Blogs

Estate Planning

You May Need a Special Needs Trust

Parents of children with physical or mental disabilities often want to leave assets to support that child without jeopardizing eligibility for Medicaid, Supplemental Security Income, or other public benefits. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Lori K. Murphy explains that a special needs trust, sometimes called a supplemental trust, can provide financial support while preserving the beneficiary’s eligibility for government…

August 1, 2009

Business and Financial Services

Prudent Corporate Director Conduct

Corporate directors are generally protected from liability when they make informed decisions in good faith and in the honest belief that they are acting in the best interests of the company. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Business Judgment Rule shields directors from liability for ordinary business decisions if they follow a prudent process. The article also notes that directors can reduce the risk of…

July 1, 2009

Construction

Preventing Financial Ruin from Construction Contracts

The financial crisis forced contractors, subcontractors, and suppliers to become far more cautious about the customers and projects they accepted. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that construction companies should investigate prospective customers before signing a contract by gathering credit information, checking litigation histories, confirming corporate status, and contacting other trades that have…

June 1, 2009

Business and Financial Services

Effectiveness of Arbitration Agreements

Courts generally show a strong willingness to enforce arbitration agreements, even when one side argues that the underlying contract should not be enforced. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the federal case A&G Coal Corp. v. Integrity Coal Sales, Inc. involved plaintiffs who argued that an arbitration clause should not apply because the underlying contract never became effective. The court rejected that argument…

May 1, 2009

Business and Financial Services

Piercing the Corporate Veil

Corporations and LLCs generally protect owners from personal liability, but courts may disregard that protection when a business is operated as the owner’s alter ego. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that courts may pierce the corporate veil when an entity is used to evade debts, commit fraud, gain an unfair advantage, or operate in a way that makes the individual and the company effectively indistinguishable. The…

May 1, 2009

Business and Financial Services

Family Limited Partnership and Family Limited Liability Company Valuation Discount Planning

Family limited partnerships and family limited liability companies can provide important estate planning and wealth transfer benefits, but only if they are operated carefully and consistently. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Jonathan C. Kinney explains that the IRS had become increasingly aggressive in challenging valuation discounts used in connection with FLPs and FLCs. The article notes that the IRS often questioned whether a gift was…

January 1, 2009

Mergers and Acquisitions

Buyer of Government Contractors: New SBA Size Recertification Rules Will Affect Merger & Acquisition (“M&A”) Transactions

The SBA’s revised size recertification rules significantly changed how mergers and acquisitions involving government contractors would be evaluated. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Phil W. Jaeger explains that under prior SBA rules, buyers could often avoid size recertification by structuring a transaction as a stock purchase or reverse merger. This allowed a larger company to acquire a small government contractor and continue performing…

March 1, 2007

Construction

Disclaimer

This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and…

February 17, 2006

Real Estate

More Than They Bargained For: Are Title Insurance Companies Liable in Tort for Undisclosed Title Defects?

This law review article argues that title insurance companies generally should not be liable in tort for undisclosed title defects unless they separately undertake duties beyond issuing a title insurance policy. The article was written by James Bruce Davis and examines whether title insurers owe an independent duty to search public records for title defects or whether their obligations are limited to the contractual terms of the insurance policy itself. Davis concludes that title insurers…

June 7, 1995