Wednesday, January 31, 2007

Maine High Stakes Adoption Dispute

GayCityNews - Maine High Stakes Adoption Dispute: "A technical ruling about lawsuit filing requirements by the Maine Supreme Judicial Court on January 9 brought to light an extraordinary dispute about a claim by a former lesbian partner of an heir to the fortune left by the late chairman of IBM, Thomas J. Watson, Jr.

At stake is a share of a multi-million-dollar family trust intended for Watson's grandchildren.

Watson had employed an estate-planning device common in wealthy families, setting up trusts to benefit his children and grandchildren rather than parceling out property and other assets through a will that can spark an expensive and potentially time-consuming probate court process.

By the terms of the trusts, at the point at which both Watson and his wife Olive had died, beneficiaries would vest, or gain non-forfeitable rights to their share of the assets, which they could claim at age 35."

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