Jack Lange schedules an appointment with your firm to create a trust for his grandchildren. Although he
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Jack Lange schedules an appointment with your firm to create a trust for his grandchildren. Although he is not vastly wealthy, Mr. Lange owns a regional dry cleaning chain that he opened in the 1960s, and he has built a comfortable life for himself and his family. He wants to provide for his six grandchildren. After an initial client meeting with Mr. Lange, you have learned that he has six grandchildren who are all young ages 5 to 14. He wants to pay for their educations through the trust.
- Your supervising attorney has asked you to draft a memo of your findings from your client interview outlining the different types of express and implied trusts and which one would best apply to the client's situation.
- What are the client's goals?
- What are all of the types of express or implied trusts that would possibly work for the client?
- How would an express trust help the client reach his goals?
- What elements are necessary to form an express trust?
- What are the types of express trusts?
- What are the advantages and disadvantages of express trusts?
- What might be the unintended consequences of an express trust?
- Would an implied trust help the client reach his goals? Why or why not?
- How might an implied trust arise in this scenario?
- What are the two types of trusts and how is each formed?
- What purpose does an implied trust serve?
- What are the advantages and disadvantages of implied trusts?draft a memo to the supervising attorney that: recommends which type of trust would best help the client reach his goals. Describes the advantages and disadvantages that you considered in reaching this recommendation
Related Book For
Andersons Business Law and the Legal Environment
ISBN: 978-1133587583
22nd edition
Authors: David P. Twomey, Marianne M. Jennings
Posted Date: