[Download] "Lehmann v. Brown" by Seventh Circuit U.S. Court of Appeals # Book PDF Kindle ePub Free
eBook details
- Title: Lehmann v. Brown
- Author : Seventh Circuit U.S. Court of Appeals
- Release Date : January 16, 2000
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
After Richard Brown and Linda Lehmann divorced in 1987, Richard created an inter vivos trust for the benefit of the couples children, Danielle and Alexis. Richard instructed his insurers and financial intermediaries, including Teachers Insurance and Annuity Association / College Retirement Equities Fund (TIAA/CREF), that in the event of his death they should pay all benefits to this trust, of which Richards brother Timothy was trustee. Richard died in 1994, and TIAA/CREF paid the trust approximately $68,000, representing Richards full entitlement under his TIAA/CREF contracts--which are defined-contribution retirement plans, regulated by the Employee Retirement Income Security Act (ERISA). Alleging that distribution of the benefits in a lump sum, pursuant to Timothys instructions, subjected the trust to approximately $18,000 in federal taxes that could have been avoided by periodic distributions, Lehmann and her children filed suit in Wisconsin court seeking damages from both Timothy and TIAA/CREF. The complaint asserted that Timothy violated his fiduciary duties in this and other respects; it also sought relief on the theory that TIAA/CREF violated its duties under Connecticut law by distributing any benefits before Timothy "qualified" as trustee of Richards trust.
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