Jury: Trust in Preston Marshall case cannot be revoked
A Calcasieu Parish jury has returned a defense verdict in favor of Preston Marshall, affirming a 2011 gift — valued at $100 million — that would benefit Marshall and his descendants cannot be revoked.
Marshall is the grandson of J. Howard Marshall II — a Texas oil tycoon who died in 1995 and who may be better known for marrying Anna Nicole Smith, a former Playboy playmate and reality television star who died of an accidental prescription overdose in 2007. She was 26 when she married the 89-year-old.
In 2015, a family member initiated legal action to revoke half of the charitable lead annuity trust, with Preston and his children as beneficiaries. The gift was set to mature in 2031, providing a payout exceeding $100,000,000.
The basis for the revocation suit was 'ingratitude,' a legal claim that had never before been tried in Louisiana involving such a significant sum.
The case has had years of litigation in Texas and Louisiana courtrooms.
Marshall's defense team was led by Hunter Lundy, with assistance from the Lundy Firm headed by Matt Lundy, along with Daniel Kramer, Houston Middleton, and Gary Blanchard. They collaborated with Jeff Chambers and the Susman Godfrey Firm of Houston and New Orleans-based counsel Sher Garner.
Hunter Lundy said revoking a trust explicitly designated as 'irrevocable,' especially one that provided the donor with a multi-million dollar tax deduction, is challenging when based on 'unjustifiable claims.'
'Justice was served and I pray that this family can resolve their disputes out of court in the future,' he said.
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