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Rule Against Perpetuities

Conyers

Disapplication of the Rule Against Perpetuities Takes Effect in the Cayman Islands

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The Perpetuities (Amendment) Act, 2024 (the “Act”) has taken effect in the Cayman Islands, providing for the disapplication of the rule against perpetuities for Cayman Islands ordinary trusts. This legislative development...more

Walkers

Cayman Abolishes Rule Against Perpetuities

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Previously, ordinary trusts established under Cayman Islands law were subject to the rule against perpetuities. This means such trusts were required to vest within a perpetuity period of 150 years, at which point the trust...more

Polsinelli

Easement Fund Victory on Perpetuity Will Result in More Attention on Valuation

Polsinelli on

In the latest victory for taxpayers, the Tax Court determined that the Treasury failed to follow federal law in enacting a conservation easement perpetuity rule known as the “proceeds regulation.” The majority opinion held...more

Charles E. Rounds, Jr. - Suffolk University...

Incorporating into a trust instrument a nonjudicial mechanism for effectuating on an ongoing basis the wishes of the deceased...

There is much to commend in O’Brien, Proposing a Model Antilapse Clause, 48 ACTEC L. J. 257 (2023), particularly its flagging of the doctrinal and practical flaws in Uniform Probate Code §2-707, which would apply the...more

Sullivan & Worcester

LePage v. Mobile Infirmary Association: Alabama Wrongful Death of a Minor Statute Applies to Cryogenically Preserved Embryos

Sullivan & Worcester on

Carole M. Bass and Cara Koss co-authored this article. The authors have long raised as an issue the impact personhood legislation could have on assisted reproduction and, by extension, on estate and trust administration...more

Sheppard Mullin Richter & Hampton LLP

ChatUSG: What Companies Doing Business with the Government Need to Know About Artificial Intelligence

While you were asking ChatGPT to create a 3-course menu for the upcoming book club you’re hosting or to explain the Rule Against Perpetuities, several federal government agencies announced initiatives related to the use of...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and "Early Terminations"

Despite the Rule Against Perpetuities (which basically says a trust can’t go on forever) being repealed in many states, most trusts, as a practical matter, don’t go on forever. In an ideal scenario, the terms of the trust...more

Rivkin Radler LLP

Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone

Rivkin Radler LLP on

“Déjà vu All Over Again”- The White House last week released the President’s Budget for the Fiscal Year 2023. The Budget is ambitious, but its “investments,” we are told, “are more than paid for with tax reforms focused on...more

Winstead PC

Fiduciary Litigation Update 2020-2021 - Presentation

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David Johnson presented his paper entitled “Fiduciary Litigation Update 2020-2021” to the Texas Bankers Association’s Wealth Management & Trust Conference on September 30, 2021. This presentation covered recent statutory...more

Gray Reed

Texas Court Addresses Anti-Washout Clause and Rule Against Perpetuities

Gray Reed on

Yowell v. Granite Op. Co. and Apache Corp. v. Peyton Royalties, L.P. is another Rule Against Perpetuities case. Keep reading. The anti-washout protection for your reserved overriding royalty could be at risk....more

Cadwalader, Wickersham & Taft LLP

The New Normal? June 2021 - Make Me a Right of Refusal I Can't Refuse

The New York State rule against perpetuities is based on the common law rule and provides that “no estate in property shall be valid unless it must vest, if at all, not later than twenty-one years after one or more lives in...more

Winstead PC

Texas Legislature Extends The Rule Against Perpetuities To 300 Years For Trusts

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The Texas Legislatures recently passed a bill that takes effect on September 1, 2021 that extends the rule against perpetuities to 300 years for trusts. The Legislature forwarded the bill (HB 654) to the governor on May 20,...more

Conyers

Private Client Bulletin - April 2021

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Welcome to the fourth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia....more

Conyers

It’s About Time: Bermuda’s Approach to the Rule against Perpetuities

Conyers on

Disapplying the perpetuity period of a trust can allow deceased settlors to extend their influence down many future generations, almost indefinitely. However, the hand of the deceased settlor can be seen as benign and...more

Freeman Law

Conservation Easement Deductions: A Primer on Key Provisions

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The IRS has been focused on enforcement efforts targeting conservation easement transactions.  And IRS data indicates that more enforcement efforts lie ahead.  The Senate Finance Committee, which has been engaged in a...more

Winstead PC

Texas Supreme Court Held That The Reformation Statute For The Rule Against Perpetuities Could Apply To An Instrument Created By A...

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In Yowell v. Granite Operating Co., the Texas Supreme Court reviewed the validity of an interest in a mineral lease regarding the rule against perpetuities (“Rule”). No. 18-0841, 2020 Tex. LEXIS 425 (Tex. May 15, 2020)....more

Womble Bond Dickinson

WIPEOUT!: Common Language in “Anti-Washout” Provision Violates the Rule Against Perpetuities

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In Yowell v. Granite Operating Co . 557 S.W.3d 794 (Tex. App.—Amarillo 2018, pet. granted), the Texas Court of Appeals for the Seventh District in Amarillo affirmed the trial court’s determination that an “anti-washout”...more

Goulston & Storrs PC

Probate and Fiduciary Litigation Newsletter – October 2018

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Our first newsletter of the fall summarizes four recent cases of note, including a Massachusetts Appeals Court victory for clients of Goulston & Storrs who successfully defeated an action seeking to remove them as trustees....more

Gray Reed

Anti-Washout Clause Defeated by the Rule Against Perpetuities

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Is an overriding royalty interest lasting beyond the term of a lease-now-in-effect impossible to create? You saw the recent Texas Supreme Court opinion invalidating an anti-washout clause in TRO-X v. Anadarko Petroleum Corp....more

Arnall Golden Gregory LLP

Important Legislative Changes Relevant to Georgia Clients

The 2017–18 Georgia legislative session brought numerous changes, including several significant amendments to the Georgia Trust Code and other trust laws. These new changes take effect on July 1, 2018. Below are some of the...more

Gray Reed

NPRI Reservation Survives Rule Against Perpetuities

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Recall the Battle of the Bastards: The heroic Lady Sansa and the duplicitous Lord Baelish gallop over the hill to save the foolish Jon Snow from the heinous Ramsey Bolton. In similar fashion, but without the malnourished...more

Winstead PC

Court Holds That Trust Did Not Violate The Rule Against Perpetuities and That A Beneficiary’s Assignment Of Interests Violated A...

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In Bradley v. Shaffer, family members placed mineral interests they inherited into the trust. No. 11-15-00247-CV, 2017 Tex. App. LEXIS 11154 (Tex. App.—Eastland November 30, 2017, no pet.). ...more

Gray Reed

Opinions to Expect From the Texas Supreme Court

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The Texas Supreme Court recently heard oral argument in three intriguing oil and gas cases. Here’s what you need to know about two of them (We’ll address the third case soon)....more

Gray Reed

Mineral Conveyance Thwarted by a Spendthrift Provision

Gray Reed on

In Bradley v. Shaffer, Darrell, a beneficiary of a mineral trust established by his grandparents, purported to convey to Bradley his mineral interests that were subject to the trust and any interest held in trust that he...more

Gray Reed

Production-in-Paying-Quantities Analysis Confirmed

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In BP America v. Laddex, Ltd. the Texas Supreme Court affirmed that in a lease termination case the trial court cannot limit the jury’s consideration of production in paying quantities to an arbitrary time period. The court...more

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