Wills, Trusts, & Estate Planning Securities

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Court Affirms Holding That A Trust Owns Stock That Was Issued To The Trustee In His Individual Capacity

In Dutcher v. Dutcher-Phipps Crane & Rigging, Inc., a trust owned twenty percent of a family limited partnership that in turn owned a family business. No. 08-15-00202-CV, 2016 Tex. App. LEXIS 3809 (Tex. App.—El Paso 2016, no...more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

Multiparticipant Trusts and Conflicting Duties

A recent article in the Real Property, Trust and Estate Law Journal [Volume 50, Number 2, Fall 2015] discussed the phenomena of grantors of trusts "increasingly naming trust protectors, particularly for a trust that may...more

Preserving Your Family Business (or Sale Proceeds) for Generations

As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools. As of 2016, each person has a...more

Plan Ahead to Avoid or Minimize US Estate Tax

If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate tax on those assets. ...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

SEC Issues Guidance Clarifying Rule 144(d)(1) Holding Period Requirements For REIT Shares Exchanged For Operating Partnership...

On March 14, 2016, the staff of the SEC's Division of Corporate Finance issued a no-action letter (the "No-Action Letter") concluding that, for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended...more

Financial Services Quarterly Report - First Quarter 2016: UK Investment Trust Companies for Credit Portfolios – Their Time Has...

According to statistics published by the Association of Investment Companies (AIC), the UK trade association for closed-end investment companies, in 2015 net fundraising for closed-end investment companies, including...more

Fold ‘Em or All-In? A Dealer’s Guide to Succession Planning

Bet, fold, bluff, raise, and all-in. These are all common words when playing a game of poker, or as some call it, Texas Hold’em. Would you believe that just as with playing poker, these words could also be used when talking...more

Crowdfunding: Disclosing Both Pros and Cons?

Crowdfunding has grown tremendously in the past few years, and with the recent finalization by the Securities and Exchange Commission of its rulemaking under a 2012 law, there may be an even greater expansion of investor...more

Supreme Court Severely Restricts Federal-Court Access for Non-Corporate Entities, Including Certain REITs and RICs

Business trusts, statutory trusts and non-corporate real-estate investment trusts now face a significant jurisdictional barrier that will reduce their access to the federal courts, following a March 7 ruling by the U.S....more

Will 2015 IRS Notice Boost Foundations’ Mission-Related Investing in 2016?

Foundations are effective vehicles for families who want to make a collective philanthropic impact now and for generations to come. Traditionally, foundations have achieved this impact solely through strategic grantmaking. A...more

Quarterly Investment Update – 4th Quarter 2015

As we enter 2016, we want to thank you for the continued trust and confidence you place in Perkins Coie Trust Company. On the investment front, we anticipate continued stock market volatility this year as diverging global...more

Estate Planning Pitfall - You’re selling your interest in a charitable remainder trust

Recently finalized regulations eliminate a potential tax shelter involving the sale of an interest in a charitable remainder trust. This brief article offers an example of how the tax shelter worked before the new regs and,...more

Quarterly Investment Update – 3rd Quarter 2015

Stock Market Commentary - China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since...more

Tips For Successful Succession Planning

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ? Abraham Lincoln - Your company is built to last. But when you are ready to step back and let go of the reins, will the next...more

Court Of Chancery Explains How To Prove Bad Faith

While not a corporate case, this decision is useful in explaining how to prove a party acted in bad faith so as to be outside the exculpation provisions of a trust or Sec. 102(b)(7). ...more

Quarterly Investment Update – 1st Quarter 2015

Stock Market Commentary - Despite the stock market's nearly 6% surge in February following a bumpy January, March brought heightened volatility, which nearly dissolved the year-to-date gains. The S&P 500 finished the...more

Uses and Advantages of Delaware Statutory Trusts and Delaware Limited Liability Companies in Structured Finance Transactions

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

NCUA Sues U.S. Bank and Bank of America for Allegedly Failing to Comply with RMBS Trustee Duties

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

U.S. Bank Reaches $6 Million Settlement of Claims for Breach of RMBS Trustee Duties

On December 17, the parties in Oklahoma Police Pension and Retirement System v. U.S. Bank, N.A., No. 11-cv-8066 (S.D.N.Y.) asked the court to approve a $6 million settlement of class action claims asserted against U.S. Bank...more

Family Office Key Employees’ Use of Employee Investment Trusts

Recent Development - Family office key employees have new flexibility under recent SEC guidance regarding the nature and range of persons who can properly be involved in the administration of their trusts. ...more

SEC to Require Living Wills and Stress-Testing for Investment Advisers

In a speech on December 11, 2014, SEC Chair Mary Jo White announced three broad “proactive initiatives” to address the risks of “increasingly complex portfolio composition and operations” in the asset management industry. ...more

Extraordinary Turnout and Discussions at ULC Unclaimed Property Drafting Meeting

Failing to attend last week’s Uniform Law Commission’s (ULC’s) Drafting Committee meeting to revise the 1995 Uniform Unclaimed Property Act (the Act) was worse than missing the 2012 Extravakranza. On November 7 and 8, 2014,...more

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