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Tuesday, February 27, 2024

Notice From the Editor: December 2022

Over the previous yr, a lot media consideration has been given to the problem of wealth inequality in america and elsewhere. Some research have discovered that the COVID-19 pandemic has widened that wealth hole. In response to this perceived inequality, just a few elected officers have known as for a wealth tax on households with revenue above a sure stage. So it’s no shock that legislation evaluate journal articles at the moment are opining on this problem. Certainly, two of the articles reviewed in our Evaluate of Critiques Particular Report deal with the interaction between property planning and the disparity in wealth. In a single article reviewed by Patricia M. Angus, “How Ought to Inheritance Legislation Remediate Inequality?” p. 33, the creator asserts that trusts and estates ought to promote intergenerational financial mobility and advocates for a progressive inheritance legislation that redresses the present inequality. The opposite, reviewed by Thomas H. Norelli, “Dynasty 529 Plans and Structural Inequality,” p. 36, discusses the query of whether or not the foundations governing Inside Income Code Part 529 plans are structured in such a approach that the tax advantages aren’t equally accessible to people of all socioeconomic strata. The creator goes on to supply potential options to the shortage of equity.

Points relating to the distribution of wealth inside households may also trigger issues for fiduciaries, inflicting them to finish up in court docket. This month’s Property Litigation Committee Report addresses these issues. In “To Search a Courtroom’s Recommendation and Route, or To not Search, That’s the Query,” p. 42, Jay W. Freiberg and Yelena Rapoport cowl when and the way fiduciaries ought to search recommendation from a court docket earlier than taking sure actions on thorny belief points. And “Beneficiary Entry to Info,” p. 38, by Jeremy Mellitz, advises fiduciaries on the easiest way to keep away from litigation with regards to giving details about belief provisions to the beneficiaries.

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