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Trust Modification Based On Undue Influence

September 24, 2014

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A recent case from ConnecticutTyler v. Tyler, involved a claim to modify a trust based on undue influence.  Few details are provided in the opinion about the requested modification but it is a curious claim.  If undue influence is exerted over the grantor, then isn’t the contested trust or amendment invalid?  Why or how should a trust that is the product of undue influence be modified to reflect the true intent of the grantor?

The appellate court reversed a trial court’s entry of summary judgment that had tossed the undue influence claim, finding instead that there were genuine issues of material fact with respect to each element of an undue influence claim under Connecticut law.

1.  A person who is subject to influence.  Among the evidence at summary judgment was an affidavit recounting specific examples of the settlor’s state of mind

Fed Keeps Interest Rates Low

Fed Keeps Interest Rates Low

September 19, 2014

Authored by: Matthew C. Jessee

On Wednesday, the Federal Reserve renewed its pledge to keep interest rates near-zero for a “considerable time,” but the Fed also indicated it could raise borrowing costs faster than expected.  In a statement after a two-day meeting of its policy-setting Federal Open Market Committee, the Fed announced a further $10 billion reduction in its monthly bond purchases, leaving the program on course to be shuttered next month.  The Fed also released a new blueprint for how it plans to exit the extraordinary monetary stimulus it put in place to combat the 2007-09 financial crisis and recession.

Arizona Adopts Fiduciary Exception To Attorney-Client Privilege

September 11, 2014

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When a trustee gets legal advice, can the trustee shield from the trust beneficiaries the communications between the trustee and the lawyers?  That’s a tough question.  There are three options: yes, no, and it depends.  Different jurisdictions have taken different approaches, but add Arizona to the list of jurisdictions that has decided “it depends.”

In In the Matter of The Kipnis Section 3.4 Trust, an Arizona appellate court adopted the “fiduciary exception” to the attorney-client privilege.  In reaching this decision, the appellate court rejected the theory that the trust beneficiaries are the “real clients” of the lawyers, but instead found that the trustee’s duty to furnish information about the trust to its beneficiaries includes furnishing the trustee’s attorney-client communications.

To this point, Arizona had neither accepted nor rejected the applicability of the fiduciary exception in the trust context.  With its adoption, this means that in

Update: New York Budget Bill Makes Changes to Estate Tax Law

Update: New York Budget Bill Makes Changes to Estate Tax Law

September 9, 2014

Authored by: Stacie J. Rottenstreich

statuteofliberty  Update: New York State’s Department of Taxation and Finance recently released a summary of the changes made to New York’s estate tax law earlier this year which were previously reported on this blog.  As reported before these changes were rather significant and are worth repeating.

Administrative Legitimation Did Not Make Child An Heir At Law

September 9, 2014

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Georgia‘s convoluted and contradictory “legitimation” process through which a man claims paternity of a child born out of wedlock can have significant implications on inheritance.  Georgia’s General Assembly, however, has tinkered with the process to the point that it can put well-meaning people at risk when it comes to disposition of property.  The General Assembly has passed legitimation laws without amending related Code sections creating a panoply of statutory conflict and futility.  In In re Estate of James Andrews Hawkins, James Hawkins tried to administratively legitimate his girlfriend’s child but this administrative legitimation did not make the child Hawkins’ heir at law.  Where did Hawkins go wrong?

Hawkins was the boyfriend of Yuvette Ridley.  Ridley became pregnant by another man and gave birth to a son, Makaleb.  Although Hawkins knew he was not Makaleb’s father, Hawkins continued in a relationship with Ridley, bought her maternity clothes, paid

Starting and Governing a Nonprofit 501(c)3 Organization in Missouri

September 8, 2014

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Originally Posted on BryanCaveCharityLaw.com.

Wednesday, Oct. 29, 2014, from 9 a.m. to 5 p.m. in 202 J.C. Penney Conference Center at UMSL.

Starting a 501(c)(3) nonprofit organization and governing a 501(c)(3) nonprofit organization are flip sides of the same coin. Instructor Dan Sise knows that the steps you take in forming a 501(c)(3) nonprofit corporation affect how your organization must operate in the future. And the steps you take in the governance and operation of your 501(c)(3) nonprofit corporation affect your ability to maintain your 501(c)(3) tax-exempt status with the IRS on an ongoing basis.

Come to this class to learn how to start a Missouri nonprofit corporation that will seek to obtain 501(c)(3) tax exempt status from the IRS. In addition, this class will also cover good governance policies, strategies, and requirements that will allow your organization to maintain its 501(c)(3) tax exempt status on an ongoing basis

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