As described in our previous client memo in May 2022, the FDIC is amending its regulations governing deposit insurance to merge the revocable and irrevocable trust deposit insurance categories into one “trust accounts”...more
Do New York’s Surrogate’s Courts have jurisdiction to compel an accounting related to a non-party limited liability company in which the decedent’s estate has only a minority interest? ...more
A recent bill (H.B. 1552) has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud,...more
In June 2022, the FBI and Internet Crime Complaint Center (IC3) issued a warning about a new wire fraud scam involving attorney trust accounts and the acquisition of medical equipment that resulted in approximately $2 million...more
Trust beneficiaries often request a corporate trustee to prepare a statutory accounting. The Texas Trust Code in Section 113.151 provides that a beneficiary may request a written statement of accounts....more
In Formal Opinion 498, issued on March 10, 2021, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility has provided some guidance on the ethical obligations triggered when a lawyer...more
A recent bill has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud, intentional...more
Special Purpose Acquisition Companies (“SPACs”) played a critical role in U.S. capital market growth in 2020. There were 248 SPACs launched, raising an aggregate of $83 billion in proceeds. The beginning of 2021 witnessed an...more
If you have been appointed the trustee of a trust, it is a strong vote of confidence in your judgment and trustworthiness. It is also a major responsibility. A trust is a legal arrangement through which one person (or an...more
The U.S. District Court for the District of South Carolina denied summary judgment to the trustee of an account established pursuant to a “fronted” reinsurance program. The plaintiff, Accident Insurance Co. (AIC),...more
David C. Henderson, a partner in Nutter’s Litigation Department and a member of the Massachusetts IOLTA Committee, authored an article that elaborated on the amendment to the Supreme Judicial Court’s Rule 3:15 and the...more
In In re Macy Lynne Quintanilla Trust, a settlor created three trusts for his children in 2014. No. 04-17-00753-CV2018 Tex. App. LEXIS 8223 (Tex. App.—San Antonio October 10, 2018, no pet. history)....more
Acting in the best interests of the trust and the trust beneficiaries, a trustee has the duty to protect and preserve trust assets and, generally, to make the assets productive. In making investment decisions and managing...more
In December 2017, the Ontario Legislature passed the Construction Lien Amendment Act, 2017 (the "Act"). The Act introduces significant changes to Ontario’s construction lien regime and is intended to reduce delays in...more
In In re Ng, after a jury found that a deceased trustee did not breach fiduciary duties, a trial court nonetheless ordered the deceased trustee’s spouse to prepare an accounting of the trust. No. 09-17-00386-CV, 2017 Tex....more
Applying Delaware law, a South Carolina District Court found Plaintiff had properly pled its causes of action for breach of contract, breach of fiduciary duty, negligence/gross negligence and negligent misrepresentation...more
In The Management Trust of Norsworthy, the court reviewed a trustee’s accountings and petition for approval to enter into an agreement with the beneficiary’s wife to make regular distributions to her for certain recurring...more
It is common for the accounting clause of an inter vivos trust instrument to contain a provision along the lines of the following: “The written approval of such an account by the person or persons thus entitled to such...more