Commercial Law & Contracts, Wills, Trusts, & Estate Planning

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...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

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

by Gerald Nowotny on 5/9/2013

Overview - This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...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

Sweeping Maine Tax Reform Proposal Announced

by Sarah Beard, Jonathan Block, Kris Eimicke | Pierce Atwood LLP on 5/3/2013

A bipartisan group of 11 legislators have proposed an overhaul of Maine’s tax system, including major changes to the individual and corporate income tax, property tax, sales tax, and estate tax. ...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

Takeover Code Amendments Extend the Rights of Pension Scheme Trustees

by Iain Wright | Morgan Lewis on 4/30/2013

Amendments include new requirements regarding offerors' intentions, documents provided to trustees, trustees' opinions on offers, and publication of agreements between offerors and trustees....more

In Re Estate of Ina Ruth Brown

by Ryan Barry | Chambliss, Bahner & Stophel, P.C. on 4/18/2013

The Tennessee Supreme Court recently upheld a lower court’s decision to enforce a contract between a husband and wife to execute wills providing for all of their children and to refrain from changing their wills after the...more

Taxpayers Wait Too Long For Assignment

by Charles (Chuck) Rubin on 4/11/2013

If a taxpayer owns appreciated property and transferors it to another, and that successor owner sells the property, the gain from the sale is reportable by the successor owner, not the donor. However, if the gift occurs too...more

Personal Planning Can Help Private Equity Pros Save on Taxes

by Bradley Van Buren | Holland & Knight LLP on 4/10/2013

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

Grandfathered Buy-Sell Agreements

by Charles (Chuck) Rubin on 4/8/2013

Code §2703 severely restricts the ability of a buy-sell agreement to control estate tax values in a closely held entity. A recent private letter ruling reminds us that older agreements are not subject to Code §2703....more

Maximizing The Value Of Your Business For Your Heirs

by Pepper Hamilton LLP on 4/8/2013

One of the most difficult issues facing the owner of any successful business is how the business, or the personal wealth that it represents, can be preserved for the benefit of his or her family after death. While it is...more

Insight on Estate Planning - April/May 2013: Estate Planning Pitfall: You’ve named a minor as beneficiary of your life insurance...

by Adler Pollock & Sheehan P.C. on 4/2/2013

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. This brief article discusses why it’s better to designate one or more trusts...more

Watch For Excess Proceeds Following A Trustee Sale

by Valerie Marciano | Jaburg Wilk on 3/27/2013

Believe it or not, Arizona land owners are seeing a change in the real estate landscape, perhaps only a slight change, but a change nonetheless. While Arizona law has not changed, marketplace improvement has triggered the...more

Tax Communiqué: Highlights from the Budget 2013

by Heenan Blaikie LLP on 3/22/2013

Budget 2013 was tabled on March 21, 2013. Heenan Blaikie’s National Tax Group has prepared the following overview of some of the more significant tax-related measures....more

The Family Loan Shark - Leveraging the AFR in the Taxpayer’s Favor Intra-Family Loans and Private Placement Insurance Products –...

by Gerald Nowotny on 3/13/2013

Overview - High net worth and income taxpayers find themselves in a world of hurt following tax reform at the end of 2012. The top marginal bracket for taxpayers with more than $400,000 (single and $450,000 married)...more

Nowadays a Practicing Lawyer’s First Serious Exposure to Critical Unjust Enrichment Doctrine is Likely to be After Law School, Too...

by Charles E. Rounds, Jr. on 3/1/2013

This modified excerpt from Loring and Rounds: A Trustee’s Handbook (2013) is a primer on the wrong of Unjust Enrichment and its principal remedy, Restitution. Unjust enrichment doctrine is very much alive and well in the real...more

The Owner’s Manual - Winter 2013

by Duane Morris LLP on 2/25/2013

In This Issue: Introduction; Partnering with Private Equity Firms; Beyond Bank Borrowing: Mezzanine Funds & Growth Captial; The Auction Block: Finding the Right Buyer for Your Company; First Steps: “Don’t Let Your Exit...more

FATCA: Final Regulations Raise Questions for Trust Practitioners

by Sloane Jumper, Samantha Moore, John Nichols, Kurt Rademacher | Butler, Snow, O'Mara, Stevens and Cannada,... on 2/8/2013

In the wake of a series of scandals involving U.S. taxpayers sheltering their assets from the reach of the U.S. Internal Revenue Service (IRS), Congress enacted the Foreign Account Tax Compliance Act (FATCA) on 18 March 2010...more

Is Honesty Always the Best Policy? Illinois Appellate Court Holds Attorney’s Ethical Obligations Trump Professional Liability...

by Deborah Minkoff, Abby Sher | Cozen O'Connor on 2/7/2013

In a case of first impression, the Illinois Appellate Court considered whether a professional liability insurer can deny a defense to its insured, an attorney who admits he erred in providing legal services. Ill. State Bar...more

The Founding of Damon Key Leong Kupchak Hastert (1963-2013)

by Robert Thomas on 2/7/2013

Founded in Honolulu in 1963 by Frank Damon, a Hawai‘i-born descendant of missionaries from New England, and Henry Shigekane, the son of Japanese immigrants, Damon & Shigekane pioneered new territory by crossing ethnic lines —...more

A Cautionary Tale On Holding Title: Marriage License Does Not Override Domestic Partnership Agreement

by Tara C. Narayanan | Miller Starr Regalia on 1/23/2013

A recent case, the Estate of Wilson, 2012 WL 6216869 (1st Dist. 2012), illustrates generally why escrow holders should avoid giving advice to parties to an escrow on how to take title to real property...more

A Pop Quiz for Trustees and Their Counsel: What is the difference between a good-faith purchaser for value (BFP) and a holder in...

by Charles E. Rounds, Jr. on 1/2/2013

Fifty years ago had a trustee asked his lawyer “What is the difference between a good-faith purchaser for value and a holder in due course?” the lawyer might not have had the precise answer in his head but he would have been...more

Marriage Does Not Alter Or Nullify Terms Of Previous Domestic Partnership Agreement Between Couple

by Linda M. Monje | Kronick, Moskovitz, Tiedemann & Girard on 12/28/2012

In Estate of Wilson ( --- Cal.Rptr.3d ----, Cal.App. 1 Dist., December 13, 2012), a California court of appeal considered whether the marriage of a same-sex couple, during the period when same-sex marriages were allowed in...more

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Commercial Law & Contracts › Wills, Trusts, & Estate Planning