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

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

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

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

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

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

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

Insight on Estate Planning - Year End 2012

by Adler Pollock & Sheehan P.C. on 12/6/2012

In This Issue: - The spousal lifetime access trust: A safety net in uncertain times - Be prepared for a triggering event: If you own interests in a closely held business, consider a buy-sell agreement - Is your...more

The Rabbi Strikes Back – Using Nevada Asset Protection Trusts as Rabbi Trusts and Medicaid Trust

by Gerald Nowotny on 10/29/2012

I went to the University of Miami Law School at night while working in the life insurance industry. When I graduated and got admitted to the Bar in 1994, the legal market was dead and estate planning attorneys were...more

Unlike a Ponzi victim, the only one left in a Tontine is sitting pretty.

by Charles E. Rounds, Jr. on 8/1/2012

In a Ponzi scheme, the last man loses. In a Tontine, on the other hand, the last man wins, like musical chairs. Here is a link to Charles E. Rounds, Jr.’s article on the common law aspects of the Madoff Ponzi scheme: ...more

Using Private Placement Insurance Products to Achieve Tax Efficiency for High Net Worth Investors

by Gerald Nowotny on 7/25/2012

Originally published in Journal Of Taxation Of Investments - Summer 2012. Although no one can predict what Congress will do at any point, it is quite likely we will see higher income tax rates in the near future, along...more

Debt after Death

by Harold Shepley & Associates, LLC on 7/18/2012

When Whitney Houston died on February 11, 2012, rumors swirled about the late singer. One of those rumors was that Ms. Houston was broke when she passed away, having run through all the money she earned in the 80s and early...more

Delaware Federal Court Issues Important Post-Price Dawe Opinion

by Orrick, Herrington & Sutcliffe LLP on 7/18/2012

In a memorandum opinion issued in Principal Life Insurance Company v. Lawrence Rucker 2007 Insurance Trust on June 26, 2012, a federal district court applied the Delaware Supreme Court’s holding in PHL Variable Life Insurance...more

Auto Notes -- March 2012

by McNees Wallace & Nurick LLC on 3/27/2012

In This Issue: SALES OF DEALERSHIPS: 2012 and FEDERAL ESTATE AND GIFT TAX UPDATE. Excerpt from SALES OF DEALERSHIPS: 2012 Good News and Bad News The good news is that there are now buyers for vehicle...more

Is Hong Kong Asia's Next Trust Centre?

by Harney Westwood & Riegels on 3/23/2012

Originally published in ASIAN LEGAL BUSINESS - February 2012. Historically, setting up private trusts offshore has been a preferred vehicle for Asia’s wealthy families and individuals to manage their assets as they crave...more

The Lottery Winnings Exception To Federal Gift Taxes

by Charles (Chuck) Rubin on 3/19/2012

An interesting circumstance often shows up with lottery winners. After they have won, it seems that a very high percent of them had arrangements in place before they bought their lottery tickets to share their winnings with...more

Inheriting a Home and Loan - New York Times

by Fein, Such, Kahn & Shepard, P.C. on 11/22/2011

A recent interview with New York Times reporter Vickie Elmer inspired my post "What Happens to the Mortgage when Property is Transferred to Beneficiaries at Death?". Vickie took some of my thoughts, and those of other...more

InvestOhio Creates Tax Credit to Benefit Small Businesses - Do you Qualify?

by Dinsmore & Shohl LLP on 11/17/2011

Governor John Kasich recently signed Executive Order 2011-28K, adopting provisions of the Ohio Administrative Code to implement a new tax incentive program commonly known as InvestOhio (the “Program”) enacted by the Ohio...more

What Happens to the Mortgage when Property is Transferred to Beneficiaries at Death?

by Fein, Such, Kahn & Shepard, P.C. on 11/15/2011

Generally speaking, if you transfer a piece of real property subject to a mortgage to another person, that transfer violates the "due on sale" clause in your mortgage, essentially making the mortgage immediately due in full....more

Florida’s New Durable Power of Attorney Statutes

by Akerman Senterfitt on 8/19/2011

Earlier this year, the Florida Legislature and Governor approved changes which completely rewrote Chapter 709 of the Florida Statutes on durable powers of attorney signed by individuals. The new law is effective on October 1,...more

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