Trustees are given great responsibility under the law. As we discussed in our last post, trustees are held to a very high standard of care in exercising their duties and acting in the best interests of the beneficiaries. They must take care that they don’t breach their fiduciary duties. Below are some of the most common areas to result in liability.
Avoiding Liability as a Trustee – Part 1
Trustees have the important responsibility of protecting property for beneficiaries. However, the position carries a great deal of responsibility and potential legal liability for trustees who don’t understand the rules. That’s because trustees are fiduciaries, which means they are held to a very high standard of care in exercising their duties and acting in the best interests of the beneficiaries. In order to avoid liability, they must understand their role and potential problem areas.
Filling in the Gaps in an Adversary’s Email Production
It is not exactly news that the majority of business communications today are handled electronically by email. However, in the context of litigation, this can add new complications and twists to an age-old problem: How to obtain evidence from an opposing party who is motivated to avoid producing communications and willing to disregard their obligations under the relevant rules.
How to Maximize Your Estate with a Retirement Asset Trust
For years, the government and financial experts have encouraged individuals to save more money for retirement. One of the best ways to save is to use tax beneficial accounts, including 401k, 403(b) or traditional IRAs. These accounts allow assets to grow tax deferred until the funds are withdrawn, which is not required until an individual reaches age 70 and a half. As a result, many people will die with significant assets in these tax protected accounts, which can pose challenges for proper estate planning. However, retirement asset trusts can provide a solution.
Eight Changes to NFLPA Regulations that Agents Need to Know
In recent years, steps have been taken to reduce the role of NFL agents, particularly with younger players. Since the NFL and the NFLPA entered into their 2011 Collective Bargaining Agreement, NFL agents have been limited in what they can negotiate for rookie players. They are only able to negotiate the timing of salary bonus payments and “offset” language, which addresses whether the salary of a player who is released from his contract and signs with another team reduces, or offsets, the amount the first team must pay to the player. As a result of this restricted role, some players have even begun to forego agents completely for their first contract, hurting agents’ revenue.
How a Conservation Easement Can Benefit Your Estate Planning
Could your estate benefit from a conservation easement? A conservation easement limits the amount of development that can be done on land. For the property owner, gifting or selling an easement can provide certain financial and business advantages. An easement can also benefit the larger community by conserving the property’s scenic and natural attributes, and ensuring that the property is preserved for open space, agricultural or passive recreational uses.
Small Businesses Beware: Common Employment Mistakes You May be Making – Part 2
Small businesses can sometimes face significant liability under employment laws because they aren’t aware of the rules that regulate certain employment activities. Even where employers and employees agree to certain employment practices, these practices may nonetheless be illegal if the employer does not comply with applicable regulations. In a previous post, we discussed minimum wage and overtime regulations. Additional areas of concern to business owners include the following:
Small Businesses Beware: Common Employment Mistakes You May be Making – Part 1
New York labor law regulates employers of all sizes. However, while large employers typically have experienced HR managers or in-house attorneys to keep them informed of these rules, smaller businesses often lack those resources. The result is that small businesses may run afoul of employment laws and face significant liability. Many situations which commonly arise in smaller businesses don’t seem like they would require a consultation with counsel, but in fact they are governed by regulations and formalities that owners need to know. Some of the top areas which owners should give special attention to include the following:
Don’t Think You Need a Will? Think again.
According to a Gallup Poll earlier this year, only 44% of Americans say they have a will. Unfortunately, from new parents, to one of the world’s biggest music stars, many people believe they don’t need a will; don’t understand why it’s so important; or simply do not take the time to meet with an estate attorney to prepare one.
Can Trusts Take Advantage of the Tax Benefits of S Corporations?
When it comes to tax planning, business owners should learn the difference between a C and an S corp trust.
The letters refer to the subchapter of the federal tax code relating to the income taxation of corporate structures. For businesses, S corporations can provide a way to avoid the kind of double taxation that C corporations incur.