Today the Illinois Supreme Court issued its opinion in Smith v The Vanguard Group, et al. Michael Hertz represented Scott and Jeffrey Smith in a lawsuit brought by JoAnn Smith. From the Court:'
JoAnn Smith, Donald Smith’s widow, brought an action seeking to be declared the rightful beneficiary of Donald’s individual retirement account after his passing. Donald initially listed no beneficiary who would take any funds remaining in that account at his death. In 2013, he was hospitalized. During his hospitalization, someone designated JoAnn as beneficiary. When Donald was released from the hospital, he filed an action for a temporary restraining order and injunction. The - 2 - spouses stipulated to an injunction ordering that neither party engage in any transaction regarding the parties’ financial accounts. That injunction action was later combined with a dissolution action. While still bound by the injunction, Donald changed the beneficiary designation to his sons, Scott and Jeffrey Smith. After the combined actions were dismissed, Donald passed away. JoAnn subsequently brought this underlying action, alleging that the beneficiary change was in violation of the injunction and that the change was therefore void. The circuit court granted Scott and Jeffrey’s motion to dismiss, and the appellate court affirmed. We granted JoAnn’s petition for leave to appeal. Ill. S. Ct. R. 315 (eff. Nov. 1, 2017)...
We hold that, because the change of ownership did not occur until after the injunction had been dismissed, Donald did not violate the injunction when he changed the beneficiary designation of the Vanguard IRA to Scott and Jeffrey.
Mike handled the case in the trial court, the appellate court and in Springfield at the Illinois Supreme Court.
JoAnn Smith, Donald Smith’s widow, brought an action seeking to be declared the rightful beneficiary of Donald’s individual retirement account after his passing. Donald initially listed no beneficiary who would take any funds remaining in that account at his death. In 2013, he was hospitalized. During his hospitalization, someone designated JoAnn as beneficiary. When Donald was released from the hospital, he filed an action for a temporary restraining order and injunction. The - 2 - spouses stipulated to an injunction ordering that neither party engage in any transaction regarding the parties’ financial accounts. That injunction action was later combined with a dissolution action. While still bound by the injunction, Donald changed the beneficiary designation to his sons, Scott and Jeffrey Smith. After the combined actions were dismissed, Donald passed away. JoAnn subsequently brought this underlying action, alleging that the beneficiary change was in violation of the injunction and that the change was therefore void. The circuit court granted Scott and Jeffrey’s motion to dismiss, and the appellate court affirmed. We granted JoAnn’s petition for leave to appeal. Ill. S. Ct. R. 315 (eff. Nov. 1, 2017)...
We hold that, because the change of ownership did not occur until after the injunction had been dismissed, Donald did not violate the injunction when he changed the beneficiary designation of the Vanguard IRA to Scott and Jeffrey.
Mike handled the case in the trial court, the appellate court and in Springfield at the Illinois Supreme Court.
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