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eBook details

• Title: Olson v. Harshman
• Author : Supreme Court of Kansas
• Release Date : January 04, 1983
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 60 KB

Description

The opinion of the court was delivered by This is an action by Frances Olson, individually and as administratrix of the estates of her parents, Willard and Clara Harshman, to set aside revocable inter vivos trusts executed by each of her parents during their lifetimes. The trusts, by their terms, transferred virtually all of the elder Harshmans' property, being shares of stock in Harshman Farms, Inc., to Frances' brother, the defendant, Frank Knox Harshman. The case was tried with an advisory jury, which, under the trial court's instructions, found that Frank Harshman occupied a fiduciary or confidential relationship with his parents in 1968 when their trusts were prepared and executed and in 1970 when amendments to the trusts were prepared and executed. The jury also found that Frank unduly influenced his parents in the preparation and execution of the trusts and amendments. The trial court adopted the findings of the jury and entered judgment setting aside the trusts and ordering Frank to make appropriate stock transfers to the administratrix. The trial court also set aside certain transfers of stock made by inter vivos gifts by the elder Harshmans to Frank and to his sons over a period of several years. Frank appeals from these orders, and Frances has cross-appealed on the question of the validity of some Harshman Farms stock redemptions made by Frank to pay federal estate taxes on his parents' estates. The focus of this dispute is two parallel trust instruments, one executed by Willard Harshman and one by Clara Harshman, in 1968. The trusts thereby created were revocable and provided that each settlor was the primary beneficiary of the trust during the settlor's lifetime. Each settlor transferred the bulk of his or her personal assets (consisting of shares of stock in Harshman Farms, Inc.) to the trust. Each trust agreement directed that upon both settlors's deaths all property held in trust was to be distributed to Frank Harshman and to his children. Each trust made no provision for the Harshmans' only other child, the plaintiff, Frances Olson. The Willard Harshman trust agreement states:

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