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In re Estate of Maynard

Court of Appeals of Arizona, First Division

November 21, 2013

In the Matter of the Estate of: FENTON LEE MAYNARD, Deceased.
v.
DAVID JENSEN, as Personal Representative of the Estate of Fenton Lee Maynard; UNIVERSITY OF ARIZONA FOUNDATION, Appellees In the Matter of the: RAYMOND JAMES IRA. ST GEORGE ANTIOCHIAN ORTHODOX CHURCH, Appellant,

Not for Publication – Rule 111(c), Rules of the Arizona Supreme Court

Appeal from the Superior Court in Maricopa County No. PB 2009-001721 The Honorable Andrew G. Klein, Judge

Burch & Cracchiolo, P.A., Phoenix By Larry G. Haddy Co-Counsel for Appellant

Dyer & Ferris, L.L.C., Phoenix By Scott R. Ferris Co-Counsel for Appellant

Snell & Wilmer, L.L.P., Phoenix By Kevin J. Parker and John C. Vryhof Counsel for Appellee Personal Representative David Jensen

Haralson Miller Pitt Feldman & McAnally, P.L.C., Tucson By Lindsay E. Brew Counsel for Appellee University of Arizona Foundation

Judge Margaret H. Downie delivered the decision of the Court, in which Presiding Judge Lawrence F. Winthrop and Judge Jon W. Thompson joined.

MEMORANDUM DECISION

DOWNIE, Judge:

¶1 St. George Antiochian Orthodox Church ("St. George") appeals from the entry of summary judgment against it and from the denial of its motion for new trial. For the following reasons, we affirm.

FACTS AND PROCEDURAL HISTORY

¶2 Fenton and Margaret Maynard married in 2001.[1] They began estate planning soon thereafter and established the Margaret and Fenton Maynard Trust (the "Trust"). Margaret introduced Fenton to Louis Joe, her long-time financial advisor, who was working at Salomon Smith Barney ("Smith Barney"). Joe helped Fenton establish multiple accounts at Smith Barney, one of which was an IRA (the "Smith Barney IRA"). Fenton designated Margaret as the primary beneficiary of the Smith Barney IRA and named the Trust as the contingent beneficiary.

¶3Joe's relationship with the Maynards developed over the years. He often took the couple to lunch, met them on their birthdays, visited their home, and had frequent telephone conversations with them. Joe became familiar with the Maynards' financial and estate planning goals.

¶4 The Maynards restated the Trust in nearly its entirety on June 1, 2005 (the "First Amendment"). Under the First Amendment, the Trust was freely amendable until the death of either Fenton or Margaret. When one spouse died, the Trust would divide into two shares. The deceased spouse's share would be distributed in accordance with instructions contained in the First Amendment. The surviving spouse's share would be "held as the Survivor's Trust as provided in Article 2" of the First Amendment.

¶5 Article 2 contained distribution instructions to be triggered by the death of the second spouse. Paragraph 2.6 was the operative provision should Fenton survive Margaret. Paragraph 2.6 recited several specific distributions, including a $100, 000 grant to St. George. Under the First Amendment, the residue of the Survivor's Trust was to be "allocated to the Charitable Trust held under Article 8."

¶6 Article 8 of the First Amendment, entitled "Charitable Trust, " was designed to hold and periodically disburse funds for the benefit of five named charitable organizations referred to as "Qualified Charities." To ensure that the Trust received certain tax benefits, Article 8 precluded distributions to organizations not retaining their tax-exempt status. ...


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