![]() ![]() Edelman's beneficiary designations is controlling. Thus, the principle question for this court to resolve is which of Dr. The parties further agree that defendant Clark did not make a qualified election to opt out of the Edelman Plan in connection with either the Septemor Apbeneficiary forms. It is also uncontested that defendant Clark did not consent to the beneficiary changes made in September 1994 or April 1996. It is undisputed that Lenore Edelman has assigned, or will assign, any interest she may have in the Edelman Plan to plaintiffs. Edelman executed yet another change of beneficiary form, this time naming his sister, Lenore Edelman, as the primary beneficiary and plaintiffs as contingent beneficiaries. Edelman executed a change of beneficiary form, naming plaintiffs and defendant Clark as equal one-third primary beneficiaries with respect to the account. ![]() On May 9, 1994, he clarified his designation to Clark, describing her as his "best friend." Ex. On May 4, 1994, he designated defendant Clark, his ex-wife at the time, as the sole beneficiary of the Edelman Plan, entitling her to one hundred percent of the plan's proceeds. Edelman made four successive beneficiary designations regarding the Edelman Plan. ![]() ![]() Edelman in September 1994 and April 1996. This dispute between the putative beneficiaries of the Edelman Plan centers around the validity of two beneficiary designations made by Dr. Edelman executed an adoption agreement on Jto reflect the name change, thereby amending the Edelman Plan and adopting a Smith Barney Shearson Retirement Plan Document # 04, also known as a self-employed profit-sharing retirement plan. Thus, in accordance with this policy, Dr. As a result of the merger, all clients of both firms were required to ratify the adoption of their existing retirement plans to the new entity, Smith Barney Shearson. Richard Polimeni dated J(hereafter, "Polimeni Tr.") at 11. 56.1 Stm't (hereafter, "Kappus Aff."), Tr. In 1993, Smith Barney merged with Shearson Lehman Hutton to create Smith Barney Shearson, Inc. However, Smith Barney has frozen the Edelman account until this conflict between the heirs and putative beneficiaries is resolved. Both plaintiffs and defendant Clark have made demands that Smith Barney distribute the proceeds of the Edelman Plan. Smith Barney manages and acts as the custodian of the funds in the Edelman Plan. Additional "Undisputed Facts" (hereafter, "Def. Edelman was self-employed and the sole participant in the Edelman Plan. Edelman established the Edelman Plan, a retirement plan under account number XXX-XXXXX-X-X-XXX. Sometime in the late 1980s or early 1990s, Dr. Edelman at the time of his death, she is his surviving spouse. Plaintiffs, Henry and Philip Edelman, are the sons of the late Dr. For the reasons articulated below, the court grants *219 defendant Clark's motion for summary judgment. However, defendant Clark challenges that the plaintiffs' designations as beneficiaries were ineffective because she did not consent to their beneficiary designations as required by federal law and the terms governing the Edelman Plan. Plaintiffs contest defendant Clark's claim to these funds, arguing that they are entitled to the proceeds because their father designated them beneficiaries of the Edelman Plan prior to his death. Samuel Edelman, seeks summary judgment declaring her the sole beneficiary to the Edelman Plan proceeds maintained by defendant Smith Barney. Elizabeth Clark, the surviving spouse of plaintiffs' late father, Dr. Presently before the court is defendant Elizabeth Clark's motion for summary judgment. Plaintiffs, Henry and Philip Edelman, bring this diversity action against Smith Barney and Elizabeth Clark pursuant to New York Civil Practice Law and Rules § 3001, seeking a judgment declaring them the lawful beneficiaries to the proceeds in their late father's retirement plan (hereafter, "the Edelman Plan"). Edward Reale, Twomey, Latham, Shea & Kelley, L.L.P., Riverhead, NY, for defendant Elizabeth B. Kappus, Rivkin, Radler & Kremer, Uniondale, NY, for plaintiffs.Īlejandro Schwel, Smith Barney, Inc., New York City, for defendant Philip Edelman. Henry EDELMAN and Philip Edelman Plaintiffs, ![]()
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