Over the previous yr, 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, just a few elected officers have referred to as for a wealth tax on households with earnings above a sure degree. So it’s no shock that legislation overview journal articles at the moment are opining on this subject. Certainly, two of the articles reviewed in our Evaluation 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 Legislation 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 Inside Income Code Part 529 plans are structured in such a method that the tax advantages aren’t equally accessible to people of all socioeconomic strata. The writer goes on to supply potential options to the shortage of equity.
Points relating to the distribution of wealth inside households also can 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 Route, 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 with regards to giving details about belief provisions to the beneficiaries.