Estates and Estate Planning
Art Law is a study of the main legal issues involved in the acquisition, ownership and disposition of works of art. The primary perspective is that of an attorney in the representation of an art collector, and how the transactional arc involves regular concerns, such as contract law, as well as art specific concerns, such as Nazi-era looted art. Part I Acquisition begins with a focus on the legal issues raised by the various venues for art purchases (art commissions, through a dealer, at auction) and follows with the two core issues of authenticity and good title. Part II Ownership concerns three topics that could arise during the ownership phase: crossing borders, moral rights and art loans. Part III Disposition completes the transactional loop with a discussion of how one transfers works of art during life or at death, whether by sale or gratuitous transfers, including valuation concerns. The course will include several drafting exercises (some of which will be done in teams) and a one-hour in-class final. (Rhodes)
Art Law Practicum is a one-credit research oriented course, focusing on the transactional aspects of collecting art. Students will be responsible for developing the doctrinal foundations of relevant law (chosen by the professor in conjunction with the student) from the perspective of art ownership and then preparing appropriate documentation for the transaction. The topics will be developed from the chronological time line of acquisition, ownership and disposition. Students may work alone or in a group, and will be expected to present the results of their research to the group. (Instructor permission required) (Rhodes)
This class provides the doctrinal foundation in elder law. The class is taught through the lens of bar-related areas of the law. Fiduciary and Agency law concepts are used to discuss ethics issues, discrimination issues, durable powers of attorney, and other methods for planning for an individual’s incapacity. Public and Constitutional law concepts are used to discuss an individual’s right to consent to or deny medical treatment, the court’s jurisdiction in adjudicating adult guardianship, and the governmental benefits available to elderly individuals. Property laws are used to discuss various housing choices available in retirement, and Contract and Tort laws are used to discuss nursing homes, private insurance, and other financial contracts. Additionally, Consumer and Bankruptcy laws are used to discuss financial exploitation while Evidence and Criminal laws are used to discuss physical and emotional abuse of the elderly. Other important issues with aging populations will be discussed.
Required Text: Bauer, Flowers, Morgan, Morrissey, and Radwan, “Elder Law as an Inter-doctrincal Study.” (forthcoming)
class participation and professionalism: 30%
Final Exam: 40%
The course examines the basic components of the federal transfer tax system estate tax, gift tax and generation skipping tax, as well as their interrelationship. The course emphasizes the current structure of the federal transfer tax system and includes suggestions for revision. Students who intend to take Estate Planning must complete this course. Federal Income Tax is a prerequisite. (Rhodes)
This seminar attempts to simulate the day-to-day practice of an estate planner. The topics range from the initial client interview to the formulation of sophisticated estate plans for those with substantial property, such as a successful business. The goal is to provide exposure to a broad range of client situations with supervised formulation and implementation of estate plans. Students generally work in teams of two or three and submit several drafting assignments throughout the semester. Pre-requisite: Estate and Gift Tax; Estates is highly recommended. (Buccino, Fuechtman, Herte, Rhodes)
This course is a study of the basic legal devices available for transmission of wealth at death: intestate succession, the will, "non-probate" transfers, and trusts.
This class will highlight planning opportunities for attorneys practicing in elder law and estate planning to offer to their clients. Foundational topics include basic income tax concepts, basic gift and estate tax concepts, basic estates, trusts and probate concepts, and basic retirement planning concepts. Then, the course highlights the statutory planning tools available for individuals as they age, including special needs trusts, reverse mortgages, long term care insurance, and other methods for funding a healthy quality of life during retirement, and for funding as large a legacy as possible upon death. The contract and fiduciary issues with surrogate decision-making, as well as the clinical assessment of diminished mental capacity, will also be discussed.
This is a hands-on, participative, skills course in which students will learn how to properly structure and draft basic wills and trust documents, both testamentary and living. Practical tools, such as, engagement letters and client questionnaires, will be discussed and developed to give insight into the active practice of estate planning which the student can use in the work world. Estates is a prerequisite. Estate and Gift Tax is not a prerequisite. Students who take this class may NOT take estate planning. You may take Wills and Trust Drafting OR Estate Planning, but not both. Final grade will be based on class participation and drafting assignments over the course of the semester. Class size is limited to 16.
CAPSTONE COURSE – SUCCESSION PLANNING FOR THE FAMILY BUSINESS
PROFS. RHODES AND KWALL
This Capstone Course is limited to twelve, 3Ls who have completed Estate & Gift Tax and Advanced Corporate Tax. For the first half of the semester, the capstone students will be part of the Estate Planning class taught by Prof. Rhodes during which time they will learn the fundamentals of estate planning. After spring break, the Capstone students will have their own specialized classes co-taught by Professors Kwall and Rhodes that focus on family business planning.
The Capstone Course is intended to serve as a “bridge to practice” for future lawyers representing entrepreneurs of successful multi-generation, family-owned businesses. These clients expect to be serviced by a lead professional who can integrate business, income tax, and estate planning objectives. Although the Tax Certificate program offers a rich curriculum in income tax and estate tax, these courses only provide the building blocks to comprehensive planning. This Capstone Course is designed to equip students with the integrative understanding necessary to meet the demands of the mature entrepreneur who will expect his/her business planning, retirement planning, and death planning to be led by a lawyer with foresight, judgment and a big picture perspective.
The Capstone Course students will focus on a case study that raises a myriad of income tax and estate planning issues. Students will diagnose and analyze existing tax problems and develop a variety of options including a transfer of the business to a younger generation, a sale of the business to unrelated parties, or a reorganization of the business. The students will work in teams and each team will be expected to produce a detailed planning outline explaining the problems, alternative solutions and the issues they present that can be used to educate the client and develop a course of action. There will not be a final exam. As to grading, 50% will be based on the first half of the semester and 50% will be based on the second half of the semester.