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T&E Notes - Schwartz - Fall 2008 - 170 Pages -abridged

T&E Notes - Schwartz - Fall 2008 - 170 Pages...

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Trusts & Estates 19/11/2009 22:39:00 Contents By Textbook Chapter, Section Chapter 4: Wills: Formalities and Forms ..................................................... 25 Chapter 5: Nonprobate Transfers and Planning for Incapacity .................. 98 Chapter 6: Construction of Wills .................................................................. 112 Chapter 8: Trusts: Creation and Characteristics ......................................... 132 Chapter 13: Trust Administration: The Fiduciary Obligation ...................... 173 Cases by Page McCarthy ..................................................................................................... 58 Simon v. Grason ........................................................................................ 76 In re Cohen’s Estate .................................................................................. 87 Cook v. Equitable Life Insurance ............................................................... 107 Dawson v. Yucus ........................................................................................ 115 In Re Morse .............................................................................................. 117 Unthank v. Ripstein ..................................................................................... 140 In re Searight’s Estate .............................................................................. 146 Fletcher v. Fletcher ..................................................................................... 184 Page 1 of 198
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Index acts of independent significance ................ 76 ademption ........ 125, 126, 127, 128, 134, 135 All or nothing rule ...................................... 122 class gift ............ 110, 116, 117, 118, 119, 120 contract to will ...................................... 84, 95 elective share .... 70, 85, 86, 90, 94, 96, 103 incorporation by reference 35, 73, 74, 75, 76, 78, 79, 80, 82 pourover ............ 9, 79, 80, 83, 101, 106, 125 Pourover ...................................................... 80 Rule Against Perpetuities ............ 12, 120, 160 rule of convenience ......................... 118, 119 second ...................................................... 122 Supervening impracticability ......................... 97 UTATA .................................................. 80, 81 Key Terms by Page Personal Residence Trust ........................................................................... 15 CRUT (charitable remainder uni-trust) ........................................................ 17 CLAT (charitable lead annuity trust) ............................................................ 18 Present interest trust .................................................................................. 18 Crummy / extra-crummy trust .................................................................. 19 Life insurance / life insurance trust ............................................................ 21 Power of attorney ........................................................................................ 23 Private annuity ........................................................................................... 24 Limited liability company (LLC) .................................................................. 25 Class Gifts ................................................................................................. 115 Page 2 of 198
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8/26/08 1. Will 2. Irrevocable inter-vivos gifts 3. Revocable trust 4. Irrevocable trust - conventional 5. Irrevocable trust – special kinds (a) GRAT-GRUT (b) CRAT-CRUT-CLAT (c) Present interest trust 6. Life insurance – life insurance trust 7. Joint ownership 8. Limited liability company 9. Private annuity 10. Power of attorney Industrial National Bank (Rhode Island) Person drafted a will around 1900, and then in the middle of the century that will was declared null and void, and certain beneficiaries didn’t get their justifiable expectancies, primarily because the draftsperson didn’t do it properly. One of the key tools that is used in modern commerce today is securitization . For example, a bank will take a portfolio of loans (assume a bank has a lot of individual borrowers money, money secured by mortgages) and will then try to sell the portfolio in the open market. Bank may transfer loans to trust, then sell beneficial interest in trust to a newly formed corporation, which will issue marketable bonds which can then be sold to the public. Has the affect that the lender can convert the asset that it owns from a mortgage to a marketable bond which can then be sold to the public immediately, and the lender gets its money back immediately and isn’t at risk of the loans failing (one of the problems of the sub-prime mortgage area). Point: Banks are now using trusts as vehicles in commercial transactions (not for private families). Lawyer then proceeds to show them how it can be done. Example: Bankruptcy at St. Vincent's Hospital (and affiliates), now in the process of reorganizing in the bankruptcy proceeding, but a trust has to be utilized. One of the things happening is that there may be claims against St. Vincent’s for medical malpractice, so part of reorganization scheme is that St. Vincent’s agrees to establish
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