Business Torts, Wills, Trusts, & Estate Planning

Sanctions Are Issued Where Court Determines That Special Motion To Strike Was Filed For Improper Purpose

by David J. McMahon | Barger & Wolen on 5/15/2013

In Kleveland v. Siegel & Wolensky LLP, 2013 DAR 4961(2013) the California Courts of Appeal for the Fourth Appellate District affirmed the denial of a special motion to strike and the award of costs and attorney fees as...more

Court Reverses The Appointment Of A Receiver Over Trust Property

by David Johnson | Winstead PC on 5/15/2013

Courts generally review receiverships very closely, and a party requesting one should follow all required procedures. In Elliott v. Weatherman, parents created an irrevocable living trust and designated their three adult...more

Whose Standing Is It, Anyway?

by Andrea Smith | Carr, McClellan, Ingersoll, Thompson & Horn -... on 5/13/2013

Does the trustee of a revocable trust ever have a duty to account to the remainder beneficiaries of the trust? The Supreme Court of California says yes, but not until after the death of the settlor. In a recent decision, In...more

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Zachary E. Vonnegut-Gabovitch | Morgan Lewis on 5/10/2013

Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

SEC Settles with Service Providers and Trustees of two Mutual Fund Trusts for Inaccurate Disclosures Regarding Section 15(c)...

by Ropes & Gray LLP on 5/7/2013

On May 2, 2013, the SEC filed an order instituting settled administrative proceedings against the trustees (“Trustees”) and certain service providers of two “turnkey” open-end series investment companies, Northern Lights Fund...more

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

by Jay G. Baris, Kelley A. Howes | Morrison & Foerster LLP on 5/3/2013

The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more

Beneficiaries Of Trust Have Standing To Sue Trustee For Breach Of Fiduciary Duty That Occurred During Settlor’s Lifetime

by Linda M. Monje | Kronick, Moskovitz, Tiedemann & Girard on 1/14/2013

In Estate of Giraldin (--- P.3d ----, Cal., December 20, 2012), the California Supreme Court considered whether beneficiaries of a trust, following the settlor’s death, had standing to sue the trustee for breach of fiduciary...more

Wealth Management Update - November 2012

by Proskauer Rose LLP on 11/16/2012

In This Issue: - November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Keller v. United States, 5th Cir., No. 10-41311 (09/25/12) -...more

Advocate's Edge

by Craig Greene on 10/1/2012

McGovern & Greene's Advocate's Edge publication provides attorneys and their clients with valuable resource guides that offer information related to litigation issues....more

The Importance of Special Needs Trusts

by Janet Brewer on 8/17/2012

A sad case currently before the San Francisco Probate Court, In the Matter of the Fiorani Living Trust, deals with the tragic issue of what happens when a person abuses his position as trustee over a special needs trust meant...more

Labor & Employment E-Note - July 2012

by Burr & Forman on 7/12/2012

In This Issue: - Companies May Get Pension Contribution Break Under New Law - EEOC Warns Firms Against Using Criminal Records to Screen Workers - Technology Raising New Questions on Overtime Pay for...more

Fiduciaries Tagged Under Federal Priority Statute

by Charles (Chuck) Rubin on 7/9/2012

Fiduciaries (trustees, executors, personal representatives) normally are not personally liable for the obligations of the trusts and estates they administer. As mentioned here previously, a major exception to this is the...more

Too Late: Suing Over the Will

by Sedgwick LLP on 6/20/2012

Today in our continuing series of previews for the Illinois Supreme Court, we bring you two cases on the perils of waiting too long: Bjork v. O'Meara and Rodriquez v. Department of Financial and Professional Regulation....more

Good News For Beneficiaries And Bad News For Fiduciaries In Regard To Transferee Liability For Estate Tax

by Charles (Chuck) Rubin on 6/4/2012

In a recent U.S. District Court case, transferee liability statutes were favorably interpreted to avoid transferee liability to trust beneficiaries. However, the fiduciaries were unable to rely on a contribution agreement...more

Why Asset Protection Trusts May Fail

by Sanford Millar on 5/7/2012

In a recent federal income tax collection case, the trial court discusses the reasons why an asset protection trust failed to protect assets of a taxpayer from a tax levy. The court in Evseroff found that all the assets of an...more

Cook Islands Asset Protection Trustee Subject To New York Courts Jurisdiction

by Charles (Chuck) Rubin on 4/30/2012

Southpac is a trust company that operates in several non-U.S. jurisdictions, including the Cook Islands and Nevis. Not by coincidence, the Cook Islands and Nevis have aggressive asset protection laws that seek to attract...more

U.S. District Court Grants Summary Judgment in a Ruling That Reinforces California Law in Favor of Life Settlements

by Orrick, Herrington & Sutcliffe LLP on 2/9/2012

On February 6, 2012, in Hartford Life & Annuity Ins. Co. v. Doris Barnes Family 2008 Irrevocable Trust, et al., the United States District Court for the Central District of California granted summary judgment on behalf of the...more

The Expenditure of Attorney Fees to Remove a Conservator Does Not, on its Own, Constitute Financial Elder Abuse

by Sedgwick LLP on 11/7/2011

The California Court of Appeal (Second Appellate District, Division Seven), in an unpublished decision, recently upheld a trial court order sustaining a demurrer to a cause of action for financial elder abuse. The complaint...more

Business Owners – Is Now the Time to Sell?

by Ronald Adams on 9/20/2011

We are holding a Complimentary Business Succession Seminar on September 29th, 2011 at the Hilton Hotel in Mesa (U.S. 60 and Alma School Road) from 4:00 to 5:30 PM, to help business owners turn their dream of succession into...more

Asset Protection and The Title To Your Home - Common Mistakes

by IKE DEVJI on 9/6/2011

A good part of the American dream and the largest single asset many people own is their home. Whether shelter or showpiece, the sanctuary it provides and the investment we make in our homes is among the largest in the...more

Asset Protection FOR CPAs

by IKE DEVJI on 8/1/2011

One pressing area in which clients are increasingly seeking feedback from their accounting and financial advisory team is Asset Protection. Part of that stewardship is making sure that the growth and savings you are...more

Asset Protection Basics For Accountants

by IKE DEVJI on 7/26/2011

One pressing area in which clients are increasingly seeking feedback from their accounting and financial advisory team is Asset Protection. Part of that stewardship is making sure that the growth and savings you are...more

New California Case - Trustee Cannot Condition Distribution on a Release, Bellows v. Bellows

by David Tate on 6/10/2011

New California case summary--a trustee cannot condition a distribution on the beneficiary providing a release or waiver of liability....more

Nonprofit Board Standard of Care, Risk Management, and Audit Committee Responsibilities Updated 05/19/2011

by David Tate on 5/19/2011

A detailed paper updated May 19, 2011 discussing nonprofit board standard of care, risk management, and audit committee responsbilities, including the California Nonprofit Integrity Act....more

Should I Put My Primary Residence Into A Limited Liability Company?

by Maureen O'Leary Guth on 4/22/2011

Multiple member limited liability companies (“LLCs”) can be very useful tools for achieving asset protection . For this reason, individuals sometimes consider transferring their primary residence into an LLC. ...more

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Business Torts › Wills, Trusts, & Estate Planning