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Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:

Chris Lazarini Discusses Arbitration Clause's Application to Non-Signatory

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving a Plaintiff's suit against a broker-dealer involving his deceased mother's IRA account. Although Plaintiff was a non-signatory to the IRA account...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19577 - Estate of Brooks v. Commissioner of Revenue Services - Husband died in Florida in 2000 and left a large amount of securities in two QTIP trusts for the benefit of his...more

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

Would equity deem an enforceable irrevocable power of attorney (IPA) to be a trust rather than an agency?

by Charles E. Rounds, Jr. on

At law and in equity the classic agency is terminable at the will of either the principal or the agent, and in any event upon the death or mental incapacity of either. The durable power of attorney is one statutory partial...more

Executrix Held Liable Under Federal Claims Statute For Actions Taken Prior to Appointment as Executrix

by Charles (Chuck) Rubin on

A decedent died while owing over $340,000 in unpaid federal income tax liabilities. His estate was insolvent. The assets of his estate consisted almost entirely of a 100% interest in one corporation and 50% of another...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

by Holland & Knight LLP on

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

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

by Dechert LLP on

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

Quarterly Investment Update – 4th Quarter 2015

by Perkins Coie on

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

Quarterly Investment Update – 3rd Quarter 2015

by Perkins Coie on

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

by LeClairRyan on

“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

by Morris James LLP on

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

by Perkins Coie on

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

by Morris James LLP on

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

Family Office Key Employees’ Use of Employee Investment Trusts

by Perkins Coie on

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

by McDermott Will & Emery on

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

Why infect the law of trusts with good faith doctrine?

by Charles E. Rounds, Jr. on

The law’s good faith principle has traditionally regulated legal relationships, such as the contractual relationship. Equity’s more intense fiduciary principle has generally regulated equitable relationships, such as the...more

Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence

by James McDonough on

Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence by James F. McDonough, Jr. on August 8, 2013 Trustees had been governed by the Reasonable Man standard for investing trust assets that were designed...more

Beware: Active Participation of Trustee S-Corporation Shareholder is Required – Technical Advice Memorandum 201317010

by BakerHostetler on

Differing points of view have arisen regarding determining the active participation of S-Corporation shareholdings held in Trust....more

CSL Takes Pity On Inter Vivos Trusts

by Allen Matkins on

Section 25019 of the Corporations Code defines “security” broadly by listing a broad range of items that is substantially, but not exactly, the same found in Section 2(a)(1) of the Securities Act of 1933. See “Security”...more

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

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

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by Morgan Lewis on

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

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

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