Boca Raton, FL – May 6, 2024 – Pannone Lopes Devereaux & O’Gara LLC (PLDO)’s prominent estate and trust attorneys, Gene M. Carlino and Leah A. Foertsch, presented a Continuing Legal Education (CLE) webinar, entitled “Current Aspects of Wealth Management and Estate Planning: 2025 Sunset Preparations, Tailored Vehicles, Post-Mortem Planning, and Leveraging Philanthropy,” on Monday, May 6, 2024.
This webinar, hosted on myLawCLE.com, offerscomprehensive insights into key aspects of wealth management and estate planning with an emphasis on preparations that can be made now for the December 31, 2025 sunset. Participants gain a nuanced understanding of appropriate wealth management vehicles tailored to different wealth levels, with an emphasis on incorporating flexibility to adapt to evolving financial landscapes. The seminar also delves into post-mortem planning techniques, providing practical strategies to optimize estate administration and asset distribution efficiency. Additionally, recent developments in charitable giving and philanthropic planning for clients are discussed, offering valuable insights into leveraging philanthropy to align with clients’ goals while navigating regulatory changes and emerging trends in charitable giving.
To access a live replay of the webcast, click here.
Attorney Carlino, Partner, is a highly respected attorney with more than 30 years of experience in all areas of estate and tax planning and administration, probate administration and trust litigation, and Medicaid planning and Elder Law. He is a Fellow of the American College of Trust and Estate Counsel (ACTEC), the most prestigious organization in the United States for estate planning and trust counsel, serves as a member of the National Academy of Elder Law Attorneys (NAELA) Tax Steering Committee, and is the former Rhode Island Chapter President of NAELA, a national public policy advocacy group dedicated to the unique needs of the elder population. He is licensed to practice in Florida, Rhode Island and Massachusetts, and is also admitted to the United States Tax Court, United States Court of Federal Claims, the Federal District Court of Rhode Island and the United States District Court for the Southern District of Florida. To contact Attorney Carlino, call 561-362-2030 or email [email protected].
Leah A. Foertsch, Managing Partner, FL, has significantexperience advising individuals and families in all areas of trust and estate planning, probate administration asset protection, wealth management and tax strategies. In addition, she representsindividuals and businesses in asset protection, wealth management and tax strategies, and has managed multimillion-dollar real estate transactions, including structuring deals and providing title insurance for both commercial and residential properties. She has written extensively on topics in her practice area and is the co-author of The Trust Beneficiary’s Right of Access to Information, published in the Florida Bar Journal. She is licensed to practice in Florida and is a member of the Florida Bar, Tax and Real Property, Probate and Trust sections. To contact Attorney Foertsch, call 561-362-2030 or email [email protected].
PLDO’s Estate and Trust Planning, Administration and Litigation Team provides a full range of estate planning, trust planning and administration services. Our attorneys have decades of experience and a sophisticated understanding of all the legal and financial aspects of this area of the law, including taxation and estate litigation. For information about PLDO, visit www.pldolaw.com and follow us on LinkedIn, Twitter and Facebook.
PLDO’s Litigation Practice group represented IDC at a trial before United States District Court Chief Judge John J. McConnell seeking damages for Chicago Title’s refusal to pay pursuant to a title policy. On March 29, 2024, Judge McConnell issued a decision that awarded IDC $1,100,000.00, plus interests and costs. PLDO’s trial team consisted of attorneys William E. O’Gara, William P. Devereaux, Matthew C. Reeber and Kathryn M. Couture. Attorneys Devereaux, O’Gara and Reeber have represented IDC since 2007 and, during their representation, have secured for IDC over $6 million dollars in monies related to litigation over unique parcels of land located on Goat Island in Newport, Rhode Island.
In 2005, after the Rhode Island Supreme Court issued a decision concerning IDC’s property on Goat Island, IDC made a demand to Chicago Title under its title insurance policy and over the next two and a half years, Chicago Title investigated the claim. In the end, Chicago Title denied IDC coverage, which led IDC to commence legal action in 2009. Finally, in July 2022, after Judge McConnell had granted a motion for summary judgment dismissing all of IDC’s claims, the United States Court of Appeals for the First Circuit found that Chicago Title’s denial of insurance coverage had breached its contract with IDC, which covered the loss associated with two waterfront parcels of land on Goat Island: the South Unit and West Unit. The First Circuit remanded the matter to Federal Court for a trial.
Judge McConnell then scheduled a bench trial in May 2023 where both sides presented evidence, including expert witness testimony to determine the amount of damages based on the properties’ value as of December 19, 1997.
IDC’s expert, Peter Scotti, produced a comprehensive report and testified at trial that the West Unit should be valued at $560,000 and the South Unit at $540,000. Chicago Title’s expert valued the properties at $146,000 and $154,000, respectively.
The Court agreed that IDC’s expert used the appropriate method (“comparable sales approach”) to determine the value of the South and West Units. Furthermore, Judge McConnell specifically pointed out: “The Court finds Mr. Scotti’s opinions and testimonies to be extremely credible and based on a well-established foundation.” The Court “did not find the testimony by Chicago Title’s expert credible, nor in line with the comparable sales approach.” For these reasons, the Court awarded IDC, PLDO’s client, $1,100,000, plus interests and costs.
Chicago Title argued that it had not been given proper notice by IDC in a Rhode Island Superior Court complaint filed in 1999 by sub-condominium associations in the Goat Island South Condominium that challenged certain voting procedures and amendments to a condominium declaration. Chicago Title took the position that it had no duty to defend IDC or to pay IDC for damages because IDC failed to provide timely written notice of the claim. Through cross examination, PLDO’s attorneys were able to show that Chicago Title had notice of the condominium dispute within two months of its filing in Rhode Island Superior Court and, therefore, Chicago Title had not been prejudiced by alleged “late notice.” IDC did not file a written demand for coverage until 2005. Through cross examination, PLDO’s attorneys were also able to show that Chicago Title’s witnesses only offered “speculative” testimony that the insurance company had been prejudiced by IDC’s alleged late notice or IDC’s conduct in defending itself in the Superior Court action.
“We are very pleased with this decision by the federal court and appreciate the confidence our client had in our team of attorneys, who aptly developed strong arguments, utilized skillful cross examination and produced a credible expert to achieve victory and obtain a just result for our client,” Attorney Reeber.
For more information on this case, click here.
To reach Attorneys O’Gara or Reeber, call 401-824-5117 or 401 824 5105 or email [email protected] or [email protected]. For information about PLDO, visit pldolaw.com and follow us on LinkedIn, Twitter and Facebook.
