» UBS chairman takes 90% pay cut

» The Agnes Wright Case and Loans vs. Gifts

In re. Estate of Agnes H. Wright is an appellate case that deals with whether an individual's attorneys can be disqualified. The case is available here as a pdf. I'm less interested in that issue than in the issue that prompted the litigation in the first place. This is an undue influence case, pitting sibling vs. sibling. At issue is a trust amendment signed by Mrs. Wright. The trust amendment says that she loaned her son Peter $1.8 million to purchase a vacation home in Lake Geneva, Wisconsin. The amendment recites other information about the transaction, but the key is that the amendment characterizes the transaction as a loan. Peter, however, says that the transaction was a gift, and that the trust amendment was executed only because Peter's sister Linda exerted undue influence against their mother.

If I had any advice to take from the case, it would be this: resolve issues of loan vs. gift before death, by a writing signed by all parties. The problem in the above case is that the amendment is signed only by Mrs. Wright. If you want to loan money to a child, have the child agree to the terms of the loan BEFORE you hand over the money. Similarly, if you want to gift money to a child, think seriously about making equal gifts to all children OR having all children acknowledge that the gift IS a gift (not a loan).

» Podcast delays

I really am working to get a podcast up and running by early next week. Unfortunately, as I recover from bronchitis, I notice that my tones are far from dulcet -- I'm more Les Nessman than Dr. Johnny Fever or Venus Flytrap.

I do, however, want to make sure that the technology works. So here is a Bach minuet:


MP3 File

» Spring Schedule for Life Settlement University

"Among other things, our students have told us that they learned of life settlements from a client or colleague and knew they then needed to learn more about settlements"

Life Settlement University has posted its Spring class schedule , including live Web courses designed for life settlement novices and those seeking advanced training in the subject. via What's Up Daybook

» Law firm to celebrate grand opening of Dutchess County office

The law firm of Littman Krooks will celebrate the grand opening of its Dutchess County location at noon Thursday. via Poughkeepsie Journal