Charles E. Rounds, Jr. – Suffolk University Law School

The Crummey trust: Keeping both the IRS and the creditors at bay is taking some fancy footwork

Since Crummey v. Commissioner was decided in 1968, the IRS has been making life difficult for the settlors of Crummey trusts. Only recently the parties again skirmished, this time over whether an in terrorem clause in the…more
| Administrative Law, Civil Remedies, Insurance, Taxation, Wills, Trusts, & Estate Planning

Why trustees need to know something about will residue clauses

The Anglo-American trust is an invention of the judiciary, specifically the English Court of Chancery. The will, a testamentary instrument, on the other hand, is a creature of statute. The testamentary trust is a product of the…more
| Business Organizations, Conflict of Laws, Family Law, Taxation, Wills, Trusts, & Estate Planning

Trust Law’s Material Purpose Doctrine, the Traditional Protector of Settlor-Intent is Under Attack: The TEDRA Factor

In recent years, reformers of trust law have been hard at work defanging the plain meaning rule, primarily by liberalizing the doctrines of reformation and deviation. The rule is discussed generally in §8.15.6 of Loring and…more
| Conflict of Laws, Family Law, Real Estate - Residential, Wills, Trusts, & Estate Planning, Real Estate - Commercial

Does the trustee who socially invests entrusted funds breach his/her/its fiduciary duty of undivided loyalty, absent express authority to do so in the trust’s terms?

On February 8, 2015, The University of California Student Association [which purports to represent all 240,000 students enrolled in the UC system’s 10 campuses] passed [9-1-5] the following resolution, which, in part, calls upon…more
| Education, Family Law, Finance & Banking, Nonprofit Law, Wills, Trusts, & Estate Planning

The Massachusetts Uniform Trust Code: Context, Content, and Critique

The law review article "The Massachusetts Uniform Trust Code: Context, Content and Critique," 96 Mass. L. Rev. 27 (2014), co-authored by Courtney J. Maloney and Charles E. Rounds, Jr., contains a detailed discussion of the…more
| Business Organizations, Civil Remedies, Family Law, Insurance, Wills, Trusts, & Estate Planning

The liability of a trustee who honors a fraudulent exercise of a power of appointment

A trustee who transfers trust property to a permissible appointee for the benefit of an impermissible appointee such that the fraud on a special power doctrine is implicated incurs no liability as a consequence, unless the…more
| Civil Procedure, Civil Remedies, Family Law, Taxation, Wills, Trusts, & Estate Planning

Guarding against a Trust's Destruction by Merger

A trust is not a trust if the “trustee” alone holds legal title to the subject property and alone possesses the entire beneficial/equitable interest. Instead, he owns the subject property outright and free of trust, all…more
| Administrative Law, Art, Entertainment, & Sports Law, Criminal Law, Family Law, Wills, Trusts, & Estate Planning

Neither the non-charitable corporation, itself, nor its directors hold the corporate assets in trust, absent special facts.

A charitable corporation is more a trust than a corporation, a topic that is taken up in an earlier posting on this site. See http://www.jdsupra.com/legalnews/the-charitable-corporation-a-trust-in-d-90654/. In the case of a…more
| Bankruptcy, Business Organizations, Nonprofit Law, Real Estate - Commercial, Wills, Trusts, & Estate Planning

Is a human corpse property that can be made the subject of a trust?

While a pet may be put into a trust, its human owner may not be. Nor under traditional principles of property and trust law may the corpse of a deceased human being be made the subject of a trust. Charles E. Rounds, Jr.,…more
| Constitutional Law, Family Law, Privacy, Health, Wills, Trusts, & Estate Planning

The fiduciary exception to the attorney-client privilege: A recent development

In a suit by the beneficiary against the trustee, is the trustee entitled to assert the attorney-client privilege against the beneficiary, or is there a fiduciary exception to the attorney-client privilege? As to communications…more
| Administrative Law, Privacy, Professional Malpractice, Taxation, Wills, Trusts, & Estate Planning

The enforceability of a trust accounting clause’s failure-to-object provision (the non-judicial settlement of trustees’ accounts)

It is common for the accounting clause of an inter vivos trust instrument to contain a provision along the lines of the following: “The written approval of such an account by the person or persons thus entitled to such account…more
| Alternative Dispute Resolution (ADR), Civil Procedure, Consumer Protection, Professional Malpractice, Wills, Trusts, & Estate Planning

Does the settlor of a trust have standing to seek its enforcement in the courts?

As a general rule, any beneficiary of a trust would have standing to seek its enforcement in the courts. The Restatement (Third) of Trusts is sending mixed signals as to whether the settlor of a trust, qua settlor, would have…more
| Civil Procedure, Civil Remedies, Family Law, Taxation, Wills, Trusts, & Estate Planning

The confusion being engendered by the Uniform Trust Code’s default trust-revocation methodologies (§ 602(c)).

In the pre-Uniform Trust Code UTC), unless the terms of a revocable inter vivos trust provided otherwise, the trust could not have been revoked by the settlor’s will. A will speaks at the time of the testator’s death, an event…more
| Family Law, Professional Malpractice, Securities Law, Taxation, Wills, Trusts, & Estate Planning

Is a quiet (silent) trust illusory?

Is a quiet or silent trust illusory? The question is intentionally ambiguous. Is the question whether the trust itself is illusory, or just its quietness? A quiet or silent trust has been defined as “an irrevocable trust that,…more
| Business Organizations, Family Law, Insurance, Taxation, Wills, Trusts, & Estate Planning

Could it be that the Uniform Trust Code would effectively immunize the trustee of a revocable inter vivos trust from liability for his breaches of trust?

Section 603 of the Uniform Trust Code provides that while a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries, such as the equitable remaindermen, are subject to the control of, and…more
| Civil Procedure, Civil Remedies, Family Law, Wills, Trusts, & Estate Planning, Nonprofit Law
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