Trustees

News & Analysis as of

Client Alert: Florida Passes the Florida Fiduciary Access to Digital Assets Act

The Florida Fiduciary Access to Digital Assets Act (the “Act”) took effect as of July 1, 2016. The digital world is growing at an exponential rate. The Act provides much needed guidance for digital asset owners of how they...more

Effectively Defending Adversarial Actions Brought Against Former D&Os in Bankruptcy Court

When private equity investors, hedge funds, distressed asset funds, major shareholders or founders step up and take board positions to help guide or turnaround a troubled company, they often do so for all the right reasons....more

Chris Lazarini Comments on Scope of Bankruptcy Rule 2004 Examination

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which objectors (a law firm, banks and accountants) opposed a bankruptcy trustee's Rule 2004 Motion requesting information related to his investigation of...more

A Guide To: How to Challenge a Trust in Michigan

The death of a loved one is a difficult and emotional event. In addition to dealing with the loss, family members, friends and/or trusted advisors are tasked with settling the decedent's final affairs, which, in many...more

T&E Litigation Newsletter - February 2017

Several recent decisions serve as a good reminder that it is not only the Probate and Family Court that addresses important T&E issues in Massachusetts. In the consolidated matters of Hanna et al. v. Williams et al.,...more

Mass. Bankruptcy Court: Mortgage with Incorrect Legal Description Is Avoidable by Chapter 7 Trustee

On January 4, 2017, the United States Bankruptcy Court for the District of Massachusetts found that a Chapter 7 Trustee could avoid the debtor’s mortgage and preserve it for the benefit of the bankruptcy estate. The opinion,...more

Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust

A traditional trust can sometimes create a conflict among the lifetime and remainder beneficiaries. This makes it more difficult for an estate plan to achieve its objectives and places the trustee in a difficult position. The...more

How to Make Distributions to an SNT Beneficiary Without Disrupting Their SSI

When serving as the trustee of a special needs trust, it is crucial to be careful when making distributions for the benefit of the trust beneficiary. This is particularly true if the beneficiary receives Supplemental...more

Ninth Circuit: Trustees Are Not “Debt Collectors” Under the FDCPA

A recent decision by the Ninth Circuit has created a circuit split regarding the interpretation of the Fair Debt Collection Practices Act (FDCPA). In Vien-Phung Ho v. ReconTrust Co. et al., case no. 10-56884, the court held...more

Wealth Management Update - February 2017

February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Investment Management Legal + Regulatory Update – February 2017

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

Proposed Amendments to Trustee Legislation in Singapore

Legislative amendments will enhance transparent ownership and control structures of trusts, and establish minimum standards for financial recordkeeping by trustees. The Singapore Ministry of Law has launched a public...more

Defence & Indemnity - December 2016: V. SURETY AND BOND ISSUES

Alberta Court of Appeal confirms an obligee/trustee under labour and material payment bond has no legal duty to disclose the existence of such a bond to potential bond claimants until specifically asked about its...more

Texas Supreme Court Accepts A Case Dealing With A No-Contest Clause

In Ard v. Hudson, a beneficiary sued testamentary trustees and executors for breach of fiduciary duty and also sought an accounting, temporary injunctive relief, and a receiver. No. 02-13-00198-CV, 2015 Tex. App. LEXIS 8727...more

Pensions Alert: Are your scheme documents up to date?

With the Pensions Regulator's increasing focus on good scheme governance, the start of the new year is an appropriate time for trustees to consider whether any key scheme documents need to be updated and included in the...more

Estate Planning Newsletter - December 2016

Hinshaw’s Estate Planning Newsletter includes reports on opportunities and challenges that may impact your estate plan. This publication is designed to keep our clients and friends aware of certain opportunities and...more

Individuals with Special Needs Can Now Create First Party Trusts

President Obama just signed a new law that allows First Party Special Needs Trusts to be established by mentally competent individuals for their own benefit. This is a major “fix” to the current law which only allows First...more

Pensions Round-Up - November 2016 (UK)

In this edition we look at key developments from November 2016 including the following. - The Pensions Regulator: the publication of checklists about new information required in the 2016- 17 scheme return for DB and...more

Court of Appeals Granted Mandamus Relief To Transfer Venue To County Where A Trust Was Administered

In In re Green, a beneficiary filed suit against a trustee for breach of fiduciary duty and misappropriation of corporate funds. No. 08-16-00233-CV, 2016 Tex. App. LEXIS 12830 (Tex. App.—El Paso December 2, 2016, original...more

Existence of Unpaid Tax Claim in Bankruptcy Opens the Door to Expanded Statute of Limitations on Fraudulent Conveyances

In bankruptcy proceedings, if the bankruptcy trustee seeks to gain access to assets that the debtor transferred prior to bankruptcy under fraudulent conveyance law, the trustee must act within the applicable state fraudulent...more

Creditors Committees’ Members May Not Be Sued Absent Bankruptcy Court’s Permission

The Barton doctrine (named after the Supreme Court case Barton v. Barbour, 104 US 126 (1881)), generally prohibits suits against receivers and bankruptcy trustees in forums other than the appointing courts, absent appointing...more

How Far Can A Grantor Go In Eliminating The Duty To Account?

Trusts are often used to transfer wealth privately without the messiness of a public estate administration. That financial privacy can get blown, however, when trusts become the subjects of very public litigation. ...more

The End of the Road for TransVantage Solutions, Inc.?

The TransVantage bankruptcy case and the resulting efforts by the Trustee to avoid carrier payments made by the defunct freight payment processor has been watched like an upcoming speed trap by the transportation industry...more

Bankruptcy Courts Can Handle Pretrial Matters: Another Court Weighs in on Early Motions to Withdraw the Reference

Not all decisions need to be complicated. A recent decision from the Eastern District of Michigan is instructive as to one principal consideration taken into account in facing a motion to withdraw the reference at an early...more

Don’t Transfer Assets Prior to Filing Bankruptcy

One of the issues that can cause problems in your chapter 7 bankruptcy is the transferring of assets prior to the filing of your bankruptcy case. When you file for bankruptcy you are required to disclose to the...more

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