Word: kates
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Joseph Clark Jr.’s daughter, Noel Clark Miller, and the estate of his late son, Joseph S. Clark III ’50, asserted that the money is rightfully theirs, because Kate Clark intended to keep the money in the family. They said that an unlikely series of deaths is the reason Harvard may stand to inherit the trust’s money...
...think they’ve done that in this case, in failing to determine Kate Avery Clark’s intent in 1942 when she set up the trust in accordance with rules mandated by a long history of judicial precedent in Pennsylvania, together with the failure of the court to apply the holdings of a line of cases dealing with what is called implied gifts,” Bullitt said. “They’re not addressed in the decision of the Superior Court, and therefore leads us to believe they were not adequately considered...
...court decision in 1949 threatened to expose the trust to further tax liability if any chance existed that the money could return to Kate Clark. As a result, she amended the terms to name Harvard the recipient of the trust money if no other heir survived...
Both sides agree that Kate Clark made the change and named Harvard as a potential heir in order to avoid paying extra taxes...
...Kate intended to keep the reversionary interest in the trust property in the family, as appellants argue, she could have executed a Recital that did so,” the opinion says. “But instead, she named Harvard University as the remainderman...