This Note indicates clearly that the likelihood of the court's upholding the tax advantages claimed to be available under EBTs is far from certain. More than an "element of risk" is involved in recommending that a client adopt an educational benefit trust, but does this require an attorney to avoid such arrangements? On the other hand, does an attorney owe an obligation to the legal process and to society to challenge the Service whenever it, in his opinion,has taken a position more favorable to the Treasury than intended by Congress in enacting the legislation underlying the matter in controversy? While there is no definite answer to these questions,some discussion of the subject is appropriate.
John L. Van Cleave,
The Educational Benefit Trust:Loophole or Sinkhole?,
29 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol29/iss3/5