Loring A Trustee's Handbook

Preface to the Edition 2002

The Uniform Trust Code, which had the "Uniform Trust Act' as its working title, was approved August 3, 2000, by the National Conference of Commissioners on Uniform State Laws. . The Prefatory Note and Comments thereto, however, were not finalized until April 25, 2001, which was after Loring 2001 went to press. The contents of the Prefatory Note and the Comments have been fully woven into the fabric of Loring 2002. So also the relevant sections of the Tentative Draft No. 3 of the Restatement (Third) of the Law of Property: Wills and Other Donative Transfers, dated April 4, 2001 and The Economic Growth and Tax Relief Reconciliation Act of 2001. The following sections are new:

§6.2.7 Duty to Use Special Skills or Expertise

§7.2.3.8 Appointment of Receiver or Special Fiduciary

§8.15.27 The Bosch Decision

§8.15.29 The Public Trust Doctrine

§8.15.31 The Fertile Octogenarian Principle

§8.15.32 The Unborn Widow Principle

§8.17 Trust Modification to Achieve Settlor's Tax Objectives

§8.18 When An Employer Identification Number (EIN) is Not Required

§9.1.2.1 Grantor Retained Annuity Trust (GRAT)

§9.1.2.2 Grantor Retained Unitrust (GRUT)

§9.1.3 Availability of I.R.C. § 121 Exclusion for Sale of Principal Residence by Trustee of Grantor Trust.

§9.22 Medicaid Qualifying Trust.

§9.23 Electing Small Business Trust

There is even more cross-referencing in Loring 2002 than there was in Loring 2001. With the introduction of 13 new sections, we continue the process of filling in gaps in our presentation of the substantive material. And we continue to comb the text and footnotes for errors. Finally, the handbook's index continues to be refined and expanded.

There are approximately 75 pages of additional text in the main body of Loring 2002. There are ten additional pages of footnoting text. 24 U.L.A. references have been updated. There are 675 new footnotes, 25 new case references, 18 new law review references, and 16 new treatise references. Hundreds of pre-existing footnotes have been corrected, updated, and/or revised.

The reader should understand, however, that in spite of all this new material, Loring continues to be lean and mean. There is no frivolous footnoting, no mindless stringing of citations. Each footnote is either itself a wealth of useful information or the gateway to it. In keeping with this philosophy, we are providing the appendices on the accompanying CD-ROM in an effort to reduce somewhat the handbook's physical bulk. Much of the tax material can now be easily obtained from the web. For the convenience of our readers, however, the appendices contain an expanded selection of relevant income, gift, estate, and generation-skipping Internal Revenue Code Sections.

Charles E. Rounds, Jr.
December 1, 2001

email - CRoundsJr@aol.com
Web Page - http://www.law.suffolk.edu/faculty/directories/faculty.cfm?InstructorID=49