Wills, Trusts & Estates Prof Blog

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

Monday, January 29, 2007

Estate Planning Newsletter

The law firm of Bracewell & Giuliani has recently posted the Fall 2006 issue of its Your Trusted Advisor newsletter.

Here are some of the topics discussed:

  • FLPs and the New Texas Margin Tax
  • Kiddie Tax Age Raised
  • Tax-Free IRA Distribution to Charities
  • Enhancing Deferrals by Placing Pension Assets in IRAs
  • Executing a Sound Power of Attorney
  • Nine Ways to Keep Estate Planning in Check at Year End

January 29, 2007 in Articles, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Win Soul & Get Inheritance

SoulThe devil is not the only person who can buy souls.  Instead, you can, too!  Gerald Fraller is raffling off his soul to those individuals who enter a contest on his website, WinMySoul.com.

Here are the rights the winner will receive:

  • A percentage of his estate in a legal will.
  • A percentage of his taxable income for the rest of his life with a guaranteed minimum of $500.00 per year.
  • The right to choose the first name of all of his children. The name has to be gender specific and cannot contain profanity or derogatory words.
  • A percentage of profit ownership of any intellectual works that he creates.
  • The option of planning his wedding, including selecting the date.
  • A promise that he will include organ donation in his will.
  • The option to decide a message to be inscribed upon his tombstone.

Click here to read the entire contract which also contains a "buy-back" provision so he can retrieve his soul for $1,000,000.

Special thanks to Sara Hudman (J.D. Candidate, Texas Tech University School of Law) for bringing this situation to my attention.

January 29, 2007 in Wills | Permalink | Comments (0) | TrackBack (0)

No Free Lunch, and No Free Space Flight Either

SpaceBrian Emmett thought he was going to satisfy a childhood dream when he won a contest sponsored by Oracle for a free seat a space flight arranged by Space Adventures Ltd.

However, Brian lacks the funds to pay the approximately $25,000 in income taxes that he would owe on the flight which is valued at $138,000.

Accordingly, Brian has disclaimed the prize.

See AP, Uncle Sam spoils dream trip to space, CNN.com, Jan. 28, 2007.

January 29, 2007 in Income Tax | Permalink | Comments (1) | TrackBack (0)

Sunday, January 28, 2007

2006 Excellence in Writing Awards

Congratulations to the probate and trust winners of the 2006 Excellence in Writing Awards bestowed by the editors of Probate & Property magazine:

Note that ABA membership is required to access the on-line versions of these articles.

January 28, 2007 in Appointments and Honors | Permalink | Comments (0) | TrackBack (0)

Estate Tax Lien

GorinSteven B. Gorin (partner, Thompson Coburn LLP, St. Louis) and Erika N. Reynolds (J.D. candidate, University of Virginia School of Law) have recently published their article entitled Estate Tax Liens: The Surprising Truth That Estate Planning and Real Estate Lawyers Often Ignore, Prob. & Prop., Jan./Feb. 2007, at 42.

The article covers:

  • the imposition of the estate tax lien
  • exceptions to the estate tax lien
  • priority of the estate tax lien
  • ten-year duration
  • the estates affected by the estate tax lien
  • divestment of lien property and release of liens
  • how to avoid the pitfalls of the estate tax lien

January 28, 2007 in Articles, Estate Tax | Permalink | Comments (0) | TrackBack (0)

Saturday, January 27, 2007

Top SSRN Downloads

Ssrn_2 Here are the top downloads from November 28, 2006 to January 27, 2007 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days:

Rank Downloads Paper Title
1 174 Celebrating Life (Chai) and Taxes: Lessons Learned
Francine J. Lipman,
Chapman University - School of Law,
Date posted to database: December 22, 2006
Last Revised: December 22, 2006
2 43 McCord: Value of Gifts Must Be 'Tax Affected'
Wendy C. Gerzog,
University of Baltimore - School of Law,
Date posted to database: December 6, 2006
Last Revised: December 7, 2006
3 23 Whose Ownership? Which Society?
Robert C. Hockett,
Cornell University - School of Law,
Date posted to database: September 27, 2006
Last Revised: November 15, 2006
4 12 The Heir-Cut of the Slave: Miscegenation and Disinheritance in Antebellum South Carolina
Kevin Noble Maillard,
Syracuse University College of Law,
Date posted to database: January 14, 2007
Last Revised: January 14, 2007 

January 27, 2007 in Articles | Permalink | Comments (0) | TrackBack (0)

Spring 2007 AALS Donative Transfers Newsletter

Prof. Melanie Leslie, of Cardozo, is now preparing the Spring 2007 newsletter for the AALS Donative Transfers section.

Please send your news regarding publications, appointments, promotions, etc., to Melleslie@comcast.net.

January 27, 2007 in Teaching | Permalink | Comments (0) | TrackBack (0)

Friday, January 26, 2007

Analysis of Marshall v. Marshall

Smith_1The recent United States Supreme Court decision in Marshall v. Marshall involving Anna Nicole Smith receives a detailed analysis by Dominic J. Campisi (Evans, Latham & Campisi, San Francisco) in Marshall v. Marshall -- Rashomon Revisited, Prob. & Prop., Jan./Feb. 2007, at 8.

Mr. Campisi concludes that:

The price of a unanimous decision such as Marshall is that many contentious issues are left unresolved in order to reach a common decision.  The lower courts continue to wrangle over attempts to use federal diversity jurisdiction for probate and trust disputes based on the general conclusions in Marshall.

January 26, 2007 in Articles, Estate Administration | Permalink | Comments (1) | TrackBack (0)

Elder Law in a Nutshell

FrolikKaplanProf. Lawrence A. Frolik (University of Pittsburgh School of Law) and Prof. Richard L. Kaplan (University of Illinois College of Law) have recently published the fourth edition of their book, Elder Law in a Nutshell (Thomson-West).  Here is a description of the book:

This reliable source provides expert narration on the scope and diversity of elder law. The text addresses ethical considerations and health care decision-making issues. Discusses Medicare, Medigap, Medicaid, and long-term care insurance. Looks into living arrangements, guardianship, and benefits—Social Security, supplemental security income, veterans benefits, and pension plans. Also explores age discrimination in employment, elder abuse, and neglect.

January 26, 2007 in Books - For the Classroom, Elder Law | Permalink | Comments (0) | TrackBack (0)

More on James Brown's Trust

Brown4On Wednesday, January 24, 2007, six of James Brown's children filed a petition requesting an emergency hearing to remove the trustees of Brown's trust.  The children claim that the trustees are mismanaging the property and they want a neutral person to be in charge.

The hearing is scheduled for Thursday, February 1, 2007.

See Brown's children want trustees removed, USA Today, Jan. 26, 2007.

January 26, 2007 in Current Events, Trusts | Permalink | Comments (1) | TrackBack (0)