Over the previous 12 months, a lot media consideration has been given to the difficulty 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 number of elected officers have known as for a wealth tax on households with revenue above a sure degree. So it’s no shock that legislation assessment journal articles are actually opining on this situation. Certainly, two of the articles reviewed in our Evaluate of Opinions Particular Report deal with the interaction between property planning and the disparity in wealth. In a single article reviewed by Patricia M. Angus, “How Ought to Inheritance Regulation Remediate Inequality?” p. 33, the writer asserts that trusts and estates ought to promote intergenerational financial mobility and advocates for a progressive inheritance legislation 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 foundations governing Inner Income Code Part 529 plans are structured in such a approach that the tax advantages aren’t equally out there to people of all socioeconomic strata. The writer goes on to supply potential options to the dearth of equity.
Points concerning the distribution of wealth inside households may also trigger issues for fiduciaries, inflicting them to finish up in court docket. This month’s Property Litigation Committee Report addresses these issues. In “To Search a Court docket’s Recommendation and Path, 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 court docket earlier than taking sure actions on thorny belief points. And “Beneficiary Entry to Data,” p. 38, by Jeremy Mellitz, advises fiduciaries on the easiest way to keep away from litigation in the case of giving details about belief provisions to the beneficiaries.