Leimberg Report: ILIT Trustee Fiduciary Duties To Beneficiaries Re Life Insurance Policies by Howard Zaritsky & More

The following notable updates were posted on Leimberg for the week of March 2- March 8, 2015:

  • Howard Zartisky on Rafert v. Meyer: Nebraska Supreme Court Rejects ILIT’s Attempt to Excuse Trustee from Duty to Maintain Policies and Inform Beneficiaries (Estate Planning Newsletter).   In Rafert v. Meyer, the Nebraska Supreme Court reversed and remanded a trial court decision holding that  trustee has non-waivable duty to keep beneficiaries informed about the status of life insurance policies held in trust, and a non-waivable duty to act in good faith and in the best interests of the beneficiaries despite clause in trust to contrary.
  • John A. Terrill, II & Margaret Van Houten on Canada Attorney General v. Federation of Law Societies of Canada: Canadian Supreme Court Holds Unconstitutional Anti-Money Laundering Legislation Related to Reporting and Other Duties on Canadian Lawyers (Asset Protection Newsletter).  In Canada (Attorney General) v. Federation of Law Societies of Canada, the Canadian Supreme Court held that money laundering provisions applied to legal profession was unconstitutional.

See full Leimberg Reports at Leimberg Information Services.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.