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)
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 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.
Prerequisites: Estate & Gift Tax and Advanced Corporate Tax