Person V was a fifty-year-old single wedded person; J, a thirty-year-old two times divorced and a mother of two. Person V had invested in a financial portfolio and person J brought no cash or asset to marriage. Shortly after, the marriage deteriorated due to some financial matters. Throughout this period person, J attained control of most of V’s assets. After three years, person J contracted person H to draw up divorce papers. Then another attorney person G advised person V not to sign because it will become a financial suicide. Even though person V signed the document. In the month of October person J informed person V, she was leaving him and vended most of his assets. To discuss: Whether person V have to set aside the contract as an outcome of undue influence.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11, Problem 16CP

Summary Introduction

Case summary:

Person V was a fifty-year-old single wedded person; J, a thirty-year-old two times divorced and a mother of two. Person V had invested in a financial portfolio and person J brought no cash or asset to marriage. Shortly after, the marriage deteriorated due to some financial matters. Throughout this period person, J attained control of most of V’s assets.

After three years, person J contracted person H to draw up divorce papers. Then another attorney person G advised person V not to sign because it will become a financial suicide. Even though person V signed the document. In the month of October person J informed person V, she was leaving him and vended most of his assets.

To discuss: Whether person V have to set aside the contract as an outcome of undue influence.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

On January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.

Xena and Zinc jointly owned a parcel of property. Xena sold her share of the property to Sola. Xena then died. Xena has a child, Eos, and Zinc has a child, Kirros. If the property was owned as joint tenants by Xena and Zinc, who now owns the property and why? If instead the property was owned as tenants in common, who now owns the property and why?

Jean died in a common-law state in 2023 and was survived by her husband, Loren, and three adult children. Jean's gross estate, all of which was owned solely in her name, was composed of the following assets and date of death fair market values: Assets Values Common stock $ 4,900,000 Residence 750,000 Personal property 60,000 IRAs 3,450,000 Hummel figurines 175,000 Total Assets $ 9,335,000 Jean's only liabilities, together with their date of death balance, were as follows: Liabilities Balance Mortgage on residence $175,000 Car loan 8,000 Total $183,000 The following is a list of all of the gratuitous transfers that Jean made during her lifetime: 2000: Placed the common stock listed above in an irrevocable trust in which she retained the right to a 5% distribution of the trust account revalued annually for 25 years with the remainder to her children at her death; the date of gift fair market value of the stock was $190,000; the value of Jean's…