News & Analysis as of

Successors

Winstead PC

Court Affirmed The Removal Of An Executor For Gross Mismanagement

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In Gordon v. Gordon, a couple created a revocable trust and named a friend, who provided financial advice, as successor trustee. No. 03-22-00454-CV, 2024 Tex. App. LEXIS 3611 (Tex. App.—Austin May 23, 2024, no pet. history)....more

Goodwin

How Fund Terms and Approaches Vary by Asset Class, in Four Charts

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Asset classes vary when it comes to setting and calculating hurdle rates, determining catch-up provisions, and starting successor funds. In Goodwin’s Fund Terms Intelligence series, we highlight those differences by...more

Fox Rothschild LLP

The 529 Plan Conundrum

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We are entering a strange new world where there are evolving questions about whether assets and rights are federally regulated or state managed. Some of this is traceable to Dobbs v. Jackson Women’s Health, the case that...more

Cozen O'Connor

Back Again: U.S. Department of Labor Issues Final Rule on Nondisplacement of Qualified Workers

Cozen O'Connor on

The U.S. Department of Labor’s Nondisplacement of Qualified Workers Under Service Contracts Rule is back. After publication as a final rule in December 14, 2023, the Rule is now in effect and will apply to all new Service...more

Fox Rothschild LLP

WARNING! Replacement Importers May Be “Successor to a Brewer” under New York Law

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In a matter of first impression, the Supreme Court of New York held that protections afforded to beer wholesalers under the New York Alcoholic Beverage Control Law (“NY ABC Law”) obligate an importer to honor a distribution...more

Ervin Cohen & Jessup LLP

California Expands Requirements for Successor Grocery Employers

Effective January 1, 2024, California’s Assembly Bill 647 will expand recall rights for grocery workers when there is a change of control in a grocery establishment. Prior to AB 647, existing law required an incumbent grocery...more

Proskauer Rose LLP

“Free and Clear” Collides with “Perfectly Clear”: Delaware District Court Imposes Successor Liability on Buyer in 363 Sale

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Navigating the Bankruptcy Code can present many traps for unsuspecting debtors, creditors, or asset buyers. The Delaware District Court recently reminded bankruptcy participants of an often overlooked pitfall involving the...more

Downey Brand LLP

Experts Beware: Estate of Martino and a Zen Buddhist Approach to Intestate Succession

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I am not an expert on Zen Buddhism. However, even if I had spent decades of my life studying its tenets (instead of, for example, baseball stats from the 1920’s), I would hesitate to call myself an expert because of what...more

Katten Muchin Rosenman LLP

Laws of Succession vs. The New Biology

It is said that being able to make our own decisions about our health, body and sexual life is a basic human right. But, it may surprise you that, even if a basic human right, historically there was no recognized property...more

Smart & Biggar

Minister of Health reasonable in concluding successor second person was entitled to benefit of NOA served by predecessor

Smart & Biggar on

On May 26, 2023, the Minister of Health issued a decision that Biosimilar Collaborations Ireland Limited (BCIL) was entitled to the benefit of a notice of allegation (NOA) served by the previous owner of a new drug submission...more

Burns & Levinson LLP

I’m A Childless, Single Adult. How Do I Navigate Establishing Fiduciaries?

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Many people default to nominating a spouse or a child as personal representative of their estate or trustee of their trust, if they have one. However, when one has neither a spouse nor a child, who should one choose to fill...more

Burns & Levinson LLP

What to Expect: Your First Meeting with an Estate Planner

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Any estate planning professional will tell you everyone should have an estate plan. But we also understand that the whole process can feel a bit daunting—finding an estate planning attorney, getting organized, making...more

Winstead PC

[Webinar] Financial Services - Issues Regarding The Attorney-Client Privilege For Trustees In Texas - September 26th, 10:00 am -...

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This presentation will take a detailed look at the attorney-client privilege between a trustee and its attorney, the scope of the privilege, the fiduciary exception that would allow beneficiaries to review communications and...more

Foley & Lardner LLP

Texas Supreme Court Decides What “One-Half of One-Eighth” Means in 1924 Oil and Gas Deed

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Simple math isn’t always simple. As the Texas Supreme Court recently put it, “[o]nly in a legal text could the formula ‘one-half of one-eighth’ mean anything other than one-sixteenth.” No. 21-0146, 2023 WL 2053175 (Tex....more

Davies Ward Phillips & Vineberg LLP

Ownership of Privileged Communications in M&A Transactions: Practical Takeaways and Recent Case Law

Traduction en cours. Can the buyer in a M&A transaction who takes possession of the seller’s or target company’s privileged communications on closing use those communications in a post-closing dispute against the seller?...more

Winstead PC

Court Reversed The Appointment Of A Successor Independent Administrator Of An Estate

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In  In re Estate of Allen, a trial court appointed a successor independent administrator, the decedent’s son, and the decedent’s wife appealed the decision. No. 08-21-00184-CV, 2022 Tex. App. LEXIS 8841 (Tex. App.—El Paso...more

Burns & Levinson LLP

Challenging a Will: What We Can Learn From Priscilla Presley

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Elvis Has Left the Building - In 1977, when Elvis Presley died (to put a complicated situation very simply), his estate and any future royalties generated by his intellectual property, including his music, passed into a...more

Proskauer - Labor Relations Update

GC Update: Abruzzo Issues New Memorandum Outlining Her Objectives

On March 20, 2023, NLRB General Counsel Jennifer Abruzzo released a new Memorandum, updating all Regional Directors, Officers-in-Charge and Resident Officers regarding which issues must be submitted to the NLRB Division of...more

Downey Brand LLP

Home Is Where You Lay Your Sombrero – Spouse Who Lives Abroad Cannot Serve as Administrator of Husband’s Estate

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Here’s another reason (uno más in Spanish) to create and properly execute a will. If your spouse or other trusted designee lives out of the country when you die, he or she won’t be eligible to administer your California...more

Seward & Kissel LLP

2022 Year-End and 2023 Planning

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As the year is drawing to a close, we offer you some general advice regarding year-end planning and updated inflation-adjusted figures for 2023. Annual Exclusion Gifts - In 2022, the annual exclusion amount is $16,000...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, January/February 2023

Pay attention to securities laws when planning your estate - Do your assets include unregistered securities, such as restricted stock or interests in hedge funds or private equity funds? If so, it’s important to consider...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2

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Regulation of Custodial Practices under the Investment Advisers Act of 1940 is a comprehensive outline summarizing SEC regulatory requirements for investment advisers that have custody of their client’s assets (or that want...more

Goodwin

Delaware Court of Chancery Holds Buzzfeed Not Bound by Pre-SPAC Merger Employment Agreements

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On October 28, 2022, Vice Chancellor Morgan T. Zurn of the Delaware Court of Chancery ruled that the declaratory action brought by Buzzfeed Inc. against 91 current and former employees is not bound by arbitration provisions...more

Rivkin Radler LLP

Trusts, the Death of a Shareholder, and The S Corporation Election

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The Key Person- The closely held corporation is often a fragile creature. Too often, its continued success and well-being are overly dependent upon the continued involvement of one individual – namely, the founder and...more

McCarter & English, LLP

New Law Will Impact Change in Control Transactions Between Health Care Entities in New Jersey

New Jersey health care facilities and home care services agencies considering a change in control must soon be mindful of the requirements of Senate Bill No. 315 (the Act), signed into law by Governor Phil Murphy on August...more

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