Contents

Contents

i
Cover Page
ii
Editorial Advisors
iii
Title Page
iv
Copyright Page
v
About Page
vii
Author
ix
Dedication Page
xiii
Table of Contents
xxvii
List of Illustrations
xxxiii
Preface
xxxvii
Acknowledgments
xliii
Half Title Page


1
Chapter 1 Introduction: Freedom of Disposition
2
A.
The Power to Transmit Property at Death
2
Lawrence M. Friedman Dead Hands: A Social History of Wills, Trusts, and Inheritance Law
3
1.
Freedom of Disposition and the Dead Hand
5
Shapira v. Union National Bank
16
2.
Justifying Freedom of Disposition
16
a.
The Donor’s Prerogative
16
Adam J. Hirsch & William K.S. Wang A Qualitative Theory of the Dead Hand
18
Daniel B. Kelly Restricting Testamentary Freedom: Ex Ante Versus Ex Post Justifications
20
b.
Concentrations of Wealth
21
Wojciech Kopczuk What Do We Know About the Evolution of Top Wealth Shares in the United States?
22
Edward N. Wolff A Century of Wealth in America
23
c.
Human, Cultural, and Social Capital
23
Stephen J. McNamee The Meritocracy Myth
26
d.
A Question of Tax Policy?
30
3.
From Feudalism to a Constitutional Right
34
4.
Posthumously Created Property Rights
34
Shaw Family Archives Ltd. v. CMG Worldwide, Inc.
41
B.
The Mechanics of Succession
41
1.
Probate and Nonprobate Property
42
2.
Probate Terminology
43
3.
What of Digital Assets?
46
4.
Probate Administration
46
a.
Opening Probate and Choice of Law
48
b.
Common Form and Solemn Form Probate
48
c.
Formal and Informal Probate
49
d.
Supervised and Unsupervised Administration
49
e.
Barring Creditors
50
f.
Closing the Estate
51
5.
Can Probate Be Avoided?
53
C.
Professional Responsibility
54
1.
Duties to Intended Beneficiaries
54
Simpson v. Calivas
59
2.
Joint Representation
59
A. v. B.
65
Chapter 2 Intestacy: An Estate Plan by Default
66
A.
An Estate Plan by Default
66
1.
Why Do So Many People Die Intestate?
67
2.
The Purpose of Intestacy Statutes
70
3.
Heirship and the Expectancy of an Heir Apparent
70
4.
Applicable Law and the Uniform Probate Code
72
Uniform Probate Code (Unif. Law Comm’n 1990, as amended 2021)
74
B.
The Structure of Intestate Succession
75
1.
Surviving Spouse
75
a.
The Spouse’s Share
77
b.
Unmarried Cohabiting Partners
79
c.
The Problem of Simultaneous Death
82
2.
Descendants
82
a.
Representation
86
b.
Representation in Wills and Trusts
86
3.
Ancestors, Collaterals, and Others
86
a.
Parents
87
b.
Other Ancestors and Collaterals
89
c.
Laughing Heirs
89
d.
Stepchildren and In-Laws
91
e.
“Half-Bloods”
91
f.
Escheat
92
4.
Disinheritance by Negative Will
92
C.
Transfers to Children
93
1.
Adopted Children
93
a.
Formal Adoption
93
Hall v. Vallandingham
96
b.
Adult Adoption
98
c.
Adoption and Wills and Trusts
99
Minary v. Citizens Fidelity Bank & Trust Co.
104
d.
Equitable Adoption and De Facto Parentage
104
O’Neal v. Wilkes
109
2.
Posthumous Children
110
3.
Nonmarital Children
112
4.
Reproductive Technology and New Forms of Parentage
113
a.
Posthumously Conceived Children
113
Woodward v. Commissioner of Social Security
120
b.
Posthumously Conceived Children and Wills and Trusts
121
c.
Surrogacy and Opposite-Sex Married Couples
122
d.
Assisted Reproduction and Same-Sex Couples
123
e.
The 2019 Uniform Probate Code
123
5.
Advancements and Hotchpot
123
a.
Advancements at Common Law
124
b.
Hotchpot
125
c.
Advancements in Modern Law
125
Uniform Probate Code (Unif. Law Comm’n 1990, as amended 2021)
126
6.
Guardianship and Conservatorship of Minors
126
a.
Guardian of the Person
127
b.
Property Management Options
129
D.
Bars to Succession
129
1.
The Slayer Rule
129
In re Estate of Mahoney
136
The Unworthy Heir
138
2.
Disclaimer
138
a.
From Common Law to Statutory Law
139
b.
Avoiding Taxes
140
c.
Avoiding Creditors
142
d.
Disclaimers to Qualify for Medicaid
143
Chapter 3 Wills: Formalities and Forms
144
A.
Execution of Wills
144
1.
Attested Wills
144
a.
The Core Formalities
146
Uniform Probate Code § 2-502
146
b.
The Functions of Formalities
147
John H. Langbein Substantial Compliance with the Wills Act
148
c.
The Strict Compliance Rule
151
The Meaning of “Presence”
153
“Presence” During the COVID-19 Pandemic
153
Matter of Ryan
155
The “Signature” Requirement
156
Bitetzakis v. Bitetzakis
163
d.
Interested Witnesses and Purging Statutes
164
e.
Model Execution Ceremony
166
Safeguarding a Will
167
f.
Ad Hoc Relief from Strict Compliance
167
In re Pavlinko’s Estate
170
In re Snide
174
g.
The Substantial Compliance Doctrine
175
The Unfulfilled Promise of Substantial Compliance
178
From Substantial Compliance to Harmless Error: Australia’s Natural Experiment
181
h.
The Harmless Error Rule
182
Uniform Probate Code § 2-503
183
In re Estate of Hall
187
In re Probate of Will and Codicil of Macool
194
i.
Electronic or Digital Wills
196
In re Estate of Horton
204
2.
Notarized Wills
204
Lawrence W. Waggoner The UPC Authorizes Notarized Wills
205
3.
Holographic Wills
206
a.
Discerning Testamentary Intent
206
Ashbel G. Gulliver & Catherine J. Tilson Classification of Gratuitous Transfers
206
In re Kimmel’s Estate
211
b.
Preprinted Will Forms
211
In re Estate of Gonzalez
215
c.
Signature and Handwriting
217
d.
Extrinsic Evidence
217
In re Estate of Kuralt
224
B.
Revocation of Wills
224
1.
Revocation by Writing or by Physical Act
225
Uniform Probate Code § 2-507
225
a.
Express and Implied Revocatory Writings
226
b.
Formality in Revocation by Writing or Physical Act
226
Thompson v. Royall
229
c.
Presumption of Physical Act Revocation
229
Harrison v. Bird
232
Lost Wills and the Presumption of Revocation
233
d.
Harmless Error in Revocation
233
In re Estate of Stoker
238
e.
Partial Revocation by Physical Act
239
2.
Dependent Relative Revocation
239
LaCroix v. Senecal
242
Restatement (Third) of Property: Wills and Other Donative Transfers (Am. Law Inst. 1999)
244
3.
Revival of Revoked Wills
245
Uniform Probate Code § 2-509
246
4.
Revocation by Operation of Law
246
a.
Divorce
246
Uniform Probate Code § 2-804
247
b.
Marriage
248
c.
Birth of Children
248
C.
Components of a Will
248
1.
Integration
248
In re Estate of Rigsby
251
2.
Republication by Codicil
252
3.
Incorporation by Reference
252
a.
Existing Writings
252
Uniform Probate Code § 2-510
252
Clark v. Greenhalge
259
b.
Subsequent Writings and Tangible Personal Property
259
Uniform Probate Code § 2-513
261
4.
Acts of Independent Significance
261
Uniform Probate Code § 2-512
262
D.
Contracts Relating to Wills
263
1.
Contracts to Make a Will
263
Uniform Probate Code § 2-514
264
2.
Contracts Not to Revoke a Will
264
Keith v. Lulofs
271
Chapter 4 Wills: Capacity and Contests
272
A.
Capacity to Make a Will
272
1.
Mental Capacity
273
In re Wright’s Estate
278
Wilson v. Lane
281
2.
Insane Delusion
282
In re Strittmater’s Estate
284
Breeden v. Stone
289
B.
Undue Influence
289
1.
What Is Undue Influence?
291
2.
Undue Influence in the Cases
291
In re Estate of Sharis
296
Presumptions and Burden Shifting in Undue Influence Cases
298
In re Will of Moses
304
Lipper v. Weslow
312
Bequests to Lawyers and Fiduciary Appointments
313
3.
Planning for and Avoiding a Will Contest
313
a.
Warning Signs
314
b.
Strategies
318
C.
Duress
318
Latham v. Father Divine
321
Interference with Inheritance, Restitution and Unjust Enrichment, and Constructive Trust
323
D.
Fraud
325
E.
Tortious Interference
326
Schilling v. Herrera
333
Chapter 5 Wills: Construction
334
A.
Mistaken or Ambiguous Language in Wills
334
1.
Plain Meaning and No Reformation
334
Mahoney v. Grainger
337
In re Estate of Cole
343
2.
Ad Hoc Relief for Mistaken Terms
343
Arnheiter v. Arnheiter
345
In re Gibbs’ Estate
349
3.
Openly Reforming Wills for Mistake
349
Uniform Probate Code (Unif. Law Comm’n 2008, as amended 2010)
350
In re Estate of Duke
359
B.
Death of Beneficiary Before Death of Testator
359
1.
Lapsed and Void Devises
360
In re Estate of Russell
365
2.
Antilapse Statutes
365
Uniform Probate Code (Unif. Law Comm’n 1969)
365
a.
Presumed Intent
366
b.
Scope
367
c.
Default Rules
368
d.
Words of Survivorship
370
Ruotolo v. Tietjen
377
3.
Class Gifts
377
a.
What Is a Class?
377
Restatement (Third) of Property: Wills and Other Donative Transfers §§ 13.1, 13.2
378
Dawson v. Yucus
381
b.
Application of Antilapse Statutes to Class Gifts
382
4.
Summary Diagram
382
C.
Changes in Property After Execution of Will
383
1.
Ademption by Extinction
383
In re Estate of Anton
390
Uniform Probate Code § 2-606
391
2.
Stock Splits and the Problem of Increase
392
3.
Satisfaction of General Pecuniary Bequests
392
4.
Exoneration of Liens
393
5.
Abatement
395
Chapter 6 Trusts: Characteristics and Creation
396
A.
The Trust in American Law
396
1.
Origins of the Trust
397
2.
Sources of Law
401
3.
Vocabulary, Typology, and Illustrative Uses
404
4.
Bifurcation of Ownership
407
5.
A Trust Compared with a Legal Life Estate
407
a.
Legal Life Estate
408
b.
Equitable Life Estate—A Trust
409
6.
Business Trusts
410
7.
Foreign Trust Law
411
B.
Creation of a Trust
411
1.
Intent to Create a Trust
411
a.
Testamentary Trust
413
b.
Deed of Trust
414
Jimenez v. Lee
418
c.
Declaration of Trust
419
Hebrew University Ass’n v. Nye (1961)
422
Hebrew University Ass’n v. Nye (1966)
424
2.
Trust Property
424
Unthank v. Rippstein
428
3.
Ascertainable Beneficiaries
428
a.
The Beneficiary Principle
428
Clark v. Campbell
432
b.
Pet and Other Noncharitable Purpose Trusts
433
In re Searight’s Estate
439
4.
A Written Instrument?
439
a.
Oral Inter Vivos Trusts of Personal Property
439
Uniform Trust Code § 407
439
In re Estate of Fournier
443
b.
Secret Testamentary Trusts and the Wills Act
443
Olliffe v. Wells
446
c.
Oral Inter Vivos Trusts of Land and the Statute of Frauds
449
Chapter 7 Nonprobate Transfers and Planning for Incapacity
450
A.
The Rise of Nonprobate Succession
450
John H. Langbein Major Reforms of the Property Restatement and the Uniform Probate Code: Reformation, Harmless Error, and Nonprobate Transfers
454
B.
Revocable Trusts
454
1.
The Wills Act and a Present Transfer
456
2.
Abandoning the Present Transfer Fiction
457
Uniform Trust Code § 603
457
Fulp v. Gilliland
463
3.
Revoking or Amending a Revocable Trust
463
Uniform Trust Code § 602
464
Patterson v. Patterson
469
4.
The Subsidiary Law of Wills
469
State Street Bank and Trust Co. v. Reiser
472
Clymer v. Mayo
475
5.
Revocable Trusts in Contemporary Practice
475
a.
The Pour-Over Will
476
b.
Deathtime Considerations
479
c.
Lifetime Considerations
480
C.
The Other Will Substitutes
480
1.
Life Insurance
482
Cook v. Equitable Life Assurance Society
487
2.
Pension and Retirement Plans
487
a.
Tax-Advantaged Saving and Investment
488
b.
Types of Pension and Retirement Plans
489
c.
Succession Issues for Pension and Retirement Accounts
490
Nunnenman v. Estate of Grubbs
494
Egelhoff v. Egelhoff
500
3.
Pay-on-Death (POD) and Transfer-on-Death (TOD) Contracts
500
Uniform Probate Code § 6-101
502
Multiple-Party Bank and Brokerage Accounts
502
Varela v. Bernachea
505
4.
Nonprobate Transfer of Real Property
507
D.
Planning for Incapacity
507
1.
Property Management
507
a.
Conservatorship
509
b.
Revocable Trust
511
c.
Durable Power of Attorney
514
In re Estate of Kurrelmeyer
521
2.
Health Care
521
a.
Default Law
521
b.
Advance Directives
523
c.
Physician Aid in Dying
524
3.
Disposition of the Body
524
a.
Post-Mortem Remains
525
b.
Organ Donation
529
Chapter 8 Limits on Freedom of Disposition: Protection of the Spouse and Children
530
A.
Protection of the Surviving Spouse
530
1.
The Elective Share of a Separate Property Surviving Spouse
530
a.
Separate Property or Community Property?
532
b.
Economic Partnership or Support Obligation?
534
Uniform Probate Code Article II, Part 2, General Comment
535
c.
Unmarried Cohabiting Partners
536
d.
Variation Across the States
538
e.
Nonprobate Property
539
Sullivan v. Burkin
545
In re Estate of Myers
551
f.
The Uniform Probate Code
555
g.
Waiver by Premarital or Postnuptial Agreement
557
>Uniform Probate Code § 2-213
559
Reece v. Elliott
564
2.
Community Property
564
a.
The Spread of the Community Property System
567
b.
Management and Disposition of Community Property
569
3.
Migrating Couples and Multistate Property Holdings
569
a.
Moving from Separate Property to Community Property
571
b.
Moving from Community Property to Separate Property
572
4.
Miscellaneous Additional Rights
572
a.
Social Security
573
b.
Pension and Retirement Accounts
574
c.
Homestead
574
d.
Personal Property Set-Aside
575
e.
Family Allowance
575
f.
Dower and Curtesy
576
B.
Intentional Omission of a Child
576
1.
American Law
578
2.
The Family Maintenance System of the Commonwealth
578
Lambeff v. Farmers Co-operative Executors & Trustees Ltd.
582
C.
Protection Against Unintentional Omission
582
1.
Spouse Omitted from Premarital Will
583
Uniform Probate Code § 2-301
583
In re Estate of Prestie
586
2.
Unintentional Disinheritance of a Child
587
Uniform Probate Code § 2-302
588
Gray v. Gray
595
In re Estate of Jackson
599
Chapter 9 Trusts: Fiduciary Administration
600
A.
From Limited Powers to Fiduciary Administration
600
1.
From Conveyance to Management
600
John H. Langbein Rise of the Management Trust
603
2.
Trustees’ Powers
605
3.
Fiduciary Governance
605
Robert H. Sitkoff Trust Law as Fiduciary Governance Plus Asset Partitioning
608
B.
The Duty of Loyalty
608
Hartman v. Hartle
609
In re Gleeson’s Will
614
In re Rothko
622
C.
The Duty of Prudence
623
1.
The Distribution Function
623
a.
Discretionary Distributions
623
Marsman v. Nasca
630
b.
Sole, Absolute, or Uncontrolled Discretion
632
c.
Exculpation Clauses
634
d.
Mandatory Arbitration
635
2.
The Investment Function
635
a.
From Legal Lists to the Prudent Investor Rule
636
Uniform Prudent Investor Act §§ 1, 2, 3, 4
637
Max M. Schanzenbach & Robert H. Sitkoff The Prudent Investor Rule and Market Risk: An Empirical Analysis
644
b.
Applying the Prudent Investor Rule
644
In re Estate of Janes
655
Compensatory Damages for Imprudent Investment
660
3.
The Custodial and Administrative Functions
660
a.
Duty to Collect and Protect Trust Property
661
b.
Duty to Earmark Trust Property
662
c.
Duty Not to Mingle Trust Property with the Trustee’s Own Property
662
d.
Duty to Keep Adequate Records of Administration
663
e.
Duty to Bring and Defend Claims
663
4.
Trustee Selection and Divided Trusteeship
664
a.
Choosing a Trustee
665
b.
Delegation by a Trustee
666
Uniform Trust Code § 807
667
c.
Division by a Settlor
672
d.
Private Trust Company
673
D.
The Duty of Impartiality
673
1.
Due Regard and the Terms of the Trust
675
2.
The Principal and Income Problem
677
In re Heller
680
E.
The Duty to Inform and Account
681
Uniform Trust Code § 813
681
1.
Responding to a Request for Information
682
>Uniform Trust Code § 105
682
Wilson v. Wilson
688
2.
Affirmative Disclosure
688
Allard v. Pacific National Bank
692
3.
Accountings, Beneficiary Authorization, and Repose
692
a.
Judicial Accountings
692
National Academy of Sciences v. Cambridge Trust Co.
697
b.
Informal Accountings
698
c.
Accounting to a Representative Beneficiary
699
d.
Beneficiary Authorization: Consent or Release
701
Chapter 10 Trusts: Alienation and Modification
702
A.
Alienation of the Beneficial Interest
702
1.
Discretionary Trusts
703
a.
Pure Discretionary Trust
706
b.
Support Trust
707
c.
Discretionary Support Trust
707
d.
Collapsing the Categories
708
Uniform Trust Code § 504
709
e.
Protective Trusts
709
2.
Spendthrift Trusts
712
Uniform Trust Code § 502, 503
713
Scheffel v. Krueger
717
3.
Self-Settled Asset Protection Trusts
721
Huber v. Huber
729
4.
Trusts for the State Supported
729
a.
Self-Settled Trusts
730
b.
Trusts Created by Third Parties
732
B.
Modification and Termination
732
1.
Consent of the Beneficiaries
732
a.
English Law
733
b.
The Claflin Doctrine
734
In re Estate of Brown
737
c.
The UTC and the Restatement (Third) of Trusts
737
Uniform Trust Code § 411
739
d.
Nonjudicial Settlement Agreements
739
2.
Deviation and Changed Circumstances
739
a.
Traditional Law
741
b.
Extension to Dispositive Provisions
741
Uniform Trust Code § 412
742
In re Riddell
747
c.
Tax Objectives
747
3.
Trust Decanting
750
Hodges v. Johnson
758
C.
Trustee Removal
759
Uniform Trust Code § 706
759
Davis v. U.S. Bank National Association
767
Chapter 11 Trusts: Charitable Purposes, Cy Pres, and Supervision
768
A.
Charitable Purposes
768
Shenandoah Valley National Bank v. Taylor
776
B.
Cy Pres and Deviation
776
1.
Cy Pres
776
a.
Illegal, Impossible, or Impracticable
776
In re Neher’s Will
780
b.
Wasteful
781
San Francisco Chronicle: The Buck Trust
784
2.
Deviation
785
Philadelphia Story: The Barnes Foundation
788
3.
Discriminatory Trusts
790
C.
Enforcement of Charitable Trusts
790
1.
Traditional Law
791
2.
Settlor Standing
792
Smithers v. St. Luke’s-Roosevelt Hospital Center
800
3.
Local Politics
801
The Sweetest Place on Earth: Hershey’s Kiss-Off
807
4.
Persons with a Special Interest in the Trust
808
5.
Federal Supervision
808
Hawaii Journal: The Bishop Estate
817
Chapter 12 Trusts: Powers of Appointment
818
A.
Purposes, Terminology, and Types of Powers
818
1.
Terminology and Relationships
818
a.
The Parties
819
b.
Creation
819
c.
General and Nongeneral Powers
820
d.
Time and Manner of Exercise
821
e.
Ownership Equivalence
821
f.
A Fiduciary Power of Appointment?
822
2.
Tax Considerations
822
a.
General and Nongeneral Powers
824
b.
Flexibility Without Estate Tax Liability
825
3.
Creditor Rights
826
Irwin Union Bank & Trust Co. v. Long
830
B.
Exercise of a Power of Appointment
830
1.
Manifestation of Intent
832
2.
Formal Requirements Imposed by the Donor
832
a.
The Nature of the Instrument
834
b.
Specific Reference Requirement
834
Uniform Probate Code § 2-704
834
Cessac v. Stevens
838
3.
Permissible Exercise of the Power
839
a.
Appointment to an Object
839
Timmons v. Ingrahm
844
b.
Appointment in Further Trust
844
Brown v. Miller
847
c.
Creation of a New Power of Appointment
848
d.
Exclusive and Nonexclusive Powers
849
e.
Salvage Doctrines: Allocation and Capture
850
4.
Disclaimer, Release, and Contract
852
C.
Failure to Exercise a Power of Appointment
852
1.
General Power
852
Uniform Powers of Appointment Act § 310
852
2.
Nongeneral Power
853
Uniform Powers of Appointment Act § 311
855
Chapter 13 Trusts: Construction and Future Interests
856
A.
Future Interests
856
1.
Classification
857
2.
Future Interests in the Transferor
857
a.
Reversion
858
b.
Possibility of Reverter
858
c.
Right of Entry
858
3.
Future Interests in Transferees
858
a.
Remainders
861
b.
Executory Interests
863
4.
Future Interests Reform
865
B.
Construction of Trust Instruments
865
1.
Preference for Vested Interests
866
a.
Acceleration into Possession
868
b.
Transferability
869
c.
Requiring Survival to Time of Possession
870
Tait v. Community First Trust Co.
874
Clobberie’s Case
880
2.
Gifts to Classes
880
a.
Gifts of Income
880
Dewire v. Haveles
885
b.
Gifts to Children, Issue, or Descendants
887
c.
Gifts to Heirs
887
Estate of Woodworth
893
d.
The Rule of Convenience
897
Chapter 14 The Rule Against Perpetuities and Trust Duration
898
A.
The Common Law Rule
898
1.
History
898
a.
Predicates to the Rule
899
b.
The Duke of Norfolk’s Case
900
c.
Toward Lives in Being Plus 21 Years
901
2.
The Policy Against Remote Vesting
901
a.
The Modern Purposes of the Rule
903
b.
Why “Lives in Being Plus 21 Years”?
904
c.
The Rule and Trust Duration
904
3.
A Rule of Logical Proof
904
a.
Some Life in Being
905
b.
When the Lives in Being Are Ascertained
906
4.
What Might Happen and the Fantastical Characters
907
a.
The Fertile Octogenarian
908
b.
The Unborn Widow
909
c.
The Slothful Executor
910
d.
The Magic Gravel Pit and Other Marvels
910
B.
Perpetuities Reform
910
1.
Saving Clauses
912
2.
Reformation (or Cy Pres)
913
3.
Wait-and-See
916
4.
Abolition of the Rule Against Perpetuities
916
Robert H. Sitkoff & Max M. Schanzenbach Jurisdictional Competition for Trust Funds: An Empirical Analysis of Perpetuities and Taxes
920
Lawrence W. Waggoner From Here to Eternity: The Folly of Perpetual Trusts
921
Jesse Dukeminier & James E. Krier The Rise of the Perpetual Trust
924
5.
The Restatement (Third) of Property
925
Restatement (Third) of Property: Wills and Other Donative Transfers § 27.1
926
C.
Application of the Rule to Class Gifts and Powers of Appointment
926
1.
Class Gifts
926
a.
The All-or-Nothing Rule
928
b.
Exceptions to the All-or-Nothing Rule
929
2.
Powers of Appointment
929
a.
General Powers Presently Exercisable
929
b.
General Testamentary Powers and Nongeneral Powers
931
c.
The Delaware Tax Trap
932
D.
Other Durational Limits
932
1.
The Rule Against Suspension of the Power of Alienation
934
2.
The Rule Against Accumulations of Income
939
Chapter 15 Wealth Transfer Taxation
940
A.
The Federal Gift Tax
940
1.
Taxable Gifts
940
a.
Inadequate Consideration in Money’s Worth
941
b.
Completion
942
c.
Joint Tenancy
943
d.
Income Tax Basis
943
e.
Liability for Gift and Estate Taxes
944
2.
The Annual Exclusion
948
3.
The Marital Deduction and Gift Splitting
948
B.
The Federal Estate Tax
948
1.
A Thumbnail Sketch
951
2.
The Gross Estate
951
a.
The Probate Estate
951
b.
Joint Tenancy
952
c.
Annuities and Employee Death Benefits
952
d.
Life Insurance
954
e.
Retained Rights or Powers
955
Estate of Maxwell v. Commissioner
960
Old Colony Trust Co. v. United States
963
Family Limited Partnerships
965
f.
Revocable Transfers
966
g.
Transfers Within Three Years of Death
968
h.
Powers of Appointment
969
Estate of Vissering v. Commissioner
972
3.
Deductions
972
a.
The Marital Deduction
979
b.
The Charitable Deduction
981
C.
The Generation-Skipping Transfer Tax
981
1.
The Nature of the Tax
981
a.
A Taxable Generation-Skipping Transfer
983
b.
When GST Tax Must Be Paid
984
2.
Exemption and Exclusions
985
D.
State Estate and Inheritance Taxes
986
E.
Income Taxation of Grantor Trusts
989
Table of Cases
1001
Author Index
1009
Index
Test footnote please ignore