Can incentive trusts encourage children to behave responsibly?

Article Abstract:

The authors evaluate the efficacy of incentive trusts for problem families. Common incentive provisions are covered, including the parent's general philosophy regarding the trust, deferred withdrawal dates for possession of a child's full inheritance, gainful employment provisions, and clauses discouraging specific behavior.

Analysis, Estate planning, Parent and child (Law)

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Judicial reformation of trusts - the drafting tool of last resort

Article Abstract:

The author discuss obsolete rules and procedures for judicial reformation of irrevocable trust provisions as guidance for trust construction.

Interpretation and construction, Judicial process, Revocable trusts

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Drafting for the marital deduction in light of the new family-owned business exclusion

Article Abstract:

Marital tax deduction formulae allowable under IRC 2033A and taking into account the family-owned business exclusion should always be included in estate plans. Deduction formulae allow drafters to make postmortem planning, and increase section 2033A tax planning benefits. To maximize the benefits, however, drafters should avoid drafting specific rules directing the conduct of the executors allowing the executors the flexibility to address future circumstances.

Methods, Planning, Taxation, Tax planning, Family-owned business enterprises, Family-owned businesses, Marital deduction

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