Friday, December 2, 2022
HomeWealth ManagementBe aware From the Editor: December 2022

Be aware From the Editor: December 2022


Over the previous 12 months, a lot media consideration has been given to the problem of wealth inequality in the US and elsewhere. Some research have discovered that the COVID-19 pandemic has widened that wealth hole. In response to this perceived inequality, a couple of elected officers have referred to as for a wealth tax on households with revenue above a sure degree. So it’s no shock that regulation overview journal articles are actually opining on this challenge. Certainly, two of the articles reviewed in our Overview of Evaluations Particular Report concentrate on the interaction between property planning and the disparity in wealth. In a single article reviewed by Patricia M. Angus, “How Ought to Inheritance Legislation Remediate Inequality?” p. 33, the creator asserts that trusts and estates ought to promote intergenerational financial mobility and advocates for a progressive inheritance regulation that redresses the present inequality. The opposite, reviewed by Thomas H. Norelli, “Dynasty 529 Plans and Structural Inequality,” p. 36, discusses the query of whether or not the principles governing Inner Income Code Part 529 plans are structured in such a manner that the tax advantages aren’t equally out there to people of all socioeconomic strata. The creator goes on to supply potential options to the dearth of equity.

Points relating to the distribution of wealth inside households can even trigger issues for fiduciaries, inflicting them to finish up in courtroom. This month’s Property Litigation Committee Report addresses these issues. In “To Search a Court docket’s Recommendation and Course, or To not Search, That’s the Query,” p. 42, Jay W. Freiberg and Yelena Rapoport cowl when and the way fiduciaries ought to search recommendation from a courtroom earlier than taking sure actions on thorny belief points. And “Beneficiary Entry to Data,” p. 38, by Jeremy Mellitz, advises fiduciaries on one of the simplest ways to keep away from litigation relating to giving details about belief provisions to the beneficiaries.

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