Illinois enacts directed trusts statute *

USA - August 28 2012
On August 10, 2012, Illinois Governor Quinn signed into law House Bill 4663, which amends the Illinois Trusts and Trustees Act to provide protection for a trustee when acting or not acting pursuant to the directions of a directing party.

Co-authors: Dennis I. Belcher , William M. Long, W. Birch Douglass III, Charles D. Fox IV , Ronald D. Aucutt.

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Klingelhoefer v. Monif, et al., 2012 Neb. App. Lexis 5 (January 17, 2012). *

USA - March 21 2012
Constance K. Klingelhoefer created a revocable trust and a limited liability company, transferred Nebraska farmland to the LLC, and then gifted a minority interest in the LLC to each of her eleven children.

Co-authors: Meghan L. Gehr , Michael H. Barker, Dana G. Fitzsimons Jr, Justin F. Trent .

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Carlyle Investment Management LLC et al. v. Carlyle Capital Corporation Limited, 2011 U.S. Dist. Lexis 85710 (Delaware, August 4, 2011) *

USA - March 21 2012
Forum selection clause in an investment management agreement is valid and enforceable.

Co-authors: Meghan L. Gehr , Michael H. Barker, Dana G. Fitzsimons Jr, Justin F. Trent .

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Hobbs et al. v. Legg Mason Investment Counsel & Trust Co., 2011 U.S. Dist. Lexis 999 (N.D. Mississippi, January 5, 2011); Hobbs et al. v. Legg Mason Investment Counsel & Trust Co., 2011 U.S. Dist. Lexis 7168 (January 25, 2011) *

USA - March 21 2012
Court refuses to dismiss claim that trustee was negligent in failing to inform beneficiaries about GST taxes owed on trust distributions, but dismissed claims that trustee had a duty to modify the trust to avoid the taxes.

Co-authors: Meghan L. Gehr , Michael H. Barker, Dana G. Fitzsimons Jr, Justin F. Trent .

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Portico Management Group, LLC v. Harrison, 202 Cal. App. 4th 464 (Cal. App. 3d Dist. 2011). *

USA - March 21 2012
Trust assets not subject to arbitration award where award is not against co-trustees.

Co-authors: Meghan L. Gehr , Michael H. Barker, Dana G. Fitzsimons Jr, Justin F. Trent .

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