We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here.Close Me
In the most recent installment of the McGuireWoods Fiduciary
Advisory Services annual multipart series on recent fiduciary
cases, developments in the law concerning various topics are
examined through the following:
In re Ruby G. Owen Trust (Arkansas)
Courts refuse to modify trust to create special needs trust.
Hawk v. Comm'r (Tax Court)
Tax court denies summary judgment for marital trusts in transferee
liability case.
Kesling v. Kesling (Indiana)
Settlor is the owner of revocable trust's stock for
shareholder agreement purposes.
McCann v. McCann (Idaho)
Corporate squeeze-out is not a derivative claim.
Puritas Metal Prods. v. Cook (Ohio)
Funding of marital trust following death of grantor not a transfer
that triggers right of first refusal on corporate stock.
Matter of Korn (New York)
Trustee acted prudently by declining option to purchase interest in
family-owned real property.
Blankenship v. Wash. Trust Bank (Idaho)
Beneficiaries of separate trusts lacked standing to challenge loan
by trustee out of trust assets.
In re: the Trust created by Lydia Butler Dwight (New
York)
Term "lawful issue" in trust created in 1971 does not
include child born out of wedlock.
In re: the Cecilia Kincaid Gift Trust for George
(Montana)
Child given up for adoption excluded as beneficiary by trust
terms.
Estate of Emma Boehm, et al. v. Ramos (North
Dakota)
Court applies probate code to construe will and include child given
up for adoption as beneficiary.
Heath v. Heath (Connecticut)
Court refuses to interpret "legal representatives" in
trust as meaning settlor's children.
Taplin v. Taplin (Florida)
Appellate court reverses summary judgment for trustees on dismissal
under utc shortened limitations period.
Taylor, et al. v. Barberino et al. (Connecticut)
Accounting firm not liable for trustee's failure to
maintain records and account.
In re Estate of Pappas (New York)
Court refuses to approve estate settlement agreement without proof
of value of stock surrendered by estate in the deal.
Oliveira v. Kiesler et al. (California)
Jury verdict against attorneys reduced to zero by court-approved
settlement with other parties.
In Re Berg Trust (Michigan)
Trustee removed for failing to act to administer and protect trust
assets.
In re: Estate of Mumma (Pennsylvania)
Court refuses to remove fiduciary chosen by settlors without proof
of breach of duty.
Regions Bank v. Kramer, et. al. (Alabama)
Court refuses to dismiss state securities law claims against
trustee.
Mayfield, et. al. v. Heiman, et. al. (Georgia)
Surcharge claims barred by statute of limitations.
Gill v. Gill (California)
Trustee did not breach his duties by hiring his wife to oversee
successful renovations to trust property.
Principal Life Ins. Co. v. Lawrence Rucker 2007 Insurance
Trust (Delaware)
Court refuses to grant summary stoli summary judgment to insurer
where life insurance is sold shortly after issuance and broker
provided premium payments.
Wells Fargo Bank, N.A. v. American National Ins. Co.
(California)
Court rejects insurer's claim of lack of insurable interest
where policy transferred to third party shortly after being
issued.
Penn Mutual Life Ins. Co. v. Greatbanc Trust Co.
(Illinois)
Where trustee of insurance trust admits lack of insurable interest,
court allows trustee to pursue claim for refund of premiums under
unjust enrichment theory.
In re Estate of Milmet (Michigan)
Court reverses summary judgment in favor of surviving spouse where
she breached agreement to return assets to beneficiaries who
disclaimed to avoid taxes.
Sefton v. Sefton, et al. (California)
Validity of exercise of testamentary power of appointment
determined under law in effect when grantor of power died and not
when power exercised.
In the Matter of the Estate of Lois L. Hord
(Iowa)
Assignment of remainder interest in trust violated spendthrift
clause and is void.
Morey v. Everbank (Florida)
Trust direction to apply life insurance proceeds to payment of
estate obligations is valid.
Tindall v. H & S Homes (Georgia)
Court allows claim against revocable trust for settlor's
torts to proceed.
Shaaf v. Fifth Third Bancorp et al.
(Indiana) Incapacity for guardianship purposes does not deprive settlor
of capacity to execute a trust.
Rose et al. v. Waldrip (Georgia)
After-acquired property clause in trust not sufficient to transfer
assets into trust.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Last month, the National Association of Corporate Directors took a stab at identifying ground rules in its "Directors’ Guide" to corporate board and committee minutes.
Doing business in New York can be performed through a number of legal structures ranging from sole proprietorships to corporations. This advisory provides basic information on the different legal forms and the services that can be offered by Murray LLP for your business.
The SEC has recently announced that it entered into a Non-Prosecution Agreement with Ralph Lauren Corp. in connection with alleged violations of the Foreign Corrupt Practices Act.
The time has come to take out and refresh those business associate agreements, HIPAA privacy and security compliance manuals, and HIPAA privacy notices.
