Learn more about what our experienced professionals can do in the most complex of cases.
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Favorable Outcome in NYC Campaign Finance Board Investigation and Hearing
A client came to FRB’s Election Law & Campaign Finance attorneys believing the New York City Campaign Finance Board (“CFB”) had messed up their audit. However, upon further review by our attorneys and discussions with the CFB, it was discovered that the Campaign was under internal investigation for alleged malfeasance. Our Compliance unit worked tirelessly with the Campaign and the CFB and ultimately received a positive outcome for the Campaign at the CFB hearing. If you are running for office, managing a campaign, or representing a political organization, FRB has the knowledge and experience to assist you in campaign finance matters.
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Retirement Estate Planning and Trust Funding for Long-Term Care Protection
As the Clients were approaching retirement, they sought our Estate Planning Department to assist in preparing their estate. Concerns arose about long-term care and leaving assets for their beneficiaries. Our Estate Planning Department formulated a plan that suited the needs of the Clients, prepared the appropriate planning tools, and worked with the Real Estate department to transfer certain real properties from the individual client to their respective trusts. By collaborating across departments, the Clients had a better understanding of their estate plan and were able to leave with their wishes actually in place.
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Foreclosure Process Clarification
FRB’s Creditors’ Rights & Bankruptcy Law attorneys secured a key legal victory for a lender client in a foreclosure action against the estate of a deceased borrower. The estate’s fiduciary argued that the lender failed to serve required pre-foreclosure notices under RPAPL 1304 and the mortgage agreement. FRB attorneys successfully countered, demonstrating that such notices were not required when the borrower had passed away and the estate administrator was not an obligor on the loan.
The Supreme Court of New York ruled in favor of FRB’s client, confirming that RPAPL 1304 does not apply in these circumstances and that contractual obligations did not extend to estate administrators. This precedent protects lenders from unnecessary delays and reinforces the importance of clear mortgage terms. FRB’s strategic legal approach continues to safeguard lender interests in complex foreclosure cases.
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Drop-and-Swap and Estate Planning Strategy for $8 Million Queens Commercial Property Sale
A family retained FRB’s real estate department in connection with the sale of commercial property in Queens valued at approximately $8 million and the subsequent purchase of replacement properties as part of a like-kind exchange.
Shortly thereafter, the husband, who owned 50% of the entity that held title to the property, unexpectedly passed away. The surviving spouse retained FRB’s estate administration department regarding the husband’s estate and FRB’s tax department to advise on the most tax-efficient strategy in light of the change in circumstances. FRB assisted the surviving spouse in getting appointed by the Surrogate’s Court as the fiduciary of the deceased husband’s estate and in implementing a drop-and-swap strategy. FRB assisted the client in forming a new LLC owned jointly by the husband’s estate and the original entity as tenants in common. The family then moved forward with the sale process and placed the property under contract.
As a result of the step-up in basis at death, 50% of the net sale proceeds passed income tax-free to a trust for the benefit of the surviving spouse, while the remaining 50% was contributed to a like-kind exchange, deferring 100% of the capital gains tax. Following the transaction, FRB’s estate planning department provided the client with coordinated estate planning, including establishing the trust funded with the estate’s proceeds to benefit the surviving spouse during her lifetime and to support longer-term planning for the next generation.
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Turning Lemons into Lemonade
FRB successfully represented a client sued by an Assignee in an assignment for the benefit of creditors action (“ABC”) with respect to a now-defunct company in New Jersey. Our client, a former vendor of the New Jersey company, was one of many defendants named in the action, but had the most at stake, as the Assignee alleged our client owed over $260,000. An ABC proceeding is a state court-administered liquidation proceeding similar to a Chapter 7 bankruptcy whereby an individual or corporate entity can liquidate its assets in an orderly fashion to pay its creditors. An assignee is appointed to liquidate property owned by the company and, as is relevant here, may sue to recover company property transferred prior to the commencement of the ABC, similar to how trustees commence claw-back adversary proceedings in bankruptcy cases. In this case, the Assignee demanded our client return over $260,000 as alleged fraudulent transfers and approximately $6,000 in alleged preferential payments made by the company to our client dating back to 2019.
Our attorneys got right to work dissecting Assignee’s claims and formulating strong defenses to each one. Rather than waste client time and money on litigation in New Jersey state court, the FRB team, with knowledge and years of experience in such actions, reached out immediately to Assignee’s counsel to negotiate a settlement, laying out multiple defenses to the causes of action based upon the relevant law and facts. After being confronted with indisputable defenses set forth by the FRB team, Assignee agreed to completely dismiss the $260,000 fraudulent transfer cause of action. FRB attorneys then successfully negotiated a settlement for approximately 50% of the $6,000 preference cause of action.