CARDOZO LAW REVIEW

CARDOZO LAW REVIEW VOLUME19 THE PENNSYLVANIA RULE: MURKY WATERS REVISITED Michael Ben-Jacob Reprint Copyright © 1998 by Yeshiva University All rights reserved MAY1998 NUMBERS NOTES THE PENNSYLVANIA RULE: MURKY WATERS REVISITED INTRODUCTION For over 120 years prior to United States v. Reliable Transfer Co. ,1 American maritime courts were obliged to apply the rule of […]

Self-Destructive Managers

MARHEDGE EDITORIAL Editor•m-Chie( Randall S. Devere rdevere@marhedge.com Managing Editor Michael Fischer mfischer@marhedge.com ConferencEe d1torloDl irector Mindy Rosenthal mrosenthal@m3rhedge.com Associate Edit.ors M. Corey Goldman cgoldman@marhedge.com Liam Tarry (Europe) ltarry@marhedge.com Hung Tran hmn@marhedge.com Phyllis Feinberg pfelnberg@marhedge.com Database Manager Indira Peters-DiDio fpeters@marhedge.com Contributors Fred Gehm (Chicago) Rupert Lee (Sydney) Ben Warwick (Denver) GLOBAL HEADQUARTERS President & Publisher Gary […]

Clarifying Trusts, Creditors’ Rights, And the Related Tax Implications

UNDER New York’s Estates, Powers and T rnsts Law “a disposition in trust for the use of the creator is void as against the existing or subsequent creditors of the creator.”‘ The statute has .been interpreted as denying a settlor protection from creditors where the trust was settled for the exdasive use of the seLtlor: […]

Irrevocable Trusts Can (Sometimes) Be Revoked

I f you want to create a trust that is truly irrevocable and unamendable, be careful which jurisdiction you select. In most, if the terms of an irrevocable and unamendable trust forbid a distribution to the settlor or beneficiaries, there is little either the settlor or beneficiaries can do to get at those funds. But […]

The Price of Attorney Delay

Consider this scenario: A client, “Robert,” decides to change his will by adding a new beneficiary; he asks his lawyer to draft a new document. The lawyer promises to do so, but delays. Then, before the lawyer draws up new papers, Robert dies. For the attorney, one issue may quickly loom large: legal malpractice. In […]

Trustees Everywhere- Be Afraid

The Dumont decision is a shocker, especially to those working under English law. But advisors across the globe must absorb its lessonsjust in case a trust they manage comes to be governed by New York law A New York judge’s recent decision in Estate of Dumont’ should give trustees reason to pause and re-evaluate the […]