Wills, Trusts & Estates Prof Blog

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

Monday, January 29, 2018

Prince Estate: We Win War Over Unreleased Tunes…Boxill’s Gone Ghost

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-29/330bfa68-4855-457a-9980-87bb1c19c89f.pngPrince’s estate is claiming that it has triumphed in its legal battle against producer George Boxill. Boxill has claimed that he is in possession of a number of previously unreleased tracks that he and Prince worked on between 2006 and 2008. The estate was seeking court intervention to prevent the unauthorized release of these works. Boxill had until January 23 to respond to the estate’s motion, but they claim that he failed to do so. The estate is now asking the court to sign off on their victory. Unless Boxill can come up with a valid excuse for his failure to reply, the estate will likely receive an injunction preventing the release of Prince’s music.

See Prince Estate: We Win War Over Unreleased Tunes…Boxill’s Gone Ghost, TMZ, January 29, 2018.

January 29, 2018 in Current Events, Death Event Planning, Estate Administration, Estate Planning - Generally, Intestate Succession, Music | Permalink | Comments (0)

Rashaan Salaam’s Heisman Sells for Record $399,608; Money to Aid CTE Research

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-29/4597b8b8-f1f2-4dbb-ad8a-0755808585a6.pngRashaan Salaam passed away at the age of 42 in December 2016 from what was eventually ruled a suicide. Two years prior to his death, Salaam sold his Heisman Trophy to a memorabilia dealer who later sold the award to a Denver real-estate investor. On Saturday, the trophy went up for auction and garnered $399,608, the highest recorded price for such an award. A portion of the proceeds will go to help support CTE-related research in honor of Salaam’s memory.

See Darren Rovell, Rashaan Salaam’s Heisman Sells for Record $399,608; Money to Aid CTE Research, ESPN, January 21, 2018.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

January 29, 2018 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Sunday, January 28, 2018

CLE on Top 7 Most Problematic Parts of Real Estate Purchase and Sale Agreements

0000000 CLEThe National Business Institute is holding a conference entitled, Top 7 Most Problematic Parts of Real Estate Purchase and Sale Agreements, which will take place on Thursday, February 01, 2018, at the Crowne Plaza Pittsburgh South in Ventura, CA. Provided below is a description of the event:

Program Description

We Asked - You Told us What the Stickiest Parts are That You Face!

Leaving important items out of the contract can cause big problems months after the sale goes through. In preparation for this practical, top challenges course, savvy real estate professionals across the nation were asked what they consider to be the top stickiest items they've had to resolve over the last few years in a purchase and sale agreement. The responses were compiled and now experienced faculty are ready to take you through the list of problematic items most often encountered and increasingly litigated. You'll take away best practices and real-life examples so that you can protect your clients and keep them out of trouble. Register today!

  • Anticipate problems and resolve issues that may arise, including environmental and legal compliance matters.
  • Gain an intimate understanding of the contract's most problematic parts so you can confidently draft modifications while preserving enforceability.
  • Strategically draft due diligence provisions within the purchase and sale agreement.
  • Confidently craft contingency clauses and avoid complexities.
  • Prevent minor discrepancies from killing major real estate deals by learning key negotiation techniques for discussing the most challenging parts of the contract.
  • Avoid going to court: get insider tips on problematic contract dispute resolution provisions.
  • Educate your clients on what risky representations and liabilities they are signing onto and what mechanisms are in place to protect them.
  • Study difficult disclosure and contingency requirements for real estate transactions.

Who Should Attend

This intermediate level program is for the following professionals:

  • Attorneys
  • Paralegals
  • Real Estate Brokers
  • Title Professionals
  • Escrow Agents
  • Other Real Estate Professionals Involved with Real Estate Contracts

Course Content

  1. Problematic Letters of Intent and Walking Through the Purchase and Sale Agreement (An Overview)
  2. Crafting Tricky Contingency Clauses (w/Real-World Examples)
  3. Top Challenges: Lender Problems and Escrow Difficulties Within the Contract (w/Helpful Tips to Overcome Them)
  4. Parties, Price, Property and Payment Provision Problems (w/Real-World Examples)
  5. Due Diligence Provision Disasters (w/Real-World Examples)
  6. Disclosures, Reps, Warranties and Indemnities - Top Challenges (w/Real-World Examples)
  7. Closing Provisions, Covenants, Remedies, Termination and Breach Troubles (w/Real-World Examples)

Continuing Education Credit

Continuing Legal Education

Credit Hrs State 
CLE 7.20 -  NJ
CLE 7.00 -  NY*
CLE 6.00 -  PA

* denotes specialty credits

January 28, 2018 in Conferences & CLE, Estate Planning - Generally | Permalink | Comments (0)

5 Estate Tax Myths (and Why Death is Not the Fastest Draw) — Philippines

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-28/49dff9da-dfc8-4b34-ab51-b89f33068dff.pngThe Tax Reform Act has certainly improved the estate tax situation for most. With the estate tax now at a low 6%, the common question many are asking is whether estate planning is necessary. There are a number of issues that may arise in the absence of a solid estate plan that can frustrate a decedent’s final wishes and potentially increase an estate’s tax exposure. An example, a commonly held notion is that since the estate, donor’s, and capital gains taxes are all 6%, there is no real reason for additional planning. But, the market value of property is likely going to continue increasing given a young growing population that needs more space. A likely response by the Bureau of Internal Revenue will make sure that the zonal values keep up with this growth. Those who have failed to plan appropriately will face higher taxes as their property continues increasing in value.

See Alex B. Cabrera, 5 Estate Tax Myths (and Why Death is Not the Fastest Draw), The Philippine Star, January 21, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

January 28, 2018 in Estate Planning - Generally, Income Tax | Permalink | Comments (0)

Saturday, January 27, 2018

Article on Intestacy, Wills, and Intent: A Short Comment on Wright & Sterner

"Congratulations! You've won the bid."David Horton recently posted an Article entitled, Intestacy, Wills, and Intent: A Short Comment on Wright & Sterner, Wills, Trusts, & Estates Law eJournal (2018). Provided below is an abstract of the Article:

This invited reply to Danaya C. Wright & Beth Sterner, Honoring Probable Intent in Intestacy: An Empirical Assessment of the Default Rules and the Modern Family, 42 ACTEC L.J. 341 (2017) recommends the article and offers three gentle criticisms.

January 27, 2018 in Articles, Estate Planning - Generally, Intestate Succession, Trusts, Wills | Permalink | Comments (1)

‘Storm Chasers’ Star Joel Taylor Apparent Fatal OD Triggers FBI Investigation

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-27/6d25697e-94e1-4944-90da-050e8f3e1777.pngJoel Taylor, star of Storm Chasers, died on Tuesday while aboard the Harmony of the Seas, a ship owned and operated by Royal Caribbean. He had apparently taken too much Gamma Hydroxybutyrate (GHB), a drug that depresses the central nervous system and causes the user to experience tranquility, increased sex drive, and euphoria. Use of the drug can also lead to nausea, loss of consciousness, hallucinations, sweating, amnesia, coma, and death. Taylor lapsed into unconsciousness during a wild dance party and was taken to his room, where he was later pronounced dead. The FBI is currently investing the circumstances surrounding Taylor’s death, including how drugs got on board the ship and who supplied them.

See ‘Storm Chasers’ Star Joel Taylor Apparent Fatal OD Triggers FBI Investigation, TMZ, January 25, 2018.

See GHB or Gamma-Hydroxybutyrate, Drugs.com.

January 27, 2018 in Current Events, Estate Planning - Generally | Permalink | Comments (0)

Friday, January 26, 2018

Chinese Scientists Clone Two Monkeys, Humans May Be Next

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-26/340907c1-8c3a-41f1-9dc8-a8106bb9c05a.pngChinese scientists have broken a technical barrier that increases the potential for human clones by successfully cloning a pair of monkeys. These scientists implemented the same techniques used to create Dolly the sheep over two decades ago. The pair of identical long-tailed macaques, Zhong Zhong and Hua Hua, were born six and eight weeks ago. Their entrance into the world represents the first time primates have been cloned from a non-embryonic cell. This feat was achieved through a process known as somatic cell nuclear transfer. This procedure entails the transfer of a cell's nucleus, DNA included, into an egg that has had its nucleus removed. 

See Reuters, Chinese Scientists Clone Two Monkeys, Humans May Be Next, Newsweek, January 25, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

January 26, 2018 in Current Events, Estate Planning - Generally, Science, Technology | Permalink | Comments (0)

Ciox Health Sues HSS to Stop 'Irrational' HIPAA Enforcement

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-26/fc73d5f3-f1cf-443c-861b-6d590305664b.pngCiox Health, a Georgia-based healthcare technology company that facilitates the production of medical records, recently filed suit against the Department of Health and Human Services (HHS). The company has said that the manner in which HHS is enforcing HIPAA "imposes tremendous financial and regulatory burdens on healthcare providers and threatens to upend the medical-records industry that services them.” More specifically, in its complaint, Ciox took issue with two of the agency's prior actions.

The first is a 2013 rule wherein HHS requires providers to send information to certain individuals along with all electronically-housed medical information, regardless of whether the information is available in the electronic health records. These changes failed to consider the incredible expense associated with gathering the data, and HHS even acknowledged that it was stretching the boundaries of the applicable regulations. Second, Ciox is arguing that guidance issued by HHS in 2016 requiring providers to limit their charges only to a “reasonable cost-based fee” resulted in dramatic changes to HIPAA enforcement. Ciox said in a statement, “The long-term viability of the medical-records industry is critical to the delivery of high-quality, error-free and cost-effective healthcare services to patients by ensuring that healthcare providers have timely access to individual medical records.” 

See Evan Sweeney, Ciox Health Sues HSS to Stop 'Irrational' HIPAA Enforcement, FierceHealthcare, January 10, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention. 

January 26, 2018 in Current Affairs, Estate Planning - Generally, New Cases | Permalink | Comments (1)

Disso Queen Laura Wasser Launches Do-It-Yourself Divorce Website

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-26/83112ccb-ee5e-4e91-bfd9-8994a3dad370.pngLaura Wasser, a prominent and well-known celebrity divorce lawyer, launched a website yesterday that facilitates divorce at fairly reasonable costs. The website, itsovereasy.com, guides couples through the divorce process and helps them tackle difficult issues like property division, child custody, and child and spousal support. The starting cost is only $750. For an additional $750, users of the site can speak with a lawyer to help explain the process and resolve conflicts. The website also has YouTube videos that offer instruction to help navigate the process as well as referrals to financial planners, personal trainers, and counselors to help spouses rebuild their lives after the divorce is final.

See Disso Queen Laura Wasser Launches Do-It-Yourself Divorce Website, TMZ, January 25, 2018.

January 26, 2018 in Current Events, Estate Administration, Estate Planning - Generally, Technology, Web/Tech | Permalink | Comments (0)

IRA Trusts After the Tax Cuts and Jobs Act

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-26/0f64cdf3-b501-43fb-afbb-3c8ebd6bfeca.pngThere are many individual taxpayers who have accumulated significant wealth in their traditional or Roth IRAs. These assets can be paid out to a particular beneficiary, or they can be paid out to a trust, which offers multiple benefits for asset protection and estate planning purposes. If the IRA death benefits are made payable to a trust, the beneficiary may be able to enjoy a longer payout period. Also, benefits paid to a trust can offer protection from creditors and lower tax rates. There are some known situations where an IRA trust was drafted without proper consideration of all pertinent IRS rules. Such oversight on the part of the planner can result in adverse tax consequences for a client. In order to avoid such pitfalls, it is incredibly important for estate planners to become very familiar with the IRS rules regulating these trusts. 

See Seymour Goldberg, IRA Trusts After the Tax Cuts and Jobs Act, CCH, 2018.

January 26, 2018 in Current Events, Estate Planning - Generally, Income Tax, New Legislation, Trusts | Permalink | Comments (1)