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Practical Issues in Pension Fund Investing – Execution of Subscription Agreements

There is a famous phrase which is particularly apt in the area of pension fund investing – “the devil is in the details”. This is the first in a series on practical issues that arise in connection with investments by Canadian...more

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence? by James F. McDonough, Jr. on October 1, 2013 Will contests alleging undue influence are not uncommon. A will was, for many years,...more

Employer Wins Bankruptcy Discharge of Withdrawal Liability

The Ninth Circuit Court of Appeals recently ruled that employers may discharge multiemployer trust withdrawal liability in bankruptcy. Employers required to contribute to multi-employer pension trusts face growing withdrawal...more

Charitable Lead Trusts With Private Foundation Lead Beneficiary

Transfers to charitable lead trusts during lifetime can provide tax benefits to the donor, and can avoid inclusion of the transferred property in the gross estate of the donor for federal estate tax purposes at death....more

NY Attorney General Wants to “Fire” Donald Trump from Education Industry

NY Attorney General Wants to “Fire” Donald Trump from Education Industry by Dan Brecher on September 3, 2013 While Donald Trump is well known for his antics on the air and in the boardroom, he may soon be spending some...more

Court Rules NJ Charities Must Follow Donor’s Wishes or Return Money

Court Rules NJ Charities Must Follow Donor’s Wishes or Return Money by Christine M. Vanek on August 21, 2013 The Appellate Division of the New Jersey Superior Court recently clarified what happens when a charity...more

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds?

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds? by James F. McDonough, Jr. on August 15, 2013 The lack of liquidity is a serious problem in the administration of an Estate, especially for a...more

IRS Limits Losses Sustained by Trusts

Since 1986, Section 469 of the Internal Revenue Code has imposed limitations on the ability of most taxpayers to offset losses from activities in which they do not materially participate against wages and other non-passive...more

Six U.S. States Involved in Norwegian Tax Evasion Case

Six U.S. States Involved in Norwegian Tax Evasion Case by Frank L. Brunetti on August 12, 2013 In another example of international cooperation to quell Norwegian tax evasion, a quiet investigation is expected to reveal...more

U.S., State Governments Rely on New Software to Combat Tax Fraud

U.S., State Governments Rely on New Software to Combat Tax Fraud by Joseph M. Donegan on August 7, 2013 As the Internal Revenue Service attempts to close the multibillion-dollar tax gap, a large portion of its resources...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

Can a Corporation be Appointed a Receiver?

I was in court last week and the judge appointed a corporation as the receiver in a case....more

Pa Tax Legislation Will Make Substantial Changes

The Act of July 9, 2013, No. 52 (H.B. 465) and Senate Bill 591 will make substantial changes to Pennsylvania taxes if finally enacted. The bills were part of the budget process. S.B. 591 has passed the House and Senate and...more

Are Your Procedures in Compliance with the Updated UCC Article 9?

Despite the lack of fireworks and fanfare, July 1, 2013, ushered in new changes to the Uniform Commercial Code that are important to bankers, lenders and legal practitioners. The revisions to UCC Article 9 (“Article 9”)...more

CSL Takes Pity On Inter Vivos Trusts

Section 25019 of the Corporations Code defines “security” broadly by listing a broad range of items that is substantially, but not exactly, the same found in Section 2(a)(1) of the Securities Act of 1933. See “Security”...more

Offshore Professional Risks - June 2013

Sedgwick’s Offshore Professional Risks practice offers a unique and global perspective on professional risk. As the only law firm in the world with offices in the key insurance jurisdictions of Bermuda, London and the U.S.,...more

Minnesotax?

A couple of weeks ago, the Minnesota Legislature passed new tax legislation that, among other things, added a brand new Minnesota gift tax and expanded the applicability of the Minnesota estate tax. A summary of the entire...more

Employer’s Excuses Why They Don’t Look At Their Retirement Plan And Why They’re Wrong

As an ERISA attorney with a national practice of plan sponsor and retirement plan provider clients around the country (cheap plug here), I hear many excuses as to why plan sponsors don’t want to take a look at their...more

Florida Spendthrift Trust Protection Withstands Constitutional Challenge [Florida]

Louis Steinmetz signed a personal guaranty of a $350,000 loan made to an LLC. The LLC defaulted on the loan....more

BVI Trusts: Private Trust Companies

INTRODUCTION - Since 2007, it has been possible in BVI to establish a Private Trust Company (“PTC”) which may act as trustee of trusts without the need to obtain a BVI trust licence as long as certain conditions are...more

BVI Trusts: VISTA Trusts

INTRODUCTION The Virgin Islands Special Trusts Act (“VISTA”) came into force on 1 March 2004 and was introduced in order to allow a shareholder to establish a BVI trust over a BVI company which disengages the trustee from...more

Planning For The Affordable Care Act's Net Investment Income Tax

The new Internal Revenue Code ("IRC") Section 1411, which imposes a 3.8 percent tax on net investment income ("NII") was passed as part of the Affordable Care Act of 2010 ("ACA") and is effective for tax years beginning on or...more

Personal Planning Can Help Private Equity Pros Save on Taxes

When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more

Why the Classic Legal Terminology of the Anglo-American Trust is in French, Not English: The “Law French” Phenomenon

The institution of the trust, a creature of the English Court of Equity, evolved deep in the bosom of the Anglo-American legal tradition. France, a civil jurisdiction, lacks a legal institution that is truly comparable. Her...more

Should You Consider Downsizing Before Retirement?

That's not a simple question to answer, as you balance the benefits of a lower cost of living with the realities of a soft real estate market and the emotional aspects of selling the family home ...more

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