CRUT definition
Examples of CRUT in a sentence
The problem with this argument is that plaintiff has failed in his challenge to the CRUT itself, so we must presume that ▇▇▇▇▇▇▇▇ fully intended to transfer her stock into the trust, even when that meant that plaintiff might never recover the value of those assets.
Plaintiff fails to demonstrate how defendants breached any duty to him as personal representative of her estate, trustee of the CRUT, or individually as a potential beneficiary of Florence’s residuary estate as it existed at the time of her death.
In fact, the CRUT’s provisions adamantly prohibit plaintiff from using any CRUT assets for his own benefit, and plaintiff concedes that ▇▇▇▇▇▇▇▇ only intended to pay for the life insurance policy out of the CRUT’s periodic payments to her.
If plaintiff had his druthers, the CRUT would have gone totally unfunded, so plaintiff has no claim against defendants in his capacity as the CRUT’s trustee.
Next, plaintiff points to Florence’s application for life insurance and asserts that the application constitutes a testamentary document that should be read together with the CRUT to reveal its true, but failed, intent.
The problem with this argument is that, without undoing the CRUT, the theory of malpractice would have only created a cause of action in ▇▇▇▇▇▇▇▇.
Therefore, her estate did not “lose” the amount of money that went into the CRUT, and her estate has no claim for reimbursement.
Id. Plaintiff alternatively argues that even if the CRUT itself is an unassailable legal instrument that faithfully carried out its expressed intent, defendants still committed malpractice by advising his deceased mother to place her assets into the irrevocable trust without first acquiring the anticipated life insurance.
Nevertheless, plaintiff argues that the CRUT contained an insurance clause, which raises an ambiguity regarding whether the CRUT actually intended to replace its assets with insurance proceeds.
Again, plaintiff has not argued that the missing will itself contained tax-saving measures or other means of providing him with a greater portion of his mother’s estate, but merely argues that the trial court should have presumed that the will created an ambiguity that would open the door for parol evidence of defendants’ malpractice regarding the CRUT.