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Alaska Supreme Court Refuses To Reform Or Terminate Irrevocable Trust

May 28, 2014

Authors

Luke Lantta

Alaska Supreme Court Refuses To Reform Or Terminate Irrevocable Trust

May 28, 2014

by: Luke Lantta

An irrevocable trust, once set up, can be a difficult thing to terminate or modify.  In Purcella v. Olive Kathryn Purcella Trust, we see how difficult it is to modify or terminate a trust even in a friendly jurisdiction like Alaska.  Therefore, those considering an irrevocable trust need to consider that irrevocable means what it says, and those advising persons in their wealth planning should make sure that they explain that irrevocable means what it says.

Olive Kathryn Purcella sought to terminate her trust or to modify her trust, claiming that she did not intend to execute an irrevocable trust or that the irrevocable trust was the product of undue influence.  Ms. Purcella’s lawyer had suggested that she create a trust because she was going to receive some money from a dispute

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Alaskan Conservator Breached Fiduciary Duties

September 8, 2011

Authors

Luke Lantta

Alaskan Conservator Breached Fiduciary Duties

September 8, 2011

by: Luke Lantta

In Foster v. Professional Guardian Services Corporation, the Alaska Supreme Court determined that a court-appointed conservator breached its fiduciary duties through a number of acts and a failure to timely act.  Even though the conservator prevailed on a majority of the claims brought against it,  and thus prevailed in the “global” scheme of the litigation, the Alaska Supreme Court determined that the conservator could not have its attorney’s fees paid from the ward’s estate for those claims on which it lost.

In reaching its decision, the Alaska Supreme Court suggested that there is no such thing as a de minimis breach of fiduciary duty.

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Is The Law Unforgiving To Ponzi Scheme Victims?

August 19, 2011

Authors

Luke Lantta

Is The Law Unforgiving To Ponzi Scheme Victims?

August 19, 2011

by: Luke Lantta

Alaska (and potentially Pennsylvania) law may be or so says the United States Court of Appeals for the Third Circuit.  In Michael S. Rulle Family Dynasty Trust v. AGL Life Assurance Company, the federal appellate court – applying Alaska and some Pennsylvania law – summarily dismissed a trust’s suit against a life insurance company for losses sustained through investments in four funds operated by Bernie Madoff.  In fact, the court went so far as to decide that each of the Michael S. Rulle Family Dynasty Trust’s eight claims against AGL Life Assurance Company failed to state a claim upon which relief could be granted, meaning they couldn’t even get to get into the good stuff through discovery.  Here’s the background:

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