Elaine Hightower Gagliardi
Jorgensen Application of Bona Fide Sale for Adequate Consideration Exception to IRC Section 2036

In Estate of Jorgensen v. Commissioner , T.C. Memo. 2009-66 , the Tax Court included family limited partnership (FLP) assets in the decedent transferor’s gross estate pursuant to I.R.C. Section 2036 . The decedent, Ms. Jorgensen, survived her husband...

Alice Magdziak
Michael Jackson Estate May Bring Many Questions to Estate Planning Attorneys’ Offices

Subscribers can access the cited treatises and cases on www.lexis.com . Treatises may also be purchased at the LexisNexis Bookstore. It’s not everyday that a guardianship case involves stars like Michael Jackson, his mother and sister, Katherine...

Professor David M. English
Uniform Real Property TOD Act Approved

On July 15, the Uniform Law Commissioners approved a Uniform Real Property Transfer on Death Act. The final texts of uniform acts are posted on the Commission’s website, www.nccusl.org. Under a TOD deed, the owner of the real estate signs and...

Michael T. Flannery
Professor Michael T. Flannery on Adult Adoption

In this commentary, Professor Michael T. Flannery of the University of Arkansas Law School writes on the variety of reasons why an adult client may wish to adopt another adult (or be adopted as an adult). Two examples are to formalize an existing parent...

David R. Schoenhaar
Where’s the Income Distribution?

In today’s economy, income beneficiaries are suffering because the income distributions they relied on have diminished significantly. The prudent approach in drafting a trust that seeks to maintain an income beneficiary’s standard of living...

Peter K. Kelly
Advance Payment of Executor’s Commissions without Court Order

It has long been well settled law that commissions are not ordinarily payable until the Court issues a Decree settling the fiduciary’s account (see, SCPA 2307 (1), 2308 (1) and 2309(1); Matter of Worthington 141 N.Y. 9 [1894] ; Matter of Moro ,...