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Georgia Appellate Court Reduces Threat Of Attorney’s Fees In Fiduciary Litigation

July 11, 2013

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Perhaps more than other types of litigation, fiduciary litigation can be driven by emotion and understandably so.  Litigation over a trust or estate is often the battleground on which other deep-seated intrafamily issues are fought.  In Georgia, one potential check against letting matters go too far afield is the threat of attorney’s fees against a party who asserts a claim, defense or other position with respect to which there existed such a complete absence of any justiciable issue of law or fact that it could not be reasonably believed that a court would accept the asserted claim.  In Williams v. Warren, however, the Georgia Court of Appeals may have taken some teeth out of the attorney’s fees statute, particularly when it is implicated in fiduciary litigation.

James Gandolfini’s Death Will Bring in Money to IRS and NYS

James Gandolfini’s Death Will Bring in Money to IRS and NYS

July 10, 2013

Authored by: Stacie J. Rottenstreich and Karin Barkhorn

Gandolfini

The terms of James Gandolfini’s December 2012 Last Will and Testament were made public last week when it was filed in New York County Surrogate’s Court. There are a series of specific bequests to his teenage son by his first marriage and some friends and relatives, but the bulk of his probate assets is disposed of as his “residuary estate” and is divided among his sisters, his wife and his baby daughter.

The tax clause of his Will directs that all estate taxes are to be paid from his residuary estate. What does that mean to his beneficiaries? And what does that mean to the IRS and to the NYS Department of Taxation and Finance? Only the 20% of the estate that passes to James Gandolfini’s widow will qualify for the Federal

Jurisdiction To Enter Contempt Order In Fiduciary Dispute

July 9, 2013

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Settlement agreements settling trust, estate or probate disputes often contain language reciting that the trial court that heard the case retains jurisdiction to enforce an order approving the settlement agreement.  In Montgomery v. Morris, however, the Georgia Court of Appeals raised questions about the scope of such provisions in Georgia.

St. Louis Compliance Workshop for Broker-Dealers and Investment Advisers – July 24, 2013

   

ACA Compliance Group St. Louis Skyline

ACA Compliance Group, Bryan Cave, ExamFX and Global Relay Present  St. Louis Compliance Workshop for Broker-Dealers and Investment Advisers – July 24, 2013

Wednesday July 24, 2013 1:00 p.m. – 4:00 p.m. Cocktail Reception Immediately Following

Location: Bryan Cave One Metropolitan Square 211 N. Broadway St. Louis, MO 63102-2750

RSVP By July 17, 2013

ACA may provide information about roundtable attendees (name, company name, provided address, phone, and email information) to our event co-sponsors. However, you may opt out of this information sharing if you prefer (see instructions following registration).

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Trustees’ Quick Guide to FATCA

The FATCA regime takes effect 1st January 2014. Click here for a copy of our bulletin on FATCA issues relevant to foreign private trusts and private investment companies together with a copy of the latest draft Form W-8BEN-E.

Accountant Liability To Beneficiaries For Executor’s Breach Of Fiduciary Duty

July 3, 2013

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Most fiduciaries can’t do everything alone.  That’s why they are usually given authority to hire outside professionals, such as accountants and lawyers.  So, what happens to these professionals if, for example, the executor who hired them breaches his fiduciary duties to the estate beneficiaries?

Play It Again Sam–Are Inherited IRAs Protected from Creditors in Bankruptcy?

When the Fifth Circuit, in a case of first impression for that circuit and all of its sister circuit, last year ruled in In re Chilton, 11-40377, 2012 WL 762924 (5th Cir. Mar. 12, 2012) that inherited IRAs constituted retirement funds within the “plain meaning” of §522 of the Bankruptcy Code and were thus exempt from the bankruptcy estate, under § 522(d)(12) (the federal exemptions), many thought the issue was settled. This was especially so because the Fifth Circuit ruling was the last (or so we all thought) in a long line of cases that ruled the same way after the enactment of the 2005 Bankruptcy Act. The Seventh Circuit in Rameker v. Clark, Nos. 12-1241 & 12-1255, United States Court of Appeals (7th Cir. 2013), on April 23, 2013, however, disagreed with the Fifth Circuit and agreed with the argument made by bankruptcy trustees in this case, and in

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