Korsinsky & Klein, LLP Successfully Terminates an Irrevocable Trust, Surrogates Court, Kings County
A Trust had been created to allow one of the beneficiaries the exclusive right to reside at the condominium apartment but pay all expenses while residing there. Upon her death, the condominium was to be distributed to another family member, the granddaughter as a remainder beneficiary. When this beneficiary wanted to just reside there but refuse all maintenance, taxes and utilities, Korsinsky and Klein petitioned to the court to terminate the trust.
Korsinsky & Klein, LLP petitioned the court on behalf of our client, the granddaughter, to dissolve the trust. We argued that the trust had become economically impractical as the daughter had not moved into the condominium, nor paid any of the expenses associated with the condominium. The court granted the petition, dissolved the trust and terminated the life estate rights of the beneficiary during her lifetime. For the full decision see here.