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Review of Reviews: “The Elective Share Has No Friends: Creditors Trump Spouse in the Battle Over the Revocable Trust,” ___ Capital University L.R. ___ (2017)Review of Reviews: “The Elective Share Has No Friends: Creditors Trump Spouse in the Battle Over the Revocable Trust,” ___ Capital University L.R. ___ (2017)

Angela M. Vallario, law professor, University of Baltimore School of Law in Baltimore.

Bruce D. Steiner, Attorney

April 20, 2017

3 Min Read
RORmay17

Professor Angela M. Vallario’s article, “The Elective Share Has No Friends: Creditors Trump Spouse in the Battle Over the Revocable Trust,” discusses how revocable trusts are generally subject to a decedent’s creditors, but often aren’t included in the pot for purposes of a surviving spouse’s elective share. The author points out that, because of a decedent’s complete control over the assets of a revocable trust, revocable trusts are available to a decedent’s creditors in every state or almost every state, and are included in the pot for equitable distribution to the same extent as assets owned individually. 

However, when it comes to the elective share, some states limit the elective share pot to probate assets or determine the inclusion...

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About the Author

Bruce D. Steiner

Attorney, Kleinberg, Kaplan, Wolff & Cohen P.C.

Bruce Steiner has over 35 years of experience in the areas of taxation, estate planning, business succession planning and estate and trust administration. He is a frequent lecturer at continuing education programs for bar associations, CPAs and other professionals. He is a commentator for Leimberg Information Services, Inc., is a member of the editorial advisory board of Trusts & Estates, is a technical advisor for Ed Slott’s IRA Advisor, and has written numerous articles for Estate Planning, BNA Tax Management’s Estates, Gifts & Trusts Journal, Trusts & Estates, the Journal of Taxation, Probate & Property, TAXES, the CPA Journal, the CLU Journal and other professional journals. Bruce has been quoted in various publications including Forbes, The New York Times, Wall Street Journal, Daily Tax Report, Lawyers Weekly, Bloomberg’s Wealth Manager, Financial Planning, Kiplinger’s Retirement Report, Newsday, the New York Post, the Naples Daily News, Individual Investor, TheStreet.com, and Dow Jones (formerly CBS) Market Watch. Bruce has served on the professional advisory boards of several major charitable organizations and was named a New York Super Lawyer in 2010, 2011 and 2012.

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