Preface to the 2000 Edition
|§18.104.22.168||Operations: Asset Custody and Transfer|
|§22.214.171.124||Operations: Keeping Track of Income and Principal|
|§126.96.36.199||The Dynastic Trust|
|§8.15.17||The Doctrine of Incorporation by Reference|
|§8.15.18||The Delaware Tax Trap|
|§8.15.19||The Probate Exception to Federal Diversity Jurisdiction|
|§8.25||Which American Law Schools Still Require Trusts?|
|§8.26||Why Trustees Need to Know About Will Residue Clauses|
|§8.27||What Is the Difference Between a Legal Life Estate and an Equitable Life Estate Under a Trust?|
|§8.28||The Bishop Estate Controversy|
|§8.29||Is the Custodial Parent the Trustee of Child Support Payments?|
|§8.30||The Difference Between a Vested Equitable Remainder Subject to Divestment and a Vested (Transmissible) Contingent Remainder|
|§8.31||The Franklin Trust (Boston)|
|§9.7.3||Pooled Income Fund|
|§9.19||The Qualified Blind Trust|
|§9.2||(The Irrevocable Life Insurance Trust) has been enhanced by an "Irrevocable Life Insurance Trust Setup Checklist."|
|§9.9.3||(Legislative Budget Items Couched in Trust Terminology) now contains a figure, "The Path of the Social Security Tax Dollar."|
In recognition of the fact that some form of the Prudent Investor Rule has been adopted in all but a few jurisdictions, Loring 2000 now contains expanded discussions of delegation and diversification issues, as well as additional material on index funds and derivatives. See Chapter 6 (The Trustee's Duties).
The region-by-region mathematical analysis of standard charge schedules of corporate trustees has been updated to April 1999. See §8.4 (The Trustee's Compensation). The federal income tax rates for trusts, reproduced in Chapter 10, now has 2000 numbers. All tax-related materials have been revised to accommodate the annual increases in the credit equivalent/applicable exclusion amount, a process that began in 1998 and will conclude in the year 2006. Appendix VI now contains Form 706 for decedents dying in 1999. An attempt has also been made to keep a current tally of those states adopting some form of the Prudent Investor Rule. See §188.8.131.52, footnote 96 (The Harvard College Prudent Man Rule and Its Progeny). There is now a paragraph on the intentionally defective grantor trust. See §9.1 (The Grantor Trust). Those provisions of the Gramm-Leach-Bliley Act of 1999 that pertain to trustees are addressed in the text where appropriate. See §184.108.40.206 (Trustee Benefiting as Buyer and Seller) and §8.4 (The Trustee's Compensation).
Trust law is now changing at at rate comparable to that of tax law. As one learned commentator has noted: "[T]here are so many trust reforms both completed, and under way, that our picture of the trust must change." Since publication of the last edition of this handbook, there have been a number of changes to the September 18, 1998 draft of the uniform Trust Act. These changes have made it necessary to revise and/or update 63 footnotes. Appendix I now contains the October 1999 Draft of the Union of the Union Trust Act. The Uniform Principal and Income Act (1997), which was in the 1998 draft of the Uniform Trust Act is now Appendix II of this handbook. (The Uniform Principal and Income Act (1997) had been incorporated into the 1998 draft but is not a part of the October 1999 draft.) Also, since publication of the last edition of this handbook, Tentative Draft No. 2 of the Restatement (Third) of Trusts and the final form of the Restatement (Third) of Property (Wills and Donative Transfers) have come out, as has the Third Edition of ACTEC Commentaries to the Model Rules of Professional Conduct. An additional 25 references in the text and footnotes had to be revised or updated to accommodate those developments. Also, the American Bar Association's Commission on Multidisciplinary Practice recently issued a report endorsing the "MDP" concept. Edition 2000 of this handbook weights in on the report from the trustee's perspective. See §220.127.116.11 (Trustee Benefiting as Buyer and Seller).
There is yet more cross-referencing in Loring 2000 than in earlier editions. Moreover, attempts have been made to all but eliminate any chance of confusing a reference to a section of the handbook with a reference to a section of Scott, Bogert, or the Internal Revenue Code. This has been done by employing the phrase "of this handbook." Finally, the handbook's index continues to be refined and expanded. A number of index entries have been introduced in an effort to begin the process of digesting the OCC and tax information that is now in the appendices.
Additional statistics. 24 U.L.A. references have been updated. There are 149 new footnotes, 30 new case references, 14 new law review references, and 4 new treatise references. A total of 395 pre-existing footnotes have been corrected, updated, and/or revised.
Charles E. Rounds, Jr. December 1, 1999
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