the estate tax mess this year, they overlook the upcoming negative changes to the gift tax.  Currently, the gift tax is 35%, the lowest it’s been since the 1930s. Next year, the gift tax rises to 55%.  Another reason to give gifts away sooner rather than later is that asset values are still depressed. Giving away assets now will allow them to appreciate with your heirs rather than in your estate.

In addition, giving gifts to grandchildren is much cheaper this year than it will be next year due to the lack of the generation skipping tax. For example, a $3 million gift to a grandchild will cost the donor $4.05 million this year but approximately $7.2 million next year.

For more information about giving gifts as an estate planning tool, see Paul Sullivan, A Year to Give to Your Heirs, and Save on Taxes, N.Y. Times, Aug. 27, 2010.

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

Record of an Old Rabbanite Court Regarding an Inheritance Issue

Jacob Olidort (Ph.D. candidate, Princeton University) recently published his article entitled Qaraite Inheritance Law Deliberated in a Rabbanite Court (June 29, 2010). The abstract provided on SSRN is below:

The following paper examines a previously-unpublished Geniza document: a record of a Rabbanite court in Fustat (Old Cairo), Egypt, dated August 2, 1078, in which two Qaraite sisters attempt to claim the inheritance left to them by their deceased cousin. In presenting this document, the study attempts to accomplish three general aims. First, the study brings to light the original Geniza document by offering a transcription and annotated translation of its contents. Second, it attempts to place the document in its, historical, social and legal contexts. Finally, in comparing the details of the proceedings of this case with the discussions on inheritance law found in legal manuals in the Rabbanite, Qaraite and Islamic traditions, it is hoped that the study might elucidate the dynamics between the written law with its arbitration, the way in which the neighboring communities interacted, as well as how and whether their interpretation was influenced by such exchange.

ESOPs Gaining Popularity

A Georgetown University study shows that companies that offer employee stock ownership plans (ESOPs) have outperformed companies that do not during the recession. Thus, experts believe that more companies will soon offer ESOPs to their employees as retirement options.

Employees pay nothing for ESOPs, so it’s always smart to participate in an ESOP when it’s offered to you. If you participate in an ESOP, make sure you understand the fluctuating value of your account, how the benefit payments work, and the tax ramifications of your plan. Also, to reduce risk, you shouldn’t rely entirely on an ESOP to fund your retirement.

See Nancy Mann Jackson, All About Your Employee Stock Ownership Plan, Bankrate.com, Aug. 23, 2010.

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

Asset Protection for Doctors

Ike Z. Devji (attorney, Phoenix, AZ) authored Asset Protection 101 for Physicians, which will be featured in a forthcoming book on wealth preservation for doctors. The introduction is below:

Good financial advisors seek to create safe, steady growth and help you avoid losses and exposures to things like market risk and income and estate taxes. A natural extension of that stewardship is making sure that the growth you are fostering, as well as the balance of your assets, are safe from exposure to an increasingly predatory and hostile litigation system. Not only is litigation against doctors more common than ever (as is evidenced by the heated debate on this topic in the context of our national healthcare debate), it’s more dangerous than ever given the multiple attacks on the wealth of the thousands of doctors we serve including:

• Current Economic Conditions • Decreasing Compensation and Insurance Reimbursement Rates • Increasingly Hostile Litigation System that Targets YOUR wealth • Stalled or Negative Investment Momentum • Increasing Overhead and Liability Insurance Costs • Decreases in Liability Insurance Protection due to large awards, consent to settle and defense inside the limits clauses in your current coverage • Increasing Employee Lawsuit exposure; suits against medical employers have tripled in the last ten years! • Increasing burdens of Income and Estate Taxes; the death tax will be 55% of everything over $1MM in 2011 as of the time of publication

Most of our clients have obvious exposures, such as a physician’s potential malpractice exposure or the enduring liability that a large commercial contractor faces. Other sources of exposure are more insidious, such as merely being wealthy and visible, owning income property, or something as simple as you (or your kids) owning and driving a car every day. The numbers are staggering; we are at a point in our litigation system where we have over 70,000 lawsuits filed per day in the United States alone, many without any real merit. Unfortunately being “right” or careful is not enough to keep you safe, nor is relying on your skill and experience.

What we and our clients must take to heart is that litigation attorneys are in business. Just like any business, including yours, they have weekly meetings in which they examine growth, cash flow, revenue goals and new leads or opportunities. This economic motivation is a key and explains in part why we see awards rising and why plaintiffs’ attorneys regularly seek and obtain awards above the limits of applicable liability insurance policies. The average medical malpractice policy, as just one example, is $1MM, whereas the average national malpractice award is about $3.9 million. This leaves the physician “holding the bag” for the other several million dollars. The average doctor simply can’t survive that kind of a loss and maintain their financial goals.

Benefits of Long-Term GRATs

There have been many attacks on GRATs recently, and it appears that some form of anti-GRAT legislation will become law eventually. Most likely, this legislation will require GRATs to have a minimum term of ten years. While this greatly increases mortality risk for grantors, there are some benefits of using long-term GRATs, including:

• Long-term GRATs can benefit more from a favorable 7520 rate than short-term GRATs
• Long-term GRATs require smaller annuity payments than short-term GRATs, making it easier to keep illiquid assets in the trust
• Long-term GRATs can have increasing annuity payments, allowing more assets to grow in the earlier years

For more information on GRATs, see Seth R. Kaplan, Estate Planning: The Great GRAT Debate, Forbes, Aug. 18, 2010.

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

12-Part Webinar on Special Needs Training

The Academy of Special Needs Planners is sponsoring a 12-part special needs training webinar entitled Public Benefits, Trust Drafting & Implementation from September 15 to December 8. An overall description is below:

Four main study areas:

• Understanding Public Benefits
• Using First Party SNTs
• Using Third Party SNTs
• SNT Administration

Individual sessions consist of a 50 minute web-based visual presentation, telephone conference bridge and 10 minute Q&A session.

Also included with each session are presentation materials (including Power Point), certificate of attendance and CLE request packet.

Descriptions of the individual sessions can be accessed here.

Giving Gifts to Lower Your Estate Taxes

If the estate tax comes back with a vengeance next year, people will need to transfer more assets to family members during life instead of after. Here are some ways to do so:

1. Lend Money. If you lend money to family members, you have to charge the AFR, which is less than they’d have to pay a bank and more than you’d earn from CDs or money market accounts. Thus, family loans are a win-win situation.
2. Sell Assets. You can sell assets to your family members. If you use a grantor trust, you pay tax on the trust’s income without it being considered a gift to the beneficiaries. Further, assets in the trust appreciate without being depleted by taxes.
3. Set up New GRATs. It is currently possible to form a zeroed-out GRAT, which allows you to save your lifetime gift tax exemption because the remainder is theoretically worth nothing. However, the future of zeroed-out GRATs is uncertain.
4. Revisit Existing GRATs. If asset values have declined in your current GRAT, you may want to move the assets into a new GRAT, taking advantage of lower rates. This transaction would not generate additional capital gains or income.
5. Benefit Charity, Then Family. The more money that goes to charity through the use of a charitable lead annuity trust, the less the gift tax you will have to pay on the remainder that goes to your family members.

See Deborah L. Jacobs, Five Ways to Freeze Out Uncle Sam, Forbes, Aug. 25, 2010.

Overview of Asset Protection

Ike Z. Devji (attorney, Phoenix, AZ) published an article entited Asset Protection 101, Advisor Today (Feb. 2008). This article continues to be used to educate advisors and clients nationally. The introduction is below:

Your affluent clients depend on you to be a source of information on a wide variety of complex topics. They assume you are at least informed about every area even marginally related to your core business. One such area is asset protection.

As a financial advisor, you seek to create steady growth of your clients’ assets and help them avoid losses and exposures to things like market risk and income and estate taxes. A natural extension of this stewardship is making sure the growth you are fostering, as well as the balance of your clients’ assets, is safe from exposure to an increasingly predatory and hostile litigation system. Some of your clients have obvious exposures, such as a physician’s potential malpractice exposure or the enduring liability that a large commercial contractor faces. Other sources of exposure are more insidious, such as merely being wealthy and visible, owning income property, or something as simple as owning and driving a car every day. We are at a point in our litigation system at which we have over 70,000 lawsuits filed per day, many without any real merit. Unfortunately being “right” is not enough to keep our clients safe.

Investigations Begin on a Half-Billion Estate

Manhattan DA’s Elder Abuse Unit, which investigated Brooke Astor’s finances, is now investigating the finances of Huguette Clark, a 104-year-old heiress worth four times as much as Astor. The detectives are investigating attorney Wallace Bock and accountant Irving Kamsler, who are in charge of Clark’s hospital room and wealth. The two under investigation recently became the owners of an apartment, a Mercedes, and cash of another elderly client after his will was revised six times. Further, “Bock arranged to sell quietly Clark’s Stradivarius violin for $6 million and a Renoir painting for $23.5 million."

Bill Dedman, Criminal Probe Begins Into the Finances of Reclusive Heiress Huguette Clark, msnbc.com, Aug. 24, 2010.

Things You Should Know About the Retirement Front

Some recent developments regarding retirement include:

• The IRS recently issued a private letter ruling reiterating that it will be flexible with the 60-day deadline for rolling money over from one tax-deferred account to another. The IRS will be lenient in situations where the taxpayer intended to roll the money over, but some event prevented the taxpayer from doing so.
• Due to a quirk in the Social Security benefits formula, individuals born in 1947 are receiving a lower percentage of income than seniors born in any other year between 1930-1948.
• The federal Eldercare Locator and the nonprofit Senior Service America published a free brochure entitled Employment Options—Tips for Older Job Seekers for older adults who are thinking about returning to work.

See Anne Tergesen, IRS Cuts IRA Owners Some Slack, W.S.J., Aug. 1, 2010.

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

Probate Rules Consultation Paper

The British Columbia Law Institute recently published an article entitled Consultation Paper on New Probate Rules (May 17, 2010). The abstract as provided on SSRN is below:

This consultation paper is issued in connection with the Probate Rules Reform Project of the British Columbia Law Institute (BCLI).

BCLI has undertaken this project with the support of the Ministry of Attorney General because of two recent and significant legal developments. One was the enactment of the Wills, Estates and Succession Act in 2009. The other was the general reform of the rules of the Supreme Court of British Columbia that culminated in the unveiling of the new Supreme Court Civil Rules (Civil Rules) slated to come into effect in July 2010.

The current rules of court concerning probate business, namely Rules 61 and 62, were not a priority in the general reform of the rules of court and they appear largely unchanged as Rules 21-5 and 21-4, respectively, in the Civil Rules. Changes to the probate rules are needed nevertheless in order for the Wills, Estates and Succession Act to be brought into force. Those changes must be in keeping with the tenor of the rest of the Civil Rules. Additional reasons for reforming the probate rules appear in Part One of this consultation paper.

The Project Committee’s approach to reform of the probate rules was fourfold. First, there would be an attempt to design an optimal procedure instead of simply improving on the existing one. Second, aspects of probate procedure would not be retained for purely historical reasons. Third, in recognition of the fact that unrepresented persons initiate much probate business, procedures would be simplified where possible. The revised probate rules would provide more explicit guidance than Rules 61 and 62 now do. Fourth, differences between procedures in probate matters and general civil procedure would be harmonized to the extent possible and old anomalies removed.

Part One of the consultation paper explains the background to the procedural re-forms that the proposed rules would introduce. Part Two contains the proposed rules and commentary. Following the general format of the Civil Rules, the proposed rules take the form of subrules grouped under one principal rule that would be numbered 21-4. As the proposed rules abandon the present contentious / non-contentious classification of probate business, division of the subrules between two principal rules of court was not seen as necessary.

The proposed rules in Part Two are intended to accommodate a system in which a single court file for the estate would be opened when the first filing (typically an application for a common form grant) is made. Contested matters that currently must be pursued in separate actions with different court files and file numbers, such as probate in solemn form and revocation, would be initiated instead by interlocutory application within the single estate file. The procedure in each case would be only as elaborate as necessary to resolve the particular matter, ranging from an ordinary chambers argument to summary trial on affidavits to a regular civil trial with oral evidence.

Conference at McGill University About Trusts

The Quebec Research Centre of Private and Comparative Law is holding a conference entitled The Worlds of the Trust/La fiducie dans tous ses États on September 23-25, 2010, at the Faculty of Law, McGill University. A description of the conference is below:

Until recently, the trust was often described as foreign to the logic of the law of property in the civilian tradition. This assertion is increasingly untenable, as the profile of the trust in legal systems with a civilian law of property continues to develop and expand. This conference seeks to explore the multiple ways in which civilian and mixed legal systems have embraced the trust, with the goal of allowing jurists from different jurisdictions to better understand their different approaches to this increasingly important legal institution.

This conference promises to be a new point of departure in the comparative study of trust law. Twenty papers will be presented which examine issues relating to the nature and operation of trusts in civilian and mixed legal systems. Commentary on the papers will be provided by commentators with expertise in the common law trust. The working languages of the conference will be English and French. Simultaneous translation will be provided.