Language of trust overrides statutes, COA rules
A man’s promise to sue his brother and deplete their father’s trust of its assets resulted in him being ordered to pay $13,166 in attorney fees to the trust.
Trusts
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Court affirms bank lacks standing to appeal termination of trusts
The Indiana Supreme Court agreed with the Court of Appeals that a bank’s appeal of the termination of two of its trusts must be dismissed for lack of jurisdiction. The bank, as trustee, lacked standing to appeal in its representative capacity and did not appeal in its individual capacity.
Church accuses JPMorgan of mismanagement, self-dealing
Christ Church Cathedral in Indianapolis has filed a federal lawsuit against JPMorgan Chase, alleging the bank's "intentional mismanagement" and "self-dealing" led to $13 million in losses in church trust accounts endowed in the 1970s by Eli Lilly Jr.
Appeals panel: Trust’s real property bequeath by later writing invalid
A panel of the Indiana Court of Appeals ruled Thursday that a mother’s specific gift of real property incorporated into trust documents was an invalid method of willing it to heirs.
Establishing Miller Trusts
Attorneys offer their pro bono services to help nursing home residents keep their Medicaid benefits.
Insurance policy does not fall under Pre-Need Act
A Marion Superior Court correctly ruled that a company that sells an insurance policy with the option to assign it to a trust to use the funds for funeral services is not subject to the Pre-Need Act, the Indiana Court of Appeals ruled.
COA: Bank lacks standing to appeal trust terminations
Old National Bancorp cannot appeal the termination of two trusts it served as a representative of, either in the representative capacity or on an individual capacity, the Indiana Court of Appeals held Thursday. As such, the court dismissed the appeal.
Justices: Trustee of revocable trust serves self
The Indiana Supreme Court accepted a revocable trust case to answer the first impression question: While a trust is revocable, whom does the trustee serve? The justices concluded that an Indiana woman, as trustee, served herself.
Reversal: Trust bears liability for builder’s nonpayment despite lien notice discrepancies
A trust that won summary judgment at the trial court against a supplier of building materials for construction of a home on Lake Michigan got the opposite result from an appeals court Friday. The trust is liable, even though it paid builders who failed to reimburse the supplier for materials provided on credit.
Appeals panel reinstates claims of capacity, undue influence in trust dispute
A family feud involving half-siblings contesting the trust bequeathed by their mother was improperly disposed of through summary judgment, a panel of the Indiana Court of Appeals ruled Thursday.
Teachers union could pay $14M to schools under settlement
The state’s largest teachers union and its national parent organization have agreed to pay $14 million under a tentative settlement announced Tuesday morning by Indiana Secretary of State Connie Lawson and Indiana Securities Commissioner Chris Naylor.
Judges rule in favor of bank on request to end trust
A beneficiary of a trust couldn’t prove to the Indiana Court of Appeals that the purpose of the trust, created by her mother, was to benefit any grandchildren and because there are no grandchildren, the trust should be terminated.
E-state planning
Will your Facebook account, online presence and virtual world live on after you? The rise of social media and proliferation of online accounts are posing such real-life questions for lawyers who concentrate in estate planning. But it remains an evolving question how wills, trusts and power of attorney grants will address these and other staples of the Internet age.
COA finds trust that bought foreclosed home gained insurance equity
An estate that purchased a foreclosed house at a sheriff’s sale established an equitable lien through which it was entitled to collect proceeds in the event of an insured loss, the Indiana Court of Appeals ruled Friday.
Judges order trial on couple’s responsibility to unpaid subcontractors
The Indiana Court of Appeals reversed a decision by a DeKalb Superior judge that Fred and Mary Anna Feitler were personally liable for unpaid bills to subcontractors on their home, which was being constructed on land owned by a trust to which they were sole beneficiaries.
Trial court erred in land survey dispute
Although a Starke Circuit Court correctly rejected a legal survey performed on land owned by a trust, the special judge did err by imposing two prior surveys to establish boundary lines of the property, the Indiana Court of Appeals held.
Appeals court partially reverses denial of familial sale from trust
A trustee who canceled the sale of Johnson County farmland from mother to son was within her rights to do so, but the 91-year-old mother was capable of executing the agreement, the Indiana Court of Appeals ruled Tuesday.
Attorney sentenced to 8 years for theft
Stacy Sheedy, the Indianapolis attorney and accountant who pleaded guilty to theft charges for misappropriating nearly $600,000 from a guardianship account and family trust, was sentenced to eight years in prison Thursday.
COA finds man was shareholder at time of stock sale
A dispute between family members over stock of the family company led to the Indiana Court of Appeals addressing an issue involving shareholders and revocable trusts that hasn’t yet been addressed in Indiana: whether the settlor, who places shares of stock into a revocable inter vivos trust and names himself as trustee and beneficiary, retains his shareholder status.
Attorney faces theft and forgery charges
An Indianapolis attorney and accountant has been charged with theft and forgery after an investigation revealed the attorney had misappropriated nearly $600,000 in funds from a guardianship account and a family trust account.