Partnership agreements routinely restrict the assignment of ownership interests unless the remaining partners consent to the transfer. Many of those Partnership transfer clauses allow for transfer without consent if the assignment is to a family member or acquisition is through the right of inheritance.
Husband and wife had separate trusts. Wife’s trust gave husband a power of appointment. Though limited, the assets conveyed by the power could ultimately reside in a limited group or a broader group. Husband exercised the power contrary to the interests of Petitioner, Appellant.
Please join us for the 2024 Annual Kemp Klein Foundation Charity Golf Outing on Monday, September 16th. This year’s event will take place at the beautiful Boulder Pointe Golf Club at One Champions Circle in Oxford, Michigan. All proceeds will benefit Forgotten Harvest.
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