Wills, Trusts & Estates Prof Blog

Third Edition of the Exam Pro Workbook on Estates and Future Interests

Raymond R. Coletta (Professor of Law, McGeorge School of Law - University of the Pacific) recently published a book entitled, Coletta's Exam Pro Workbook on Estate and Future Interests (3d ed., 2013). Provided below is the description of the book:

This title provides a basic introduction to estates and future interests law. Designed to offer solid knowledge of the area’s central concepts, it guides readers through a series of increasingly complex conveyances. The workbook begins with an analysis of the fee simple estate and builds sequentially toward more complicated interests and conveyances. The information proceeds from the simple to more complex, later problems building on the successful command of earlier material. Each problem is followed not only by that problem’s answer but also by a complete analysis of how the answer was derived. The workbook also contains an extensive glossary, summary charts, and a set of review problems that test the reader’s developing mastery of the material.

Encourage Students to Enter RPTE Writing Contest

Professors: 

Encourage your students to enter the ABA Real Property, Trust and Estate Law Student Writing Contest.

The 2013 prizes are as follows: 

1st Place
- $2,500
- Possible consideration for essay to be printed in Probate & Propertymagazine
- Free roundtrip airfare and hotel accomodations to the 2013 Fall Leadership Meeting in October to New Orleans, LA
- One year free RPTE membership

2nd Place
- $1,500
- One year free RPTE membership

3rd Place
- $1,000
- One year free RPTE membership

All essays are due June 14. Please click here to find the contest rules and entry forms. 

New Edition of Cases and Materials on Gratuitous Transfers

Mark L. Ascher, Elias Clark, Grayson M.P. McCouch and Arthur W. Murphy recently published the sixth edition of Cases and Materials on Gratuitous Transfers. A description of the book is below: 

The new edition of Gratuitous Transfers incorporates developments in the law of wills, trusts and estates since 2007, including new principal cases involving insane delusions, formalities of will execution, charitable restrictions and trust modification. The text also includes references to case law and literature relating to same-sex marriage, posthumously-conceived children, transfer-on-death deeds, asset protection and perpetual trusts, as well as statutory references to amended Uniform Probate Code provisions concerning parent-child status, spousal elective share and notarized wills. The coverage has been thoroughly updated while maintaining continuity of organization and general approach with previous editions.

Please click here for more information or to buy the book. 

New 15th Edition of Estate Planning and Taxation

The New 15th edition of Estate Planning and Taxation is now available.  Below are some of the book's features as listed on the publisher's website: 

• Is written for the professional or student pursuing a career in financial services, taxation, or law in which estate planning and estate and gift taxation is but one of several principal areas of practice.
• Is chock-full of pedagogical devices – including examples to clarify concepts, end-of-chapter questions with solutions, glossary, tax and valuation tables, and more.
• Includes an instructors package with test bank
• Draws heavily on primary sources of the law, both Internal Revenue Code and cases.
• Is adaptable to law school courses in estate planning and taxation, giving the law student a strongly quantitative slant that is often overlooked in traditional law books, even those dealing with taxes.
• Features access to ETAX 2012 –an educational estate and gift tax spreadsheet program that calculates basic estate tax, state death tax credit, and cumulative gift tax figures.

Please click here for more information or to purchase the book--available as an EBOOK or in printed form.

Skills & Values: Property Law by Brian D. Shannon and Gerry W. Beyer published

LexisNexis has just released Skills & Values: Property Law authored by Brian D. Shannon (Charles B. 'Tex' Thornton Professor of Law, Texas Tech University School of Law) and Gerry W. Beyer (Governor Preston E. Smith Regents Professor of Law, Texas Tech University School of Law).

This innovative experiential learning based book allows students to appreciate the connection among theory, doctrine, and practice in property law. The exercises provide an opportunity for studying concepts from the perspective of a practicing attorney who must not only know the law, but also employ lawyering skills and values - such as legal strategy, factual development, advocacy, counseling, drafting, problem solving, and ethical principles - in zealously representing a client.

Each chapter addresses a specific topic covered in most property law school courses. The chapters begin with an introduction to help bridge the gap between the actual practice of law and the doctrine and theory studied in class. Students will then have the opportunity to engage in active, "hands-on" learning by working through a stand-alone exercise that simulates a real-life legal dilemma. The exercises are as authentic as possible, incorporating materials such as client interview videos, convenience account agreements, sales contracts, deeds, property descriptions and photos, variance applications, zoning regulations, and homeowner association bylaws. The self-assessment tool included in the companion web materials for each chapter suggests ways that a practicing attorney might have approached each exercise. It is not meant to provide "the answer," but to identify issues and strategies students should have considered in order to effectively represent a client.

Fourth Edition of Prof. Beyer's "Teaching Materials on Estate Planning" Published

West, a Thomson Reuters business, has just released the Fourth Edition of Teaching Materials on Estate Planning authored by Gerry W. Beyer (Governor Preston E. Smith Regents Professor of Law, Texas Tech University School of Law) as part of the publisher’s “American Casebook Series.”

Here is the publisher’s description of this book:

This law school casebook provides a comprehensive review of the estate planning process. It is easily adaptable to two- and three-credit courses and seminars. The new edition retains the basic structure of the prior edition with significant updates to reflect recent developments in law and practice. Part One focuses on the substantive law applicable to estate planning, while Part Two concentrates on estate planning practice itself. Extensive researching and drafting exercises are included to hone the student's practical skills.

Most of the material is self-explanatory and thus the professor may reserve class time for more difficult topics, areas that merit special attention, and concerns raised by local law.

Book on Federal Gift, Estate, and Generation-Skipping Taxes

Lawrence Brody (Attorney, Bryan Cave, LLP), Norman H. Lane (Attorney, GreenbergTraurig), Mary Ann Mancini (Partner, Loeb & Loeb, LLP) recently published a book entitled, The Insurance Counselor, Federal Gift, Estate, and Generation-Skipping Transfer Taxation of Life Insurance, (3d ed., 2012). Provided below is a description from the ABA store:

Now updated and completely revised, this volume in the popular Insurance Counselor series will help you take full advantage of minimizing the transfer taxation of the estate plan as well as avoid the many pitfalls that can arise. The first chapter deals with life insurance as a gift, informing you about the valuation of policies and their qualification for the gift tax annual exclusion. Among the areas discussed are:

• Outright transfers, transfers in trust, indirect gifts
• The uses and issues relating to Crummey powers
• The gift tax marital deduction

Further issues discussed in the second chapter are the gift tax, including consideration of cases when a gift occurs with respect to a life insurance policy, the valuation of the gift, and the availability of the gift tax annual exclusion and the gift tax charitable or marital deduction. The third chapter deals with the estate taxation of life insurance, with emphasis on the two IRC sections that have particular application to life insurance: sections 2035 and 2042. The fourth chapter discusses the generation-skipping transfer tax and its application to life insurance and irrevocable life insurance trusts, while the final chapter specifically addresses important community property considerations.

Citations and case law and the relevant IRC provisions are provided, as well as a table of cases and a table of IRC Sections, Regulations, and Rulings.

Book on Disclaimers

Christopher P. Cline (Attorney, Wells Fargo Bank's Regional Wealth Management Director) recently published a book entitled, Disclaimers in Estate Planning (2d ed., 2012). Below is a description of the book provided by the publisher, the American Bar Association:

Disclaimers are governed by both state and federal law. Section 2518 introduced the term "qualified disclaimer" for federal transfer tax purposes, but has little impact on the state law of disclaimers, and does not apply to disclaimers made before 1977. For those earlier disclaimers (which will be fairly rare) the tax law that applies involves a tangle of historical decisions, rulings and regulations. All of   this requires that the first thing a practitioner must do when determining whether a disclaimer is appropriate is to determine which federal law applies and how state law will affect it. 

Disclaimers in Estate Planning by Christopher P. Cline assists the estate planner in making those determinations, understanding the applicable Uniform Acts involved and the specific issues raised by Section 2518, and creating the best strategies and techniques for effectively utilizing disclaimers.

        Topics covered include:

• State disclaimer laws
• Federal tax law of pre-1977 transfers
• Federal tax law of the qualified disclaimer (Section 2518)
• General transfer tax uses of disclaimer
• Using disclaimers for credit shelter drafting and repairs
• More sophisticated tax disclaimer techniques
• Disclaimer planning with generation-skipping transfers
• Disclaimer for income tax planning and creditor avoidance
• Potential disclaimer problems 

Casebook on Community Property

Grace Ganz Blumberg (Distinguished Professor of Law Emerita, University of California at Los Angeles) recently published a casebook entitled, Community Property in California (6th ed. 2012). Provided below is description of the casebook provided by the publisher, Wolters Kluwer:

Grace Ganz Blumberg is a recognized expert on community property and family law issues in California. Her comprehensive casebook prepares students for the California bar examination and equips them for California practice in the areas of divorce, decedents’ estates, and debtor-creditor law. Community Property in California carefully balances cases, notes, and other materials for student comprehension. Comparative text puts the law into context and includes references to the uniform Marital Property Act, with comparisons between it and other jurisdictions.

The Sixth Edition includes a full discussion of recent statutory and case development in California community property law.

• Hallmark features of Community Property in California:
• Authorship—a recognized expert on community property and family law
• Comprehensive preparation for California bar examination
• Equips students for California practice
  • divorce
  • decedents’ estates
  • debtor-creditor law
• Balanced presentation
  • approachable combination of cases, notes, and materials
• Comparative material
  • puts law into context
  • includes references to the uniform Marital Property Act
  • compares to other jurisdictions
• Thoroughly updated, the revised Sixth Edition presents:
  • Recent statutory and case development in California community property law

Fourth Edition of "Wills, Trusts, and Estates for Legal Assistants" Published

The Fourth Edition of Gerry W. Beyer (Governor Preston E. Smith Regents Professor of Law, Texas Tech University) and John K. Hanft (San Francisco State University College of Extended Learning, Paralegal Studies Program), Wills, Trusts, and Estates for Legal Assistants has just been released.

This book is designed for legal assistants and paralegals to use during their legal training as well as a reference for individuals who assist attorneys in their estate planning practice.  The book focuses on intestate succession, wills, trusts, estate administration, non-probate assets, wealth transfer taxation, disability and death planning, and malpractice and professional responsibility.

Discount Available on "Wills, Trusts, and Estates: Examples & Explanations"

For a discount (over $12)  from the publisher on Wills, Trusts, and Estates: Examples & Explanations (5th ed. 2012), follow the link and use the code 1TTU.

This code may be used on other Aspen law school supplements as well.

Book on FLPs, LLCs, and other family business entities

Louis A. Mezzullo published a book entitled, An Estate Planner's Guide to Family Business Entities: Family Limited Partnerships, Limited Liability Companies, and More (3rd ed. 2010). The publisher's description of the book is provided below:

As the nation's population ages, an increasing number of clients are looking for the most effective way to pass their investments on to younger family members. This updated edition of An Estate Planner's Guide to Family Business Entities provides a complete and timely framework for selecting the most appropriate means of transferring wealth through the establishment of a business entity, including S corporations, C corporations, partnerships and LLCs. 

As with the other books in Louis A. Mezzullo's popular series, An Estate Planner's Guide to Family Business Entities explains complex information in a logical, user-friendly style. Updated to reflect recent significant changes in the area, it gives lawyers and financial planners the necessary background to accurately advise clients on their choice of entity options. Mezzullo discusses the different techniques available for most effectively planning the transfer of a client's wealth, including trusts, S corporations, C corporations, partnerships and LLCs. To guide the selection of the most appropriate entity to meet a clients objectives, he offers a thorough comparison of the advantages, disadvantages and restrictions of each type of entity. 

The book begins with a concise explanation of the objectives and techniques of estate planning for owners of closely held businesses. Subsequent chapters provide a practical guide to the variety of forms of legal business entities available to help clients minimize estate and gift taxes while also realizing a number of non-tax benefits. Among the topics covered include:

• Entity classification for tax purposes
• Recent developments relating to S corporations
• Transfer tax issues
• Partnership taxation
• Limited partnerships and LLCs
• Special valuation rules under Chapter 14
• Sample forms
• Examples of tax savings

Examples & Explanations: Wills, Trusts, and Estates, Fifth Edition Released

Gerry W. Beyer (Governor Preston E. Smith Regents Professor of Law, Texas Tech University School of Law) has recently authored the Fifth Edition of Examples & Explanations: Wills, Trusts, and Estates.

Here is the publisher's description of this book: 

Comprehensive coverage is the hallmark of Wills, Trusts, and Estates: Examples and Explanations. This well-respected text covers intestacy; wills and trusts (including non-probate assets); estate administration; wealth transfer taxation (including gift tax, estate tax, generation-skipping transfer tax); disability and death planning; and malpractice and professional responsibility.

The unique Examples and Explanations pedagogy combines textual material with well-written examples, explanations, and questions to test students' comprehension and provide them with practice in applying information to fact patterns. In addition to examples designed to teach in a step-by-step manner, the book includes comprehensive questions which present a variety of issues in one fact situation. These are similar to those students can expect on a law school or bar examination. The conversational style is designed to hold students' interest. A casebook correlation chart enables the book to be used with any of the six most popular casebooks in the subject. The text's "learning by doing" approach helps students master the law and provides a non-threatening environment in which to evaluate how well they can apply what they have just learned. Practical suggestions interspersed throughout the text enhance its pedagogical value and give students an appreciation of the real-world application of their course. Sample will and trust provisions and an extensively annotated model will that includes a testamentary trust give students drafting assistance.

The book is designed for students taking Wills, Trusts, Wills & Estates, Estates & Trusts, Gratuitous Transfers, and similarly titled courses that introduce property transmission upon death. Because it provides background and review material, it can also be useful in advanced courses in estate planning or wealth transfer taxation. General nationwide rules are spotlighted without being sidetracked by many individual cases. A complete, student-friendly index easily pinpoints sought-after material, as do tables that locate material relevant to the Uniform Probate Code, Uniform Trust Code, and Internal Revenue Code.

The Fifth Edition has been fine-tuned and updated to reflect the most recent developments, including the transfer of death deeds, self-settled spendthrift trusts, the Rule Against Perpetuities reform, Federal Gift, Estate, and Generation-Skipping Transfer Tax. In addition, new material is presented on the Uniform Trust Code, the rights of same-sex partners, Medicaid planning, and physician-assisted suicide. Revised examples parallel the updated content. New casebook correlation tables relate to new editions of the major casebooks, especially the Eighth Edition of Dukeminier, Johanson, Sitkoff, and Lindgren's Wills, Trusts, and Estates.

New Release: Principles of Estate Planning

Carolynn B. Tomin, CFP and Colleen Carcone, JD, CFP recently published their book, Principles of Estate Planning (The National Underwriter Company 2012). An overview of the book is below:

Principles of Estate Planning is written specifically for students and focuses on teaching students precisely what they need to know about estate planning. Topics are broken down into subtopics and illustrated with client situations and practitioner tips to ensure understanding. This student-friendly text addresses all of the CFP® Certification Examination Principal Topics for Estate Planning.

Features:

•  Chapter openers outline the specific CFP Board topics covered in each chapter
• To aid student comprehension, each chapter provides learning objectives and presents an overview explaining relevance of material covered
• “Client Situations” are included, aiding in subject understanding
•  “Practitioner Tips” show real-world applications or highlight specific areas in the text
• Chapter summaries and end-of-chapter questions aid student understanding and retention
• Content and organization help prepare students for the CFP® Examination, but also offer practical, expert guidance which will be used in professional practice
• Written by two CFP® professionals with extensive teaching experience

Table of Contents:

Chapter 1 Introduction to Estate Planning
Chapter 2 Property Interests: Characteristics and Consequences of Property Titling
Chapter 3 Community Property
Chapter 4 Methods of Property Transfer at Death
Chapter 5 The Probate Process
Chapter 6 Wills
Chapter 7 Incapacity Planning
Chapter 8 Types and Features of Trusts
Chapter 9 Taxation of Trusts and Estates
Chapter 10 Gifting Strategies
Chapter 11 Gift Tax Calculation
Chapter 12 Gifting to Minors
Chapter 13 The Gross Estate
Chapter 14 The Estate Tax Calculation
Chapter 15 The Marital Deduction
Chapter 16 Marital Trusts
Chapter 17 Charitable Transfers
Chapter 18 State Death Tax Deduction
Chapter 19 Generation-Skipping Transfer Tax
Chapter 20 Powers of Appointment
Chapter 21 Life Insurance Planning
Chapter 22 Irrevocable Life Insurance Trusts
Chapter 23 Advanced Estate Planning Strategies
Chapter 24 Intra-family and Other Business Transfer Techniques
Chapter 25 Business Planning Strategies
Chapter 26 Valuation Issues
Chapter 27 Estate Planning for Nontraditional Relationships
Chapter 28 Summary of Estate Planning Strategies
Chapter 29 Estate Planning with Retirement Planning

Update to Wealth Transfer Planning and Drafting

Jeffrey N. Pennell (Richard H. Clark Professor of Law, Emory School of Law) recently published an update to his book, Wealth Transfer Planning and Drafting (West 2011). A description of the update is below:

Teachers of any estate planning course may reproduce and distribute for classroom use the extract from the chapter on marital deduction planning and drafting. It discusses the §2010(c) portability election and all illustrations incorporate the 2012 inflation adjustments. Download the Marital Planning and Drafting Update. Updated chapters of the estate planning text, Wealth Transfer Planning and Drafting, are available to users who have adopted the book. They reflect various changes, including the basic exclusion amount inflation adjustments for 2012. Contact Professor Pennell at (404)727-6981 to obtain those materials. A new edition of the text will be released after Congress addresses the scheduled 2013 sunset of the 2001 tax cuts.

Review Copy: If you would like to review this casebook and have not received a copy, or if you have any questions, please contact your account manager at westacademic@thomsonreuters.com. Please refer to ISBN 9780314226716.

Taxation of Estates, Gifts and Trusts

Regis W. Campfield (Marilyn Jeanne Johnson Distinguished Law Faculty Fellow and Professor of Law in Dedman School of Law, Southern Methodist University); Martin B. Dickinson (Robert A. Schroeder Distinguished Professor, University of Kansas School of Law); William J. Turnier (Willie Person Mangum Professor of Law, UNC School of Law) recently published their book entitled Taxation of Estates, Gifts and Trusts, 24th Ed. (2011 West Law School). The description of the book is below:

A thorough, up-to-date presentation of estate, gift, and generation-skipping transfer taxes, as well as income taxation of trusts and estates and income in respect of a decedent. The book also includes a thorough presentation of valuation issues. Each of the taxes is discussed independently so that a teacher may start with either of the taxes or, if he or she wishes, skip one. The use of the paragraph system makes it easy for a teacher to selectively assign materials. Other teacher-friendly features include an in-depth teacher’s manual that provides answers to all problems throughout the volume, and a discussion of planning opportunities throughout the various chapters. The 24th edition covers major legislation enacted in December of 2010 as well as significant judicial and administrative decisions since the prior edition.

New Edition of "Trusts and Estates" (Concepts and Insights Series) Published

Stewart Sterk (H. Bert and Ruth Mack Professor of Law, Cardoza Law School)and Melanie B. Leslie (Professor of Law, Cardozo Law School) recently published the 2nd Edition of Trusts and Estates (Concepts and Insights Series, Foundation Press 2011). This new Concepts and Insights title makes complex doctrinal rules easier to understand by exploring the history and rationale behind those rules. The analysis is thorough, and focuses both on common law doctrines and statutory reforms with an emphasis on the Uniform Probate Code. Each substantive chapter closes with a set of exam-like problems designed to test understanding of the material included in the chapter. The authors also include thorough solutions to each of these problems. This is the only book in the field that combines thorough doctrinal analysis with more than 60 review problems, each with complete solutions.

4th Edition of Sterk, Leslie & Dobris, Estates and Trusts

Stewart Sterk (H. Bert and Ruth Mack Professor of Law, Cardoza Law School), Joel Dobris (Professor of Law, UC Davis School of Law) and Melanie B. Leslie (Professor of Law, Cardozo Law School) recently completed the 4th edition of Sterk, Leslie & Dobris, Estates and Trusts (Foundation Press 2011).

The new edition is streamlined to be even more teachable than the last edition, and power point slides that illustrate problems in the book are available.The 4th edition also includes a number of substantive revisions. In addition to coverage of the 2008 UPC amendments and the 2010 estate tax changes, improvements include:

• A new chapter emphasizing the importance of integrating nonprobate mechanisms – such as insurance and IRA designations – into the estate plan;
• An increased emphasis on trustee fiduciary duties, and estate and trust administration;
• An exploration of current trends, such as the move towards relaxing will formalities and increased recognition of domestic asset protection trusts;and
• New cases illustrating DRR and lapse. The new edition retains an emphasis on problems that help students understand the applicable statutes and common law doctrines.

You may request a PDF of the new edition and/or the Teacher’s Manual by emailing Professors Sterk or Leslie directly at Sterk@yu.edu or Leslie@yu.edu.

Contemporary Approaches To Trusts and Estates Law Casebook

Susan N. Gary (Orlando J. and Marian H. Hollis Professor, University of Oregon), Jerome Borison (Associate Professor of Law, University of Denver Sturm College of Law), Naomi R. Cahn (John Theodore Fey Research Professor of Law, George Washington University), and Paula A. Monopoli (Professor of Law and Marbury Research Professor, University of Maryland) recently published their book entitled Contemporary Approaches To Trusts and Estates Law (Aspen 2011). A description of the book is below:

Contemporary Approaches to Trusts and Estates uses cases and statutory materials along with exercises and problems to integrate legal analysis and practice skills. The book can be used in a three- or four-credit course with or without the exercises, and sample syllabi are included in the Teacher’s Manual.

This innovative casebook:

• Proceeds chronologically, covering lifetime planning issues before wills.
• Uses extensive textual explanations to present the law and its many nuances.
• Consistent with the call in the Carnegie Report for schools to add more practice skills to the curriculum, includes exercises in document drafting, role-playing, and letter writing to clients.
• Reproduces statutory materials and the Restatement, so that no separate supplement is required.
• Explores the ethical obligations of estate planning lawyers using the MRPC and the ACTEC Commentaries.
• Presents contemporary cases, such as Feinberg, Kuralt, and Schiavo, which reflect the development of the law into the 21st century.
• Includes fact-based problems, requiring students to explore cases, the UPC, the UTC, and other statutes, as well as the MRPC, in depth.
• Is accompanied by a Teacher’s Manual that offers suggestions on:
  • Teaching the cases and statutory materials and expanding the discussion beyond what is included in the casebook
  • Appropriate responses for the questions and problem
  • How to evaluate each exercise
  • Ways to vary each assignment from year to year

*A Teacher's Manual may be available for this book. Teacher's Manuals are a professional courtesy offered to professors only. For more information or to request a copy, please contact Wolters Kluwer Law and Business at 800-950-5259 or legaledu@wolterskluwer.com.

*There is also a complete and extensive set of powerpoints available to accompany the book.

 

Federal Taxes on Gratuitous Transfers Textbook

Bridget J. Crawford (Professor of Law, Pace Law School), Joseph M. Dodge (Stearns Weaver Miller Weissler Alhadeff & Sitterson Professor, Florida State University College of Law), and Wendy C. Gerzog (University of Baltimore School of Law) recently published their book entitled Federal Taxes on Gratuitous Transfers (Aspen 2011). A description of the book is below:

This book deals with the federal wealth transfer taxes and the federal income tax insofar as it bears on gratuitous transfers. The federal wealth transfer taxes as of 2011 consist of a unified estate and gift tax and a generation-skipping transfer tax. The federal transfer tax system is separate and apart from the federal income tax.

This coursebook differs (to a greater or lesser degree) from others in the same field in the following respects: (1) pervasive use of problems as a pedagogical tool; (2) emphasis on text, statutes, and regulations, rather than cases (especially cases that involve routine application of law to facts); (3) integration of related income tax materials, including the income taxation of estates and trusts; (4) relation of tax doctrine to tax planning strategies; (5) focus on doctrine that influences the practice of estate and trust law, rather than doctrine for its own sake; (6) integration, early on, of valuation issues into “taxability” material; (7) reference to state law (including recent developments) as it bears on transfer tax issues, with full coverage of issues raised by community property systems; and, (8) “building block” organization, rather than segmented organization according to Code sections.

To elaborate on the last item, the first chapter operates as a transition from courses in Property, Individual Income Taxation, and Estates and Trusts, and the second chapter provides an overview of the basic features of the federal transfer tax landscape. Thereafter, the book progresses from problems attendant upon routine or simple estates to those attendant upon wealthy estates with complex tax-oriented features. This organizational scheme renders it possible (if not optimally desirable) for the student to take this course concurrently with the basic courses in Income Tax and in Wills, Estates, and Trusts. The organizational format of this text entails the repetition of basic or important points, and the relationship of the fine points to the basics. In general, the intent has been to create a fresh view of the subject as of the year 2011, as opposed to bringing a previous effort up to date.

The book incorporates both the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (2010 Tax Act), P. L. 111-312, signed into law Dec. 17, 2010, and the Joint Committee on Taxation’s Technical Explanation of that legislation published for the U.S. Senate a week before the bill’s passage. See JCX-55-10, pp. 39-53 (Dec. 10, 2010). Sections 301-304 of the 2010 Tax Act include the reinstatement of the estate tax, the repeal of carryover basis for assets in a decedent’s estate, an election for decedents who died in 2010 to avoid estate taxes but to be subject to the carryover basis rules of §1022, new tax rates and exemptions, a new provision providing for portability of a deceased spouse’s unused exclusion amount, and the extension of the EGTRRA Sunset until the end of the year 2012.

The emphasis on text, analysis, and problems also renders this text suitable for an L.L.M. program in taxation. As the book progresses, it becomes more technical, with increased reference to drafting issues and commentary on controversial legal issues.

The organization (simple to complex estates), the frequent references to state law and income tax provisions, the descriptions of transactions and their uses, and the elaborate discussion concerning the drafting and use of formula clauses in relation to the marital deduction combine to make this book suitable for a tax-oriented estate planning course.

A reason to study the federal transfer taxes is that many doctrines of state law come into play primarily in a tax context. A leading example is the law of disclaimers. In the absence of the federal transfer taxes, various kinds of trusts (and, within trusts, powers of appointment), would be used much less often. Indeed, much of the “law” concerning trusts and powers of appointment is to be found in cases involving the federal transfer taxes.

Study of the federal transfer taxes well serves the development of skills relating to statutory exegesis, transactional analysis, and planning. The very nature of the subject, the transfer of wealth to the natural objects of one’s bounty and charity, is intrinsically forward-looking, as it is concerned with managing property around a future certain event, one’s death (and thereafter).