Wednesday, August 27, 2014
Article on The Public Trust Doctrine and Issues Regarding Estate Planning for the Cervid Breeding Industry
Kirby L. Crow (J.D. Candidate, Texas Tech University School of Law, December 2014) recently published a comment entitled, Oh Deer: The Public Trust Doctrine and Issues Regarding Estate Planning for the Cervid Breeding Industry, Estate Planning and Community Property Law Journal, Vol. 6 Bk. 2, Summer 2014. Provided below is the introduction of the comment:
The purpose of this Comment is to describe different routes that an estate planning professional can take to effectuate an estate plan for a cervid breeding operation, with emphasis on Texas regulations. A cervid is “any member of the deer family, Cervidae . . . characterized by the bearing of antlers in the male or in both sexes.” To begin the analysis, it is critical to understand the history of the industry, the economic impact of the industry, and the current direction of the industry. Next, a discussion of opposition groups, regulating agencies, the unique way that the state holds cervids in trust for the people, and the financial burdens of the cervid breeding industry will help determine what kind of business entity would best serve the owner’s goals and whether a trust would serve as the best estate planning technique for the business.
This Comment will also briefly consider the role of the personal representative and the role of the trustee in the cervid breeding industry. The main objective of this Comment is to demonstrate how different types of business entities establish a cervid breeding operation and why a revocable living trust (as compared to a pet trust) is the best vehicle for a cervid breeding operation to convey an owner/operator’s interest at death.