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Alice and Arthur Kramer

Arthur Kramer (January 10, 1927 − January 26, 2008) was an American attorney who was the founding partner of law firm Kramer Levin.

Family

[edit]

Kramer's relationship with his brother, playwright Larry Kramer, moved into the public sphere with Larry's 1984 play, The Normal Heart. In the play, Larry portrays Arthur ("Ben Weeks") as more concerned with building his $2 million house in Connecticut than in helping his brother's cause. Humorist Calvin Trillin, a friend of both Larry and Arthur, once called The Normal Heart "the play about the building of [Arthur's] house." Anemona Hartocollis observed in The New York Times that "their story came to define an era for hundreds of thousands of theatergoers."[1] Arthur, who had been his younger brother's protector against the parents they both disliked, couldn't find it in his heart to reject Larry, but also couldn't accept his homosexuality. This caused years of arguing and stretches of silence between the siblings. In the 1980s, Larry wanted Arthur's firm to represent the fledgling Gay Men's Health Crisis, a nonprofit Larry organized. Arthur said he had to clear it with his firm's intake committee. Larry saw this as a cop-out — rightly, as Arthur said later.[2] Larry called for a gay boycott of MCI, a prominent Kramer Levin client, which Arthur saw as a personal affront. In 1992, Colorado voters passed Amendment 2, an anti-gay rights referendum, and Arthur refused to cancel a ski trip to Aspen.[1]

Throughout their disagreements, they still stayed close, remaining each other's touchstones. Larry writes of their relationship in The Normal Heart: "The brothers love each other a great deal; [Arthur's] approval is essential to [Larry]."[3]

In 2001, Arthur gave Yale University a $1 million grant to establish the Larry Kramer Initiative for Lesbian and Gay Studies, a program focusing on gay history.[4]

Later life and death

[edit]

Kramer retired from the firm in 1996. He was found alone by a ski patrol in Sun Valley, Idaho on January 13, 2008. He ultimately died from a stroke on January 26 in New York City. He was 81 when he died, having lived in Stamford, Connecticut.[5]

Kramer life insurance litigation

[edit]

In mid-2005, Kramer, then aged 78, applied for seven insurance policies from three different insurance companies, with a total value of $56.2 million. Arthur had sought a way to provide additional support and gifts to his children during his lifetime, and this action followed his considering a series of life insurance strategies over a period of two years.

He created a pair of insurance trusts to own these policies, and designated his three adult children, Andrew Kramer, Rebecca Kramer, and Liza Kramer, as the trusts' beneficiaries. Shortly after the policies were issued, before Arthur had paid the first premiums on any of the policies, he directed his children to sell their interests in the trusts to outside life settlement investors for $660,000, slightly over one per cent of the policies' worth.[6]

Less than three years later, following Arthur's death in early 2008, his wife, Alice Kramer, who was the executor of his estate, filed suit in New York federal court, claiming that she, rather than the investors, was entitled to the $56.2 million death benefit. She claimed that Arthur, by taking out the policies and having them resold to investors, violated New York State insurable interest law; thus, the sale to the investors should be retroactively voided.[7]

After over two years of contentious litigation, the New York Court of Appeals decided against Alice Kramer, ruling that New York insurance law allowed her husband and children to sell his insurance policies immediately after issuance to whomever they wished, provided they acted without coercion and were not subject to any nefarious influence.[8] Her lawyer had argued that the estate's claim to the $56.2 million benefit would not result in a "windfall" to the family, but rather would "send a message" to insurance policy investors not to engage in these types of transactions.

The Kramer decision was hailed throughout the United States as a victory for the life settlement industry and as a blow to "overreaching" families wishing to undo the insurance planning of their deceased relations.[9]

References

[edit]
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Arthur Kramer

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Arthur F. Kramer is an American cognitive renowned for empirical investigations into how enhances and cognitive functions, particularly executive control and in aging populations. His research demonstrates that structured fitness training induces neural plasticity, improving efficiency and countering age-related cognitive decline through measurable changes in structure and function. Kramer earned his PhD in cognitive/ from the University of and advanced through key academic roles, including Director of the Beckman Institute for Advanced Science and Technology at the University of , where he oversaw interdisciplinary studies on and . He later founded and directed the Center for Cognitive and Brain Health at , serving as professor of and senior vice provost for research until assuming status. Among his accolades, Kramer received the NIH Ten-Year MERIT Award for sustained contributions to understanding exercise's causal role in preserving cognitive vitality, and he has advised national bodies such as the President's Council of Advisors on Science and Technology on aging and policies. His work, grounded in longitudinal interventions and , challenges assumptions of inevitable cognitive by highlighting modifiable lifestyle factors over genetic determinism alone.

Early Life and Education

Childhood and Family Origins

Arthur B. Kramer was born in 1927 to George Kramer, a Yale-educated attorney who encountered antisemitic barriers in private practice and thus pursued legal roles, and Rea Wishengrad Kramer, who worked in positions such as social worker and Red Cross official. The Kramers were a Jewish family of modest means, with Eastern European immigrant roots; George's parents originated from , reflecting the broader pattern of Ashkenazi Jewish migration to the in the early . As the elder of two sons—his brother Laurence (Larry) was born in Bridgeport, Connecticut, on June 25, 1935—Kramer's early years unfolded amid financial precarity exacerbated by professional discrimination against Jews in the legal field. The family later relocated from to , and eventually , where George continued in public service. This environment of resilience against shaped Kramer's worldview, evident in his later founding of a firm catering to Jewish lawyers excluded from established practices.

Academic Background and Early Influences

Arthur Kramer attended , graduating in 1953. His academic path was shaped by a family tradition of Yale attendance, as his father, George Kramer, had earned both undergraduate and law degrees from the university, and several uncles were also alumni. This legacy, rooted in a Jewish immigrant family's emphasis on higher education amid economic hardships like the , provided early motivation for Kramer's pursuit of legal studies. Kramer's decision to study law reflected broader influences from his upbringing in , where his father's career as a government attorney highlighted the profession's potential despite barriers for Jewish individuals. Post-graduation challenges, including limited hiring opportunities for Jewish lawyers at established firms due to , underscored the discriminatory environment that would later inform his professional choices, though these experiences crystallized after his formal education. No specific mentors or extracurricular academic influences are prominently documented in available records, but the era's post-World War II expansion of legal access for minorities likely reinforced his commitment to the field.

Professional Career

Entry into Law and Initial Practice

After graduating from in 1953, Arthur Kramer encountered significant barriers to entry at major law firms, where restricted opportunities for Jewish graduates regardless of Ivy League credentials. He pursued a career in as an in the Southern District of New York, earning recognition for a distinguished tenure that honed his litigation skills prior to private practice. In response to persistent in the , Kramer co-founded a three-partner firm in the early with Maurice Nessen and Foster Bam, establishing an independent platform free from the exclusionary practices of "white-shoe" establishments. This venture, initially a modest operation, laid the groundwork for expansion and eventual renaming as Kramer Lowenstein Nessen & Kamin by 1968, marking his shift to in corporate and litigation work.

Founding and Expansion of Kramer Levin Naftalis & Frankel

Arthur B. Kramer co-founded the that became LLP in in 1968, initially operating as a small three-partner practice focused on litigation. The founding partners included Kramer, Maurice Nessen, and Foster Bam, with the firm starting under the name Kramer, Lowenstein, Nessen & Kamin. Kramer established the firm as a deliberate alternative to New York's established "white-shoe" law practices, which often limited advancement for Jewish attorneys regardless of credentials from institutions such as , where Kramer had graduated in 1953. This vision emphasized merit-based opportunities, competitive compensation—such as matching Cravath, Swaine & Moore's $15,000 first-year associate salary in the late —and innovative support structures, including access to psychiatric services for staff and mechanisms for associates to critique partners. During Kramer's tenure as managing partner until his retirement in 1996, the firm grew from its modest origins into a full-service operation with over 300 lawyers by the early 2000s, recruiting top talent and prioritizing client loyalty while expanding practice areas beyond litigation into corporate, , and other fields. This internal expansion positioned it among the ' 100 largest law firms, fostering a culture of calculated risk-taking and progressive values without international offices during his active leadership. The firm's name evolved to incorporate later partners Gary Naftalis and Marvin Frankel, reflecting its broadening partnerships and capabilities.

Personal Life

Marriage and Immediate Family

Arthur Kramer married Alice Kramer, with whom he shared a partnership that began during law school and lasted 59 years until his death. The couple resided in , at the time of Kramer's passing. They had three children: Liza Kramer of ; Rebecca Kramer of , New York; and Andrew Kramer of . Alice Kramer survived her husband and was involved in subsequent litigation over his policies, asserting claims on behalf of the estate.

Relationship with Siblings, Including Larry Kramer

Arthur B. Kramer, born in 1927, was the older brother by nine years to Larry Kramer, born in 1935, both sons of George Kramer, a Jewish government attorney, with the family residing primarily near Washington, D.C.. As the elder sibling in a two-boy household, Arthur often acted as a protector and quasi-parental figure to Larry during their childhood, shielding him from familial pressures and fostering a deep bond of mutual reliance. This dynamic persisted into adulthood, though it evolved amid stark personal and professional divergences: Arthur pursued a conventional path as a straight, establishment lawyer founding Kramer Levin Naftalis & Frankel, while Larry embraced a flamboyant identity as an openly gay writer and activist, often clashing with mainstream norms. The brothers' relationship faced significant strain in 1953 when Larry, as a Yale freshman, confessed his to Arthur, prompting Arthur to arrange psychiatric intervention in an attempt to alter Larry's orientation, reflecting prevailing mid-century views on sexual deviance but leading to temporary estrangement. later dramatized these tensions in his 1985 play , portraying a character modeled on Arthur—a conservative initially rejecting his activist brother's pleas amid the AIDS —though the depiction emphasized underlying affection and eventual financial support for Larry's causes, as Arthur reportedly provided funds despite public disagreements. Further friction arose from Larry's impulsive actions, such as sending an irate letter to a major client of Arthur's firm in the early 1990s, which Arthur viewed as reckless interference, exacerbating their ideological divide over Larry's confrontational activism versus Arthur's measured institutional approach. Despite recurrent rifts, the bond endured with reconciliations underscoring profound loyalty; Arthur's approval remained pivotal to , and by the 2000s, Arthur channeled this fraternal influence into advocacy, donating $1 million to in 2001 to establish a program in lesbian and gay studies, explicitly crediting Larry's impact. No other siblings are documented in family records, positioning Larry as Arthur's sole sibling and the primary relational focus amid their shared heritage. Arthur's death in 2008 preceded Larry's by twelve years, leaving their story as one of resilient kinship tested by personal revelations and public personas.

Later Years and Death

Health Decline and Final Activities

On January 13, 2008, Arthur Kramer, then 81 years old, suffered a while alone in [Sun Valley, Idaho](/page/Sun Valley,_Idaho), and was discovered unconscious by . He was hospitalized following the incident but remained in critical condition. Kramer's health deteriorated rapidly after the , leading to his death on January 26, 2008. The skiing outing represented one of his final activities, reflecting his continued physical engagement in the years leading up to the event, as he had no reported chronic health issues prior.

Circumstances of Death

Arthur B. Kramer died on January 26, 2008, at age 81 in , from complications of a . His wife, Alice Kramer, stated that he had been ill since January 13, 2008, when a discovered him alone and unresponsive on a trail in , during what was intended as a skiing vacation. Kramer was airlifted to a medical facility following the incident, but his condition deteriorated over the subsequent two weeks, leading to his death at Stamford Hospital. The stroke occurred unexpectedly despite Kramer's reported good health prior to the trip, with no prior indications of cardiovascular issues documented in public accounts. Family members later described the event as sudden, contributing to subsequent legal disputes over his policies, though the medical circumstances themselves were not contested in initial reports. or detailed forensic details were not publicly disclosed, consistent with norms for high-profile individuals absent litigation demands.

Life Insurance Policies and Posthumous Litigation

Acquisition and Transfer of Policies

In 2003, Steven Lockwood approached Arthur Kramer with a proposal for a stranger-originated (STOLI) arrangement, under which Kramer would procure policies on his own life for subsequent sale to investors lacking an . In June 2005, Kramer established the first of two irrevocable trusts, naming his children and Rebecca as initial beneficiaries, and obtained policies from Transamerica Occidental Life Insurance Company with a total face value of $18.2 million. The trust was managed by trustees affiliated with Lockwood's firm, and neither Kramer nor his children paid any premiums; instead, beneficial interests in the policies were promptly assigned to Tall Tree Advisors, Inc., an investor entity that assumed premium obligations. In 2007, these interests were sold to an unaffiliated third-party purchaser. In August 2005, Kramer created a second trust, naming his Liza as the initial , which acquired three policies from Phoenix Life Insurance Company in July 2005 totaling $28 million in face value. Beneficial interests in these Phoenix policies were assigned to Tall Tree Advisors, Inc., with premiums funded by the assignee rather than the trust or family. One of the Phoenix policies was further transferred to Lifemark S.A., another , in August 2007 for $1.9 million. Additionally, in November 2005, the August trust obtained a $10 million policy from Lincoln Life & Annuity Company of New York, with beneficial interests assigned to Life Products Clearing, LLC. Across both trusts, the policies totaled $56.2 million in coverage, all procured by Kramer on his own life without premium contributions from him or his designated beneficiaries, and rapidly transferred to institutional investors who held no prior relationship or in Kramer's life. These assignments occurred shortly after issuance, aligning with the STOLI structure where the policies were effectively originated for investor ownership. Following Arthur Kramer's death on January 26, 2008, his widow, Alice Kramer, acting as personal representative of his estate, initiated legal action asserting ownership of approximately $56 million in proceeds from policies he had acquired and transferred in 2005. Alice Kramer filed suit in the U.S. District Court for the Southern District of New York against entities including Lockwood Pension Services, Inc., and Tall Tree Advisors, LLC, which had facilitated the policy transfers to investor-backed trusts, claiming the transactions rendered the policies void under New York Insurance Law § 3205. She argued that the policies constituted illegal wagering contracts, as they were procured with the contemporaneous intent to assign benefits to third-party investors lacking an in Kramer's life, thereby circumventing statutory requirements that policies be issued only to those with a genuine economic stake in the insured's survival. The estate's claims centered on allegations of and sham arrangements, asserting that Arthur Kramer, then in his late 70s and facing health issues, had been induced into purchasing the policies—totaling $28 million via a June trust and another $28 million via an August trust—without personal benefit, as premium payments were funded by the eventual buyers and premiums were structured to lapse unless transferred. Alice Kramer further contended that the rapid transfers, occurring shortly after issuance to Phoenix Life Insurance Company and other carriers, evidenced a preconceived scheme for speculation, violating against stranger-originated (STOLI) and exposing the estate to forfeiture of benefits. Family members expressed shock upon learning of the policies posthumously, with the estate refusing to submit death certificates to claimants, prompting countersuits by policy assignees seeking to compel payout and invalidate the estate's interference. Defendants, including the investor groups and insurers, challenged the estate's position by emphasizing that New York law validates policy ownership by the insured at inception, where self-insurable interest exists, and permits subsequent assignments absent explicit statutory prohibition on transfers to non-insurables. They disputed fraud claims, noting Arthur Kramer's sophistication as a retired founder and his consultation with advisors, while arguing the estate lacked standing or of to void the contracts . Insurers, caught between competing demands, interpleaded funds in some instances, heightening the dispute over whether the transactions undermined the insurable interest doctrine designed to prevent and gambling on lives. These challenges extended to evidentiary battles, including scrutiny of trust documents prepared by investor and Kramer's disclosures during , which the estate portrayed as manipulated to secure coverage.

Key Court Rulings and Precedents

In Kramer v. Phoenix Life Insurance Co., decided by the on November 17, 2010, the estate of Arthur Kramer challenged the validity of seven policies he had obtained on his own life between 2005 and 2006, totaling $56.2 million in coverage from issuers including Phoenix Life Insurance Company and others. The policies were transferred shortly after issuance to irrevocable trusts, which then assigned beneficial interests to investors lacking a traditional in Kramer's life, allegedly as part of a stranger-originated life insurance (STOLI) arrangement facilitated by financial intermediaries. Alice Kramer, as estate representative, argued that the transactions violated § 3205(b)(2), which voids policies issued to persons without an insurable interest except for those procured by the insured on their own life, claiming the contemporaneous intent to transfer rendered them wagering contracts . The Court of Appeals, in a 5-2 majority opinion authored by Judge Susan Phillips Read, held that § 3205 permits the insured to freely assign a validly issued policy on their own life to any third party, irrespective of the transferee's insurable interest or the insured's pre-issuance intent to transfer, as the statute's plain language regulates only issuance, not subsequent assignments. The court rejected the estate's interpretation that intent to sell could invalidate policies at inception, noting no statutory support for imposing a temporal restriction on transfers and emphasizing the historical assignability of life policies to promote liquidity. This ruling affirmed lower courts' dismissals of the insurers' rescission claims and the estate's invalidity arguments, allowing proceeds to flow to the policy assignees rather than the estate. The decision established a significant under New York validating immediate post-issuance transfers in life settlement transactions, distinguishing issuance requirements from assignment freedoms and rejecting challenges based solely on speculative intent. Dissenting Judges Victoria A. Graffeo and Robert S. Smith contended that such arrangements incentivize and resemble prohibited wagers, urging legislative clarification, but the majority view prevailed, influencing subsequent interpretations of doctrines in other jurisdictions. Related federal proceedings, such as Kramer v. Lockwood Pension Services, Inc. (S.D.N.Y. 2008), addressed roles in the trusts but deferred to state on policy validity, reinforcing the state court's framework without altering the core .

Broader Implications for Life Settlements

The Kramer v. Phoenix Life Ins. Co. ruling by the New York Court of Appeals on November 17, 2010, established that state insurance law permits an insured to procure a policy on their own life and transfer it immediately to a third party lacking a traditional insurable interest, provided the policy was validly issued initially. This upheld the assignability of policies against challenges predicated on transfer intent, distinguishing such transactions from illegal wagering contracts by emphasizing the insured's unfettered right to assign benefits post-issuance. The decision invalidated estate claims seeking to reclaim death benefits from investor assignees, thereby securing payouts for holders of pre-existing stranger-originated life insurance (STOLI) arrangements totaling billions in face value nationwide. For the life settlements industry, valued at $7.6 billion in transaction volume in 2009, the ruling represented a pivotal affirmation of viability, enhancing investor confidence by preempting insurable interest-based rescission risks in jurisdictions following similar doctrines. It facilitated smoother policy resales, potentially expanding liquidity in the market for seniors or others divesting unwanted coverage, though a cautioned that sanctioning intent-to-transfer schemes could incentivize speculative "bets on human life." Legal analysts noted its potential to influence other states, where fragmented laws had previously deterred institutional participation, thereby promoting standardization in an otherwise patchwork regulatory environment. Subsequent New York legislation, effective May 18, 2010, curtailed the ruling's forward reach by prohibiting new STOLI transactions through measures including provider licensing, mandatory fraud prevention protocols, and a two-year moratorium on settlements after policy issuance. This regulatory pivot redirected industry focus toward bona fide life settlements—sales by policyholders facing premiums they can no longer afford—while imposing disclosure restrictions and contract approvals to mitigate abuse, fostering a more transparent market less vulnerable to critiques. The Kramer precedent thus endures primarily as a bulwark for legacy deals, underscoring tensions between contractual freedom and concerns over life .

Legacy

Arthur Kramer graduated from in 1953 and entered private practice amid limited opportunities for Jewish attorneys at established "white-shoe" firms in . Recognizing these barriers, he co-founded a in the early 1960s with associates including Mory Nessen, which evolved into Kramer Levin Naftalis & Frankel LLP by 1968. The firm positioned itself as a meritocratic alternative to elite establishments, emphasizing commercial litigation, corporate transactions, and real estate law, thereby expanding access for talented lawyers excluded from traditional networks. Under Kramer's leadership as founding partner, the firm grew from a small boutique operation to an international powerhouse with offices beyond New York, handling high-stakes matters for diverse clients. His strategic vision fostered a culture of aggressive advocacy and client-focused service, contributing to the firm's reputation for representing undervalued or emerging enterprises in competitive markets. By the time of his retirement in 1996, Kramer Levin had established itself as a key player in Manhattan's legal landscape, demonstrating the viability of independent firms unbound by WASP-dominated hierarchies. Kramer's practice emphasized practical, results-oriented representation, often in areas like securities and finance, though specific landmark cases directly attributable to him remain less documented in public records compared to the firm's collective achievements. His efforts helped democratize access to sophisticated legal services, influencing the diversification of New York's bar by mentoring and partnering with professionals from varied backgrounds. This foundational work laid the groundwork for the firm's enduring emphasis on pro bono commitments and complex dispute resolution, extending Kramer's impact beyond his active tenure.

Impact of Litigation on Financial Markets

The litigation surrounding Arthur Kramer's life insurance policies, culminating in the ' 5-2 decision in Kramer v. Phoenix Life Insurance Co. on November 17, 2010, provided significant legal clarity for the life settlement industry by upholding the validity of policy assignments to third-party investors lacking a traditional , provided the policies were initially issued to an insured with such an interest (in this case, Kramer himself). The ruling rejected arguments that rapid transfers—Kramer's policies, totaling $56.2 million and issued in 2005, were assigned to trusts and then to investors within months—rendered the transactions wagering contracts under New York Insurance Law § 7802, thereby affirming contractual freedom in policy transfers absent evidence of contemporaneous issuance and assignment intended to evade insurable interest requirements. This outcome was characterized as a "major victory" for the life settlement market, a niche financial sector where policies are traded as assets, by reducing uncertainty over enforceability and encouraging investor participation in what had been a capital-constrained segment post-2008 . Prior to the decision, challenges to stranger-originated life insurance (STOLI) transactions had deterred institutional investors, limiting liquidity and growth; the Kramer ruling signaled judicial tolerance for transfers, potentially lowering risk premiums and stimulating demand for life settlements as alternative fixed-income-like investments yielding 8-12% internal rates of return based on actuarial estimates. However, the decision's market impact was tempered by its applicability primarily to pre-existing policies, as New York enacted Article 78 in 2010—effective post-Kramer—explicitly prohibiting STOLI by requiring a two-year waiting period before policy transfers and mandating genuine retention. Despite this, the influenced investor confidence in legacy portfolios and contributed to a modest rebound in life settlement transaction volumes, which had peaked at $7.4 billion in 2008 before declining; by 2011, market analyses noted emerging signs of recovery, with the Kramer case cited as alleviating fears of widespread policy invalidation. In contexts, where pools of settled policies are bundled into financial products, the ruling mitigated default risks from legal challenges, though ongoing regulatory scrutiny in other states limited broader systemic effects on capital markets.

References

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