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  ALI-ABA Estate Planning Course Materials Journal
  Volume 16, Number 4, August 2010
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  • Ethical Issues In Practice: Important Fiduciary Litigation
        Bruce S. Ross
        p.5                                                                                          +cite        
        Originally authored by Professor John R. Price of the University of Washington School of Law, the ACTEC Commentaries are designed to give "particularized guidance" to ACTEC fellows, estates and trusts lawyers generally, and others on the professional responsibilities of lawyers engaged in trusts and estates practice. The Commentaries reflect a concerted and thoughtful effort on the part of experienced probate practitioners to harmonize the "black letter" restrictions of the Model Rules of Professional Conduct ("MRPC") and the comments thereto with the ethical dictates of a generally nonadversarial and family-oriented trusts and estates practice. The fourth edition of the ACTEC Commentaries was published in March 2006. This article reviews many of the Model Rules of Professional Conduct in light of the ACTEC Commentaries.
  • Developments Involving Grantor Trusts
        Jeanne L. Newlon
        p.27                                                                                        +cite        
        A trust is treated as a grantor trust when a grantor or another person is treated as the owner of the trust income or principal or both for federal income tax purposes. This means the grantor or such other person must include in the computation of taxable income all items of "income, deductions, and credits against tax of the trust" attributable to the portion of the trust over which the grantor or such other person is deemed to be the owner. In other words, the grantor or such other person treated as the owner of the trust is taxed to the same extent as if he or she had received the item directly. It generally is desirable, when creating a grantor trust, to ensure that the grantor is treated as the owner as to the entire trust, as it is possible that a grantor can be treated as the owner only of a portion of the trust. If the grantor is deemed to be the owner of only a portion of the trust, then the grantor includes only those items of income, deductions, and credits allocable to that portion.