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Author's Synopsis: This Article discusses three income tax regimes regulating section 501(c)(3) public charities: the proscription against inurement, the proscription against more-than-incidental private benefit, and the rules imposing excise taxes [...]

Author's Synopsis: Under the current regime of trust law, a lawyer who acts as a trustee--an attorney-trustee--may employ a broad exculpatory clause in the relevant trust that protects the lawyer [...]

South Dakota repealed the Rule Against Perpetuities in 1983. The repeal proved to be the seed from which the state's trust industry grew. This article--the first of two linked pieces--begins by surveying the common law version of Rule Against Perpetuities ('RAP'), how it has traditionally been taught, and its labyrinthine, counter-intuitive mechanics. It holds many traps for both the wary and the unwary alike. In the pages which follow, a handful of inadequate contemporary reforms to the rule will be outlined, and the potentially devastating application of the rule to trusts and long-term family wealth planning will be touched upon. A second article will then review the caselaw applying RAP in South Dakota prior to 1983, consider how South Dakota RAP diverged from orthodox common law RAP, and retell the story of the official legislative repeal of the rule., In [our statutes, our state] has an invaluable public heritage which should be charged only with intelligent conservatism.... George H. Hand (1) I. INTRODUCTION The trust and fiduciary services industry [...]