Mitchell S. Ostwald Law Blog

Individual laws as reported by The Daily Recorder, Vol. 104, No. 2, January 4, 2011 Daily Journal.

(This is only a selection of laws pertaining to our practice, not all new laws for 2011)

Business and Professions

AB2764: (Committee on Judiciary): Continues the State Bar’s authority to assess and collect dues from licensed attorneys in California, and authorized the Bar to continue to collect active... Read More

Biological child born out of wedlock is beneficiary where trust unambiguously defines ‘issue’ as unadopted lineal descendants.

A California Court of Appeal overturned the Supreme Court’s decision in the case of CITIZENS BUSINESS BANK v. JONATHAN CARRANO.  Appellant claimed that he was entitled to distribution from the estate of his recently deceased grandparents and father, even though Plaintiff argued that he was a “child born out of the... Read More

Trust did not terminate under ‘merger doctrine’ since intent of settler was for trust to continue until final distribution of trust property occurred.

A California Court of Appeal affirmed the lower court’s decision in ROBERT WEINBERGER v. JAMES G. MORRIS et al.  The trial court found that the merger doctrine did not apply in this case and that the Defendant had distributed the real property as the rightful trustee of the Plaintiff’s... Read More

A California Court of Appeal upheld the trial court’s decision in DAWN AUSTIN V. DEBRA SIMPSON.  Appellant claimed that respondent was a care custodian for appellant’s father and that this designation invalidated several monetary gifts given to respondent by appellant’s father.  The lower court found... Read More

A California Court of Appeal reversed the lower court’s decision in NORTHSTAR FINANCIAL ADVISORS, INC v. SCHWAB INVESTMENTS.  The district court held that Congress intended private enforcement of §13(a) of the Investment Company Act, which “prohibits investment companies from changing certain investment policies in their registration statements without first... Read More

The recent financial crisis is partly the result of something economists call the “agency” problem. Put simply, the people you hire to take care of your money — your agents — almost always have their own agendas.

For example, from your vantage point, the risks Wall Street banks took during the credit bubble may seem moon-bat crazy. But for a lot of top executives, the... Read More

A California Court of Appeals reversed the probate court’s decision in ADRIA E. UNDERWOOD v. VALERIE PEARCHE et al.  The case involved $2 million from the estate of James Donald Gardner, who died on October 11, 2006.  Appellant claims that the money should go to her and her daughter (decedent’s... Read More

For gay couples, estate planning can be incredibly frustrating.

“Domestic partners have a lot of planning to do, and have to fight discrimination at every turn,” says Todd G. Sears, vice president at Merrill Lynch, and founder of the company’s lesbian, gay, bisexual and transgender financial services team.

In many cases, the law doesn’t recognize domestic partnerships.  And if the estate is worth... Read More

As reported on FINRA.org.

HYIPs—High Yield Investment Programs Are Hazardous to Your Investment Portfolio

High-yield investment programs (HYIPs) are unregistered investments created and touted by unlicensed individuals. Typically offered through slick (and sometimes not-so-slick) websites, HYIPs dangle the contradictory promises of safety coupled with high, unsustainable rates of return—20, 30, 100 or more percent per... Read More

As reported on Money.CNN.com, by Blake Ellis, August 17, 2010.

Whether it has been investing in gun manufacturers and energy companies or ditching food suppliers, America's best known investors were busy in the second quarter.

Here's what a few of them were up to, according to recent filings with the Securities and Exchange Commission.

Warren Buffett: Berkshire Hathaway ( Read More