Monday, January 29, 2007
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
The 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.
Brian 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.
Sunday, January 28, 2007
Congratulations to the probate and trust winners of the 2006 Excellence in Writing Awards bestowed by the editors of Probate & Property magazine:
- Best Practical Use Article: Edward M. Manigault and Steve R. Akers, Nuts and Bolts of "Covered Opinions" Under Circular 230 (March/April 2006).
- Best Cutting Edge Article: Dennis I. Belcher and Dana G. Fitzsimons Jr., Tax Planners--Beware of Patented Estate Planning Techniques! (November/December 2006).
- Best Overall Article: Keith A. Herman, Coordinating Retirement Accounts With Estate Planning 101 (What Every Estate Planning Needs to Know) (January/February 2006).
Note that ABA membership is required to access the on-line versions of these articles.
Steven 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
Saturday, January 27, 2007
|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
Friday, January 26, 2007
The 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.
Prof. 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.
On 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.