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Waiver Of Year’s Support Through Post-Nuptial Agreement

divorce-jpgOriginally posted on BryanCaveFiduciaryLitigation.com.

Divorce should put an early end to the marriage vow of “’til death does us part.” But, when it comes to estate disputes, neither divorce nor death can part the path to the courthouse.  In In re: Estate of Boyd, the husband and wife may have suspected their marriage could end: after 15 years of marriage, they separated, reconciled, and then entered into a post-nuptial agreement.  The agreement provided how assets would be distributed if the parties were married at the time of either’s death and provided for distribution of assets if the parties separated or filed for divorce prior to death.  The latter provision is relevant.

WHAT CAN YOUR SPOUSE REACH IN A DIVORCE?

WHAT CAN YOUR SPOUSE REACH IN A DIVORCE?

August 15, 2016

Authored by: Stacie J. Rottenstreich and Edward Peck

 

divorce-jpg

In the recent decision, Pfannenstiehl v. Pfannenstiehl, the Massachusetts Judicial Supreme Court overruled the appeals court decision and concluded that assets held in a discretionary trust created by a third party, where the husband is but one potential beneficiary of the trust, is not a marital asset to be divided on divorce.

Bryan Cave Attorneys Author Article on Nonjudicial Settlements of Fiduciary Disputes

Bryan Cave St. Louis partner, Douglas Stanley, and associate, Jarriot Rook, authored an article in the recently-published spring issue of the St. Louis Bar Journal, concerning the key issues to consider in nonjudicial settlement of fiduciary disputes.

Power Of Attorney Did Not Authorize Creation Of Trust

October 7, 2015

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Because powers of attorney are often used as an elder care planning tool, they are also often used by the attorney-in-fact to manage the estate planning and finances of the principal.  The creation of a trust can be an important estate planning tool, so, if the principal wants to authorize his or her agent to create a trust, that authorization should be specifically granted in the power of attorney.  Not surprisingly, there is increasing litigation over the scope of powerconveyed to an agent through a power of attorney, including litigation regarding the agent’s authority to create a trust for the principal.  In Dishman v. Dougherty, Kentucky was one of the latest states to have an appellate court weigh in.

Setting aside a very complex factual and procedural history that are recounted in detail in the opinion, one of the take-aways

Kids Are Going to Do What Kids Are Going to Do…and the Trust Protector May Not Have the Power to Stop Them

180197523There is much confusion about what a trust protector can and cannot do with respect to a trust for which the trust protector is serving. First and foremost, the trust protector’s powers provided by state statute are often limited to the powers authorized in the trust instrument, as reflected by the Court in Schwartz v. Wellin, 2014 WL 1572767 (D.S.C., April 17, 2014).

Keith Wellin created the Wellin Family 2009 Irrevocable Trust (“Trust”), a dynasty trust for the benefit of his three children and their respective lineal descendants, with his children and the South Dakota Trust Company as the Trustees. After creating this Trust, Milton sold his interest in the Friendship Partners LP (“FLP”) to the Trust, taking back a promissory note for $50 Million. Apparently in 2013, a dispute arose between Keith

Life (and Litigation) Lesson of the Day: Don’t Bite the Hand That Feeds You

462913017Apparently, this life lesson was not learned, or if learned, was forgotten, by Roy Greenbaum, the Personal Representative in Estate of Tanenblatt v. Comm’r. The issue in this case concerned the valuation of a 16.667% interest in an LLC included in the Diane Tanenblatt’s gross estate.

A Cautionary Tale: Florida Supreme Court Rules on “Do It Yourself” Will Form

187458483From BryanCaveFiduciaryLitigation.com

Considering creating a do-it-yourself Will to save money?  A recent Florida Supreme Court Case, Aldrich v. Basile, should make you reconsider. 

When It Comes to Love and Money, Money Often Prevails

462235785On occasion, a case arises that causes wonder and amazement that children would complain that mom is receiving funds from a trust that either should be distributed to them or should be preserved for them. The Missouri case, O’Riley v. U.S. Bank, N.A., is just such a case.

The Trust was created on the death of Donald O’Riley in 1982 for the benefit of his wife, Arlene, and their two sons, Terrance and Gerald. In 2010, the sons filed this action against the Trustee for breach of its duty of impartiality in refusing to make distributions to them and favoring their mother, instead. The trial court entered judgment for the Trustee that it had not breached its duty of impartiality and the appellate court affirmed.

Were Assets Of Sole Proprietorship Personal Property Of Decedent Or Separate Business Interests?

May 16, 2014

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171581418Originally posted on bryancavefiduciarylitigation.com

When it comes to estate planning and disposition of assets upon death, a business owner should pay careful mind to the type of business he or she owns and update his or her estate planning documents if the form of the business changes.  InEngland v. Simmons, the Georgia Supreme Court had to determine a testator’s intent when he left his “personal assets” to his brother and sister and left his “business interests” in his sole proprietorship to his brother, sister, and two longtime employees.

Traditional Fine Art was the sole proprietorship of Robert Carl Haege.  Therefore, it had no legal existence separate and apart from Haege himself.  For these reasons, a trial court determined that all property associated with Traditional

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