Wills, Trusts & Estates Prof Blog

Teaching Materials on Estate Planning, 5th Edition

The Wills, Trusts & Estates Prof Blog team would like to announce that a new edition of the Teaching Materials on Estate Planning by Gerry W. Beyer (Texas Tech University School of Law) will be published in the West Academic Publishing American Casebook Series this month and available for Fall 2023. Please see more information below on the 5th Edition of Teaching Materials on Estate Planing.

Kathryn Nail
Blog Assistant

 

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 Review: Robert's Story: A Texas Cowboy's Troubled Life and Horrifying Death

 I've just finished reading Robert's Story: A Texas Cowboy's Troubled Life and Horrifying Death by Stephen G. Michaud. Here is my review of this book which even references my earlier blog postings about Robert's situation:

Apparently, Robert East was not the easiest person to love. Sure he was a bit cowboy rough around the edges but he did not deserve to be treated and left to die in such a callous and painful manner.  His Texas family’s personal legacy was destroyed by those who systematically and thoughtfully obtained control of Robert’s wealth when Robert became ill.

This riveting true tale lays out the destruction of not just one cowboy but a way of life.  The author, Stephen Michaud, does an excellent job of sifting through the many years of Robert’s personal life and hurt, Robert’s back stabbing betrayal by those he trusted, and the offensive over-reaching legal system, all backed by evidence, to take the reader on a journey of disbelief, heartache, and the knowledge that it could happen to anyone of us. The establishment of the well known and highly respected East Foundation resulted from the orchestrated evil-doings of many people but does the end justify the means?

Second Edition of Tax, Estate, and Lifetime Planning for Minors, now available

A second edition of Tax, Estate, and Lifetime Planning for Minors, edited by Carmina Y D'Aversa, is now available:

Numerous and often complicated issues are involved in estate planning for minor children, including taxation, education funding, insurance, and disability of a minor or a minor's caregiver. Now completely updated, Tax, Estate, and Lifetime Planning for Minors focuses exclusively on the pertinent issues facing adults when planning for younger family members.

Focusing exclusively on the issues that adults face when planning for minor children, this updated edition focuses on the many and often complicated issues involved in these situations, including taxation, education funding, insurance, disability, and even planning for an adult’s incapacity or death. Combining core legal concepts with practical wisdom, Tax, Estate, and Lifetime Planning for Minors is a unique resource for attorneys advising clients in their estate and financial planning when minor children are involved. As with the first edition, this is a ready reference not only for seasoned practitioners but for the general or novice practitioner handling their first estate plan.

Bringing together the practical advice and knowledge of experts in taxation and estate planning, the book begins with a concise overview of the federal laws and fundamental principles of estate and gift taxation. Other chapters cover the most important elements in planning for younger family members or friends, including:

• • Life insurance policies, taxation, and irrevocable life insurance trusts
  • Funding education costs
  • Planning for daily care in the case of an adult's incapacity or death
  • Special needs trusts and other considerations for disabled minors
  • Transfer of retirement benefits
  • Considerations for children born of assisted reproductive technologies
  • Management of a minor’s digital assets in the event of disability or death

Because much of the necessary tax planning involves state law, relevant chapters categorize current state provisions. The book also examines the most significant non-tax considerations required when planning involves minors. Appendices include sample forms, state-by-state charts, exhibits, and more, and can be downloaded from a dedicated online website.

New Book: Trusts and Private Wealth Management: Developments and Directions

Cambridge University Press recently published Trusts and Private Wealth Management: Developments and Directions:

There has been insufficient literature focusing on the world-changing rise of Asian wealth. Private wealth in Asia is very substantial, with 33 per cent of the global population of high-net-worth individuals based in Asia. Yet, there is a dearth of legal analysis of Asian wealth, particularly by texts written in English. This collection aims to fill that gap, with chapters on legal issues in relation to Asian wealth transmission, investments in international real estate, familial disputes, family offices and private trust companies. A substantive section of this book also focuses on the changing legal context with chapters exploring trusts and cryptoassets, constructive trust, trustee's discretion and decision-making, changing regulatory environment and abuse of trust structures. This collection of essays on trusts and wealth management presents a focus on Asian wealth and the changing legal context, and follows the related publication, Trusts and Modern Wealth Management (Cambridge University Press, 2018).

• Gives readers new and diverse perspectives on the subject, written by leading figures in the field
• Covers many highly topical areas of practice and development in trust law, Asian wealth and changing legal context
• Offers a novel collection on trusts and wealth management, drawing together perspectives and insights not widely available elsewhere

Richard Nolan, University of York
Richard Nolan is Professor of Law at the University of York and previously Reader in Corporate and Trust Law at the University of Cambridge. His work has been cited by judges in the UK, Australia, Singapore, New Zealand and Hong Kong. He has been a consultant to several governmental bodies.

Hang Wu Tang, Singapore Management University
Tang Hang Wu is a Professor at the Yong Pung How School of Law, Singapore Management University researching on equity, trusts and wealth management. Hang Wu has published widely and advised local and international law firms, high-net-worth individuals, US Department of Justice and banks and trust companies on trust law.

Man Yip, Singapore Management University
Man Yip is an Associate Professor at the Yong Pung How School of Law, Singapore Management University research on equity, trusts, remedies and private international law. She has published widely in international peer reviewed journals and her work has been cited in leading treatises and courts.

Contributors

Richard Nolan, Tang Hang Wu, Yip Man, Lady Mary Arden, Thomas P Gallanis, Edward S W Ti, Lusina Ho, Rebecca Lee, Vincent Ooi, Chan Ee Lin, Kelvin F.K. Low, James Lee, David Pollard, Tobias Barkley, Simone Wong, Jessica Palmer, Graham Virgo

New Business Law Book: The Fraudulent Transfer of Wealth: Unwound and Explained

New book alert! The Fraudulent Transfer of Wealth: Unwound and Explained by David J. Slenn is available to help planners successfully plan for their clients, while navigating complex fraudulent transfer laws to ensure the effective transfer of wealth. 

Renowned author David Slenn examines the intersection between fraudulent transfer law and its application to modern day wealth transfer planning transactions. Providing a thorough history of the applications of fraudulent wealth transfer law, the book examines fraudulent transfer law and wealth tranfer planning, issues for wealth transfer planners and creditors, the uniform acts, and more.

Modern fraudulent transfer law dates back to the Roman era, however, fraudulent transfer law in the U.S. closely reflects the law developed in England and the Statute of 13 Elizabeth. This unique guide tracks the historical development of this aqncient creditors' rights law, as well as addresses and warns against fraudulent wealth transfer.

Wealth transfer planning is a legitimate service if done properly. However, it is important for all parties impacted by the transfer of wealth to understand the scope and application of fraudulent transfer law. This book discusses the factors involved with the fraudulent transfer of wealth and outlines steps that planners can take to minimize a transaction's exposure to avoidance. Proactive measures that creditors can take to reduce the chance of losing assets or legal measures to restore the creditor are discussed. Real-life scenarios are included to show where advisers face liability for their role in facilitating the transfer of wealth meant to frustrate a creditor's claim.

Today, the transfer of wealth can still be challenged successfully using centuries' old fraudulent conveyance law. This book includes an extensive listing of case law that provides ample opportunity for creditors to analyze new strategies by analogy to old tricks. This book will guide wealth transfer planners to plan for their clients successfully, while navigating complex fraudulent transfer laws to ensure the effective transfer of wealth.

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

New Edition of Wills, Trusts, and Estates--Examples & Explanations Published

Wills, Trusts, and Estates: Examples and Explanations covers intestate succession, wills, trusts, estate administration, nonprobate assets, wealth transfer taxation, disability and death planning (including elder law concerns), and malpractice and professional responsibility. This book is designed to augment Wills, Trusts, and Estates and related courses that expose students to estate planning, decedents’ estates, and trusts. This book also provides essential background and review material for students taking advanced courses in estate planning, elder law, and wealth transfer taxation. The discussion, along with the examples and explanations, covers both the theoretical and practical applications of the legal concepts. 

 

New to the 8th Edition:  

• The development of electronic wills, electronic signatures and notarization, and other components of estate planning in light of the impact of the COVID-19 pandemic 
• Updated percentages and exemption amounts for gift, estate, and generation-skipping tax
• Revision of content and standards from the Uniform Probate Code, Uniform Trust Code, and other uniform laws to reflect recent changes and amendments 
• Developments in physician-assisted suicide 
• Updated casebook correlation tables reflect new editions of the major casebooks 
• Text and examples updated and “fine-tuned” to enhance readability and pedagogical value
  

New Titles from Carolina Academic Press

Fundamentals of Trusts and Estates

Sixth Edition

Roger W. Andersen & Ira Mark Bloom

2022 • 824 pp • 978-1-5310-2484-0 • $215.00 • casebound
Teacher’s Manual available  

This edition continues to provide a lean set of materials, flexibly structured to accommodate different lengths of courses. Specifically updated, in addition to case developments, are the 2019 UPC Amendments to the intestacy and class gifts areas, including extensive treatment of parentage and descendancy based on assisted reproductive technologies. The Uniform Electronic Wills Act and the Fiduciary Income and Principal Act are also covered. 

Following a largely traditional organization, the book presents fundamental material clearly and concisely while including creative vehicles for further inquiry. Questions and problems provide the flexibility for teachers to tailor their courses to meet the needs of their particular students and curriculum. Without the inconvenience of hopping and skipping, teachers can ignore, focus upon, or expand upon different problems and questions. The excerpted readings fulfill the same function—they can serve as background or as springboards for further inquiry. Policy debates, ethics issues, and practical considerations lace their way through the material. Often by placing students in various roles, the questions and problems help students develop skills and values to carry throughout their professional careers.
 

Understanding Trusts and Estates

Seventh Edition

Roger W. Andersen & Susan N. Gary

2022 • 432 pp • 978-1-5310-2560-1 • $55.00 • paper  

This new edition of Understanding Trusts and Estates retains the style and clear language that have kept generations of students engaged as they explore this intriguing field. Updates include coverage of electronic wills, new uniform act treatment of the parent-child relationship and unmarried cohabitants, directed trusts and trust protectors, and the uniform power of appointment act. Examples, charts, cross-references among similar concepts, and frameworks for analyzing problem areas all combine to give students the tools to deepen their understanding. Examples throughout the book demonstrate how trusts and estates doctrines affect real people.

Although the book is designed primarily as a student supplement, some teachers have used it successfully as the primary text, supplemented by statutory materials, for both the basic course and for more specialized courses. Practicing attorneys may also find it useful if they are new to the subject or have been away from it for some time.

Article: Book Review: A Better Understanding of Common Law Ownership of Trust Property and its Introduction in China Through Comparative Studies

Andrew Godwin recently published an article entitled, Book Review: A Better Understanding of Common Law Ownership of Trust Property and its Introduction in China Through Comparative Studies, Wills, Trusts, & Estates Law ejournal (2022).

Provided below is the abstract to the Article: 

Book review of: Ruiqiao Zhang, A Better Understanding of Common Law Ownership of Trust Property and its Introduction in China Through Comparative Studies. Guangzhou: World Publishing Guangdong Co Ltd, 2019

Hirsch & McGovern California Probate Code Annotated 2022 edition released

The 2022 edition of Adam J. Hirsch & William M. McGovern's California Probate Code Annotated was recently released. Here is a summary of this volume:

Hirsch & McGovern California Probate Code Annotated, 2022 ed. (California Desktop Codes) is your comprehensive resource for probate law and estate planning in California. It provides you with the complete text of the California Probate Code, related state and federal statutes, and rules of court regarding estate planning and probate.

This volume contains:

• Authoritative commentary, annotations, and analysis of leading cases
• Law Revision Commission editorial notes that provide additional guidance in the construction and application of particular sections
• References to Witkin’s Summary of California Law, 10th which direct you toward further research
• A table of Judicial Council forms to help you identify forms to be used in conjunction with the statutes and rules
• A table of cases illustrating the cases discussed in the author’s commentary
• A table of affected sections indicating recent modifications
• Underlining to indicate additions or changes in statutes
• Asterisks to indicate deletions.

New book: An Attorney’s Introductory Guide to the IRA Distribution Rules Under the Secure Act

Seymour Goldberg's new book, An Attorney’s Introductory Guide to the IRA Distribution Rules Under the Secure Act, is now available for purchase from the website of the New York County Lawyers Association. Here is a description of his book:

The Guide, written in clear, concise language with multiple examples, is designed to help attorneys advise their clients on the major changes the Secure Act made regarding retirement distribution rules.

Not only will the Guide assist attorneys in counseling their clients, but it will also help them with their own retirement planning!!!