Wills, Trusts & Estates Prof Blog

Greatest estate sale of all time?

Yves St Laurent died on June 1, 2008.  Last week, Christie's conducted a three-day sale of his estate in Paris which included paintings, art objects, and furniture.

The sale brought in over $475 million which included $27.5 million for the chair pictured to the left.  So much for the bad economy ---

See Godrey Barker, St Laurent's Deco armchair sells for a record £19m, Evening Standard, FGeb. 26, 2009.

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

Top SSRN Downloads

Here are the top downloads from December 30, 2008 to February 28, 2009 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days.

Rank	Downloads	Paper Title
1	160	The Estate Tax and the Demise of the Family Business: A Comment David Joulfaian, U.S. Department of the Treasury, Date posted to database: December 3, 2008 Last Revised: February 5, 2009
2	90	Unconscionable: Financial Exploitation of Elderly Persons with Dementia Matthew A. Christiansen, Author - affiliation not provided to SSRN, Date posted to database: October 6, 2008 Last Revised: October 8, 2008
3	86	Hurford: FLP Practice Pointers Wendy C. Gerzog, University of Baltimore - School of Law, Date posted to database: February 11, 2009 Last Revised: February 23, 2009
4	69	Gross: FLP Sequence and its Consequence Wendy C. Gerzog, University of Baltimore - School of Law, Date posted to database: December 2, 2008 Last Revised: December 2, 2008
5	56	In Defense of Conservation Easements: A Response to 'The End of Perpetuity' Nancy A. McLaughlin, W. William Weeks, University of Utah S.J. Quinney College of Law, Author - affiliation not provided to SSRN, Date posted to database: January 24, 2009 Last Revised: February 9, 2009
6	56	Family Values and the Law of Inheritance Anne Alstott, Harvard University - Harvard Law School, Date posted to database: February 4, 2009 Last Revised: February 6, 2009
7	54	'To Be Human': A Psychological Perspective on Property Law Jeremy A. Blumenthal, Syracuse University - College of Law, Date posted to database: January 29, 2009 Last Revised: February 10, 2009
8	35	Scalia's Ship of Revulsion Has Sailed: Will Lawrence Protect Adults Who Adopt Lovers to Help Ensure their Inheritance from Incest Prosecution? Terry L. Turnipseed, Syracuse University College of Law, Date posted to database: December 19, 2008 Last Revised: December 19, 2008
9	32	Immortal Fame: Publicity Rights, Taxation, and the Power of Testation Joshua C. Tate, Southern Methodist University - Dedman School of Law, Date posted to database: January 31, 2009 Last Revised: February 13, 2009
10	31	A Unanimous ERISA Decision by the Supreme Court Raises Troubling Questions Albert Feuer, Law Offices of Albert Feuer, Date posted to database: February 2, 2009 Last Revised: February 9, 2009

The Budget Proposal and the Estate Tax

The following message is supplied through the courtesy of William D. (Bill) Pargaman Brown McCarroll, L.L.P., Austin, Texas):

While it is not a tax bill, the budget proposal released yesterday contains a slight hint that the administration still contemplates freezing 2009 rates.  Tables S-3, S-4, and S-5 near the end of the budget proposal all contain references to projected estate taxes through 2019.  Table S-5 is the only one that gets a bit more specific.  Under the category "Adjustments to reflect current policies," it contains a line labeled "Continue the 2001 and 2003 tax cuts."  Footnote 1 to that line states "In continuing the 2001 and 2003 tax cuts, the estate tax is maintained at its 2009 parameters."

The entire budget proposal can be downloaded at: http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf

Assisted suiciders arrested

Four members of the Final Exit Network were arrested on February 25, 2009 for their role in the assisted suicide of John Celmer in Georgia.  Included among the arrestees were the president and medical director of the Network.

After an eight-month investigation, the Georgia Bureau of Investigation concluded that they violated Georgia law which prohibits helping another person to commit suicide.  It was also asserted that the Network may have played a role in approximately 200 other assisted suicides.

See Greg Bluestein, 4 members of assisted suicide group are arrested, AP, Feb. 26, 2009.

Ohio adopts Revised Uniform Anatomical Gift Act

Ohio has recently adopted the Revised Uniform Anatomical Gift Act.

2008 Ohio Laws File 164.

Adoption no longer just for the living

Michigan authorizes the adoption of deceased individuals under specified circumstances.

2008 Mich. Legis. Serv. P.A. 331.

IRC § 7520 tables deemed to reflect market value of lottery annuities

In Negron v. United States, No. 07-4460, 2009 WL 186195 (6th Cir. Jan. 28, 2009), the Sixth Circuit held that the IRC’s annuity tables properly value lottery annuities for estate tax purposes.

Writing “revoked” on photocopy of will deemed insufficient to revoke the will

Unable to secure the original copy of his will, the testator on advice of counsel signed before witnesses and had notarized a document stating that he revoked his will. He also wrote “revoked” on each page of a photocopy of the signed will.

The court in Gushwa v. Hunt, 197 P.3d 1 (N.M. 2008), held that the will was not revoked. The New Mexico revocation statute does not allow for revocation by a writing other than a will. Revocatory acts performed on a photocopy do not revoke the will.

The court remanded for consideration of whether the original will was wrongly withheld from the testator. If that were the case, the court may impose a constructive trust on the beneficiaries of the will in favor of the heirs.

Pretermitted heir statute does not apply to revocable lifetime trust

In Kidwell v. Rhew, 268 S.W.3d 309 (Ark. 2007), the court held that the Arkansas pretermitted heir statute does not apply to a revocable lifetime trust, expressly rejecting Restatement (Second) of Property, Donative Transfers § 34.2 which states that a pretermitted heir statute should apply to a will substitute.

Estate Planning & Community Property Law Journal 2009 Seminar materials now available

The written materials from the Estate Planning & Community Property Law Journal Seminar 2009 are now available for purchase for $50 from The Estate Planning & Community Property Law Journal by contacting Donna Jones.  Purchase of the materials also includes a subscription to Volume 1, a $35 value Here is a listing of topics covered at the seminar:.

• “Project Runaway—One Day You’re In as the Attorney and the Next Day You’re Out!” by Sharon Gardner; Shareholder; Crain, Caton & James, P.C.; Houston, Texas.            
• “Cryopreserved Sperm and the Shortcomings of Probate Law.” by Ben Major; Staff Editor; Estate Planning & Community Property Law Journal. 
• “To Affirmatively Disclose or to Passively Disclose, that is the Texas Trustee's Question:  What Duty of Disclosure Does a Texas Trustee Owe to a Beneficiary?” by Frank Messina; Comment Editor; Estate Planning & Community Property Law Journal.          
• “Courthouse Morals and Legislative Expectations:  A Review of Recent Cases and Proposed Legislation Impacting Texas Estate Planners.” by Gerry W. Beyer; Governor Preston E. Smith Regents Professor of Law; Texas Tech University School of Law. 
• “Is the Wind Mine to Give Away?  Guidance for Testators Wishing to Transfer a Wind Interest in Jurisdictions that have not Recognized Wind as a Property Right.” by Chris Hartman; Staff Editor; Estate Planning & Community Property Law Journal.
• "An Arm and a Van Gogh:  Selling Art Collections from Charitable Contributions for Capital Gain is a High Price to Pay.” by Megan Loving; Staff Editor; Estate Planning & Community Property Law Journal.
• “Tricks and Traps in the Land of Enchantment:  New Mexico Probate, Community Property, and Trust Issues for Texas Attorneys.” by Scotty Holloman; Shareholder; Maddox, Holloman & Kirksey, P.C.; Hobbs, New Mexico.            
• “On Death and Dying: Counseling the Terminally Ill Client and the Loved Ones Left Behind.” by Associate Judge Georgia H. Akers; Harris County Probate Court No. 3; Houston, Texas.
• “Valuation Discounts—The Good and the Bad.” by Charles King; Shareholder; Sprouse Shrader Smith P.C.; Amarillo, Texas.
• “The Socially Endorsed, Legally Framed, Normative Template:  What Have In Re Marriage Cases Really Done for Same-Sex Marriage?” by Meghan McCalla; Articles Editor; Estate Planning & Community Property Law Journal.
• Dynamics of Estate Planning for the Family and Family Business - Grantor Trusts (GRATS vs. IDGTS): Do You Digit, or Do You GRAT?” Jeff Myers; Shareholder; Bourland, Wall & Wenzel, P.C.; Fort Worth, Texas.