Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

A Member of the Law Professor Blogs Network

Wednesday, July 30, 2014

New Book: A Guide to International Estate Planning

International estate planning

The American Bar Association section of Real Property, Trust and Estate Law has recently published a book entitled, A Guide to International Estate Planning, Second Edition.  Provided below is a synopsis of the updated and expanded book:

With the explosive growth in international investments, more and more lawyers and financial advisors realize the acute need to properly address critical issues of international estate planning for their clients. Whether you are counseling a foreign national or an American citizen, whether your practice is in the U.S. or abroad, whether you want to develop a general expertise in the area or are confronted by these issues on a more frequent basis, A Guide to International Estate Planning is a necessary and practical resource to help you identify and navigate many of the complex planning and regulatory compliance issues, both legal and tax, involved in international estate planning.

In addition to providing a complete overview of the basic principles and procedures of international asset management from addressing the conflict of laws issues that are central in determining which country's laws will govern the disposition of a donor or decedent's wealth to the basic transfer tax rules for nonresident aliens, U.S. citizens, and resident aliens, this resource teaches you proven strategies, techniques, and practical applications you can use to effectively meet your client's international estate planning needs. The book's 22 chapters are written by trust and estate lawyers with significant experience in international issues. Their advice goes beyond simply highlighting basic issues in estate planning as they also focus on key issues as compliance, treaty, choice of law, and estate administration problems. This updated edition now includes chapters on FATF and anti-money laundering and offshore compliance, as well as chapters from several foreign jurisdictions to provide comparative insights on different topics.

July 30, 2014 in Books, Books - For Practitioners, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Thursday, July 10, 2014

New Publication on Trust Protectors

Trust protectors

Juris Publishing will soon publish a book entitled, Trust Protectors: A Practice Manual with Forms by Alexander A. Bove, Jr., which will be available in August 2014.  Provided below is a description of the book:

The trust protector is generally regarded as a relatively new position in trust law, and the key feature of the position is that the protector may be granted powers over the trust, which are generally superior to those of the trustee. This places the protector in a position where, by the exercise of his powers, he can cause the trust to adjust to unforeseen changes or new conditions without the need for court action or beneficiary approval. This work takes the firm position that, with only limited exception, the role of the protector is a fiduciary one, imposing on the protector a duty to act in the best interests of the purposes of the trust and the beneficiaries.

Unfortunately, a substantial segment of the legal community, as well as the legislative bodies of a number of international jurisdictions, have taken a position that the protector is not a fiduciary, or that he may be declared in the trust not to be a fiduciary, and that the power granted him under the trust may be declared to be personal powers, whether or not such is the case, and thus he would have no liability for his actions or inactions while serving as protector. This “attraction” of providing total exculpation of the protector has effectively engendered a quick acceptance of the position by the bulk of the legal community and even by the legislatures of a number of jurisdictions, though almost totally unsupported by relevant case law. As a result, we have been seeing trusts which incorporate the use of a protector having the power to make critical dispositive and administrative decisions, as well as extensive modifications to the trusts without being exposed to liability for negligence or bad decisions which result in damages.

This work will examine in detail the role of the protector of the trust, the relationship between the protector and the trustee, between the protector and the beneficiaries, and the protector’s responsibilities to the purposes of the trust. It will demonstrate with legal support that the role of the protector is not a new role, that, in fact, the protector is simply a new name for the decades-old position of trust “advisor,” and that the trust advisor is consistently regarded as a fiduciary in relevant treatises and has been repeatedly held to be a fiduciary in relevant cases. The discussion will also review and analyze the historical issues and professional commentary relevant to trust law and the role of protector, as well as case decisions in various international jurisdictions which have shed light on the issues and some of the positions taken in the statutes of a number of jurisdictions in the United States and across the world. All legal aspects of the role will be examined, including the rights of the protector, the protector’s relationship to the trustee, and the courts’ regard for and treatment of the position. Further, the work will discuss in detail all of the practical considerations in using a protector, such as selection and special drafting considerations, the use of a protector in a foundation, and, in brief, the numerous tax issues that may apply. The conclusion will be that with only very limited exception, which will be explained, the protector is unquestionably a fiduciary, and just as a trustee, he should be held to fiduciary standards.

July 10, 2014 in Books, Books - For Practitioners, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)

Wednesday, June 25, 2014

Book Review: Marriage Markets

Marriage markets

Bradford Wilcox has written a review on June Carbone and Naomi Cahn’s book entitled, Marriage Markets.  Provided below is an introduction to the review:

Forget the gender gap. The fundamental divide in the United States today runs along the lines of class and marriage. College-educated Americans and their children reap the benefits of comparatively stable, happy marriages, while less-educated Americans—especially the poor and the working-class—are more likely to struggle with family lives marked by discord and marital instability. This two-tiered story, articulated powerfully by Charles Murray in his recent book, "Coming Apart," is also the one told by June Carbone and Naomi Cahn in "Marriage Markets: How Inequality Is Remaking the American Family."

Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.

June 25, 2014 in Books, Current Affairs, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Friday, June 13, 2014

New Book: Flexible Trusts and Estates for Uncertain Times

Flexible trusts

ABA publishing has released a new book entitled, Flexible Trusts and Estates for Uncertain Times, Fifth Edition. Provided below is a brief synopsis of the book:

In Flexible Trusts and Estates for Uncertain Times, Fifth Edition, Jerry Horn defines estate planning objectives, describes the climate of uncertainty, identifies planning problems, and suggests solutions. The completely updated fifth edition confronts a purported lull after a period of unprecedented instability and now covers the latest updates in the tax code. In addition to these updates, you'll find complete, up-to-date information on a wealth of day-to-day situations including how to:

  • Facilitate increases in income tax bases.
  • Rearrange ownership of assets to permit use of exemptions.
  • Maximize flexibility in selection and succession of trustees.
  • Apportion death costs consistently with tax efficiency and preservation of preferred assets, and much, much more.

With more than 155 sample forms (and many alternative variables) and 19 complete documents including wills, revocable trusts, trust and estates law documents, irrevocable trusts, powers of attorney for property management and for health care and beneficiary designations, this one-of-a-kind guide will be an indispensable asset to any trust and estates lawyer.

June 13, 2014 in Books, Books - For Practitioners, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)

Monday, May 19, 2014

Book Review: Capital in the Twenty-First Century

Book1Paul Krugman has written a review on Thomas Piketty’s book entitled, Capital in the Twenty-First Century. Provided below is an introduction to the review:

Thomas Piketty, professor at the Paris School of Economics, isn’t a household name, although that may change with the English-language publication of his magnificent, sweeping meditation on inequality, Capital in the Twenty-First Century. Yet his influence runs deep. It has become a commonplace to say that we are living in a second Gilded Age—or, as Piketty likes to put it, a second Belle Époque—defined by the incredible rise of the “one percent.” But it has only become a commonplace thanks to Piketty’s work. In particular, he and a few colleagues (notably Anthony Atkinson at Oxford and Emmanuel Saez at Berkeley) have pioneered statistical techniques that make it possible to track the concentration of income and wealth deep into the past—back to the early twentieth century for America and Britain, and all the way to the late eighteenth century for France.

For the rest of the favorable review, see Paul Krugman, Why We’re in a New Gilded Age, The New York Review of Books, May 8, 2014. 

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

May 19, 2014 in Books, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Thursday, May 15, 2014

Book Review: Can’t We Talk About Something More Pleasant?

BookDeborah L. Jacobs has written a review on a Roz Chast’s new book entitled, Can’t We Talk About Something More Pleasant?. Provided below is an introduction to the review:

People who come from a family in which no ever dies don’t have to worry about a parent’s end-of-life care. For everyone else, there’s Roz Chast.

In her latest book, Can’t we talk about something more PLEASANT? the prolific author and cartoonist for The New Yorker magazine chronicles how she coped with her parents’ old age. Her brutally honest memoir covers all the issues – from dementia and incontinence to the huge financial and emotional toll. We empathize with her nightmare, welcome the occasional comic relief and realize that we are not alone.

For the rest of the favorable review, see Deborah L. Jacobs, When Children Become Caregivers: New Yorker Cartoonist Roz Chast Gets Up Close and Personal, Forbes, May 13, 2014.

May 15, 2014 in Books | Permalink | Comments (0) | TrackBack (0)

Wednesday, May 14, 2014

Book on Family Property Law

Family Property BookThomas P. Gallanis recently published a book entitled, Gallanis’ Family Property Law, Cases and Materials on Wills, Trusts, and Estates, 6th Edition (April 2014). Provided below is a description of the book found on West Academic:

The Sixth Edition of this highly-regarded casebook continues its innovative emphasis on the connection between the law of trusts and estates and the changing American family. The Sixth Edition incorporates the most recent uniform acts from the Uniform Law Commission and the Third Restatements of the American Law Institute, and discusses the very latest "hot" topics, including trust protectors, directed trusts, trust decanting, family offices, and donor standing to enforce charitable trusts. The Sixth Edition also incorporates new important cases, such as the U.S. Supreme Court's decision in Hillman v. Maretta (2013). The authors of this book have long been at the forefront of law reform in trusts and estates, and this tradition continues under the authorship of Thomas Gallanis, who is the executive director of the Uniform Law Commission's Joint Editorial Board for Uniform Trust and Estate Acts. He was also an associate reporter for the Restatement Third of Trusts and has been the reporter of two uniform acts, most recently the Uniform Powers of Appointment Act (completed 2013). The Sixth Edition emphasizes problems and questions to facilitate classroom discussion and analysis. Among many other things, the book teaches doctrine and policy, planning and drafting, case analysis and statutory interpretation. The detailed teacher's manual includes extensive syllabi and notes for classroom teaching.  

May 14, 2014 in Books, Books - For the Classroom, Trusts, Wills | Permalink | Comments (0) | TrackBack (0)

Thursday, May 1, 2014

Book on International Estate Planning

International Estate Planning Barbara Hauser recently published a book entitled, International Estate Planning: A Reference Guide, (August 2013).  Provided below is a description of the book found on the Juris Publishing, Inc. Web Store:

International Estate Planning is a practical and authoritative guide to a tremendously complex field. It provides indispensable information to lawyers, accountants, and other practitioners who work on estate planning with clients who have issues involving other countries. The book is divided into two main parts: Part One addresses the tax issues; Part Two addresses the non-tax issues. The focus of the book is on estate planning to avoid wealth transfer taxes with references to income taxes.

Topics include clients who may:
• Own homes outside the U.S.
• Have children or parents who live in other countries
• Have a spouse who is not a citizen
• Work for a multinational corporation in an office abroad
• Be “foreigners” who have investments in the United States 

May 1, 2014 in Books, Books - For Practitioners, Estate Planning - Generally, Travel | Permalink | Comments (0) | TrackBack (0)

Saturday, April 26, 2014

Book on Capital in the Twenty-FIrst Century

CapitalThomas Piketty recently published a book entitled, Capital in the Twenty-First Century. The book has become a surprise best-seller. David Brooks drafted an opinion piece about the book and called it "The Piketty Phenomenon" this book about inequality may well have a long-term effect on estate planning. One example of an estate planning effect that can be implied from the book is shown through the current trend of keeping your finances private using trusts and avoiding probate.

See David Brooks, The Piketty Phenomenon, NY Times, Apr. 24, 2014.

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

April 26, 2014 in Books, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Thursday, April 24, 2014

Book on Long-Term Care

Helpway

Chris Orestis (senior health-care advocate and CEO of Life Care Funding) recently published a new free e-book entitled, Help on the Way: The BIG Insurance Secret Seniors Aren’t Supposed to Know.  Provided below is a description:

The costs of long term care are increasing every year, but most families do not understand what they will be confronting when it is their time to start paying for care. Too many people wait until they are in the midst of a crisis situation before they start trying to figure out how the world of long term care works. Long term care is a very expensive proposition. Families can go broke trying to provide for a loved one, and the shame is that if there is a life insurance policy it can be easily converted to help cover these costs. There are literally millions of seniors that are struggling with the costs of long term care who will abandon a life insurance policy without realizing they could be holding the solution to their problem in their hands.

Do you know the differences between Medicare and Medicaid, and what you must do to qualify? Do you know the differences between Home Care, Assisted Living and Nursing Home care? Do you know what is and is not covered? Also, did you know that a life insurance policy can be converted to pay for Assisted Living, Home Care and all other forms of long term care?

In this book you will learn:

  • Exactly what a Long Term Care Benefit Plan is and how it works
  • Gain helpful information about Medicare and Medicaid
  • Receive some guidance on the various forms of senior care
  • Explain more about the legal rights of owning life insurance
  • Learn more about laws in the states that have been introduced to make sure life policy owners are being informed about their options before going onto Medicaid
  • Delve into the “Silver Tsunami” generation and how they are impacting the future of our country

April 24, 2014 in Books, Disability Planning - Health Care, Elder Law, Non-Probate Assets | Permalink | Comments (0) | TrackBack (0)