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Bracing for the Storm: Lessons from Recent Cases as we Navigate the Fiduciary Impact of the Great Recession



Tuesday, August 31, 2010
Product Code - TMAU69
Speaker(s): Dana G. Fitzsimons Jr., Gerard G. Brew
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The personal trust business is changing as the wealth of the boomer generation transfers to the next generation, new financial institutions provide personal trust services, and existing banks change and merge. Trust law is changing through widespread enactment of uniform laws such as the Uniform Trust Code and the Uniform Power of Attorney Act. In addition to these challenges, fiduciaries are confronting an increase in aggressive surcharge litigation, a toxic banking climate, and an historic recession and volatility in the financial markets. Add into the mix an unprecedented instability in the federal transfer tax laws, and fiduciaries and their advisors have their hands pretty full.

This live webinar will review recent fiduciary litigation cases from across the country to identify trends and learn lessons as fiduciaries and their advisors navigate present challenges.

Objectives:

The objective of this discussion include providing participants with a conceptual understanding and practical application of current trends in several areas of fiduciary law to be drawn from the following:

1. Trustee disclosure
2. Investment liability
3. Surcharge litigation
4. Special trust provisions
5. Trustee compensation and fees
6. Jurisdiction and limitations on claims
7. Trust modification
8. Tax uncertainty

Educational Objectives:

Upon completion of the program, participants will:

A. Understand current trends in fiduciary law
B. Understand emerging factors that aggravate fiduciary risk
C. Identify practical techniques for managing fiduciary risk
D. Identify practical techniques for avoiding litigation and handling litigation when it arises

Dana G. Fitzsimons Jr., Gerard G. Brew

Dana G. Fitzsimons, Jr. is a partner with McGuireWoods and practices in the areas of fiduciary litigation, estate and trust administration, and estate planning. He represents corporate and individual fiduciaries and beneficiaries in fiduciary litigation matters, including surcharge actions against fiduciaries, will and trust contests, restructuring trusts, managing fiduciary risk, and adult guardianship litigation.

Mr. Fitzsimons served on the editorial board and was a monthly columnist for Wealth Management Business magazine, and has contributed articles to numerous publications, including Estate Planning, Trusts & Investments, and the Leimberg Services Newsletters. He is also the author of Trust Administration and Estate Planning, published by the American Bankers Association, and Administration of Trusts published by Virginia CLE. He is a frequent lecturer across the country on fiduciary litigation and trust and estate topics. He has been quoted in publications such as the New York Times and Forbes.

He is a member of the American Bar Association where he has served on the CPR/SOC Joint Committee on Ethics and Professionalism, Task Force on Patenting Legal Strategies, and is the current vice chair of the Ethics and Malpractice Committee. He also is a member of the Virginia Bar Association and currently serves on its Trusts and Estates Legislative Committee as well as the Trusts and Estates Executive Council. He is the former chair of the Wills for Heroes Program and former member of the Young Lawyers Division Executive Council. He is a member of the Richmond Trust Administrator's Council and the Richmond Estate Planning Council.

Gerard G. Brew is a partner at McCarter & English and represents clients in disputed matters involving estates, trusts, fiduciaries, family issues, and closely held family businesses. Drawing on his experience in those litigated matters, he also counsels fiduciary clients in complex estate administrations to avoid disputes and handles estate planning and administration matters. Mr. Brew seeks to achieve the desired result in a cost-effective manner, whether through litigation in the probate or chancery courts, or various alternative dispute resolution mechanisms.

He has handled numerous litigated and non-litigated family disputes in New Jersey and New York involving estates, trusts and guardianships, including estates as large as a billion dollars. He has represented both beneficiaries and corporate and individual fiduciaries (executors, trustee or guardians) in matters involving estate and trust administrations. Mr. Brew has participated extensively in the resolution of these disputes through mediation or other alternative dispute resolution mechanisms and has been appointed by courts to mediate such disputes.

Mr. Brew has also represented numerous clients in the often complex appeals relating to estates, trusts and fiduciaries, as well as challenges to state agency actions, such as matters involving the Department of Banking and Insurance. His appellate work (including applications for stays or other emergency relief) has resulted in a significant number of reported appellate decisions.

Mr. Brew devotes substantial time to advancing legal issues and legal education. He is the author of the New Jersey Probate Probate Procedures Manual -- Navigating a New Jersey Estate Administration (NJ ICLE 2008). He is a contributing editor to The New Jersey Estate Litigation Manual (authored by Steven K. Mignogna, Esq., NJ ICLE 2006) and The New Jersey Estate Planning Manual (authored by Glenn A. Henkel, Esq., NJ ICLE 2007). He is an adjunct Professor of Law at New York Law School (teaching New Jersey Estate Administration). He is recognized as a New Jersey Super Lawyer for 2006-2010 editions (he was selected one of the Top 100 lawyers in New Jersey for 2010). He is also listed in the 2007-2010 issues of Best Lawyers in America.

EDUCATION

J.D., Rutgers University School of Law - Newark, 1988, Managing Research Editor, Rutgers Computer & Technology Law Journal

B.A., Rutgers University, 1984

Law Clerk, Hon. Nicholas Scalera, Superior Court of New Jersey, Appellate Division