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Newport Beach California Legal Blog

Addressing the breach of fiduciary duties

When someone acts as a fiduciary agent, such as a trustee, they have a tremendous responsibility. Unfortunately, some people in this position fail to abide by their fiduciary duties and violate the rights of beneficiaries, creating a number of problems for beneficiaries such as financial complications and stress. Our law office firmly believes that those who are struggling as a result of a fiduciary agent failing to abide by his or her obligations deserve justice. In some instances, legal action is necessary to hold a negligent fiduciary agent responsible.

When it comes to fiduciary negligence, all sorts of issues may need to be reviewed. For example, a dispute may involve family members who are bitter about the way in which a loved one decided to distribute his or her assets before they passed away. Moreover, these disputes can create complications that affect the entire family. However, if your rights were violated by a fiduciary agent, it is important for you to stand up for yourself, regardless of whether or not the person is related to you.

The benefits of taking your company global

As a business owner, you are probably always looking for new ways to grow and move your company forward. There are many ways this can be accomplished, but expanding your business on a global scale can be particularly beneficial for some business owners. Moreover, the growth opportunities associated with taking a company global are not limited to major corporations in a handful of fields but may be the right move for entrepreneurs and those who run a wide variety of businesses.

In order to increase the likelihood of success, there are a number of points business owners may want to consider. For starters, it is crucial to carefully go over your goals, plans, and some of the risks you may face. From marketing to financing, there are various aspects of going global you may need to review and thorough preparation may be incredibly valuable in this regard. Whether you run a large construction company, a business that develops medical devices, or an ambitious startup, the benefits of going expanding your business overseas could open up a world of untapped potential.

Handling a business lawsuit properly

From allegations of fraud to the alleged breach of a contract, business lawsuits arise for all sorts of reasons. As the owner of a business that is being taken to court, you need to carefully approach the case and make sure that your business' interests are going to be protected to the best of your ability. We recently discussed some of the consequences of business litigation, which can be financially ruinous and may even lead to a business closing altogether. By reviewing the ins and outs of the case and making sure that all bases are covered as soon as possible, these consequences may be avoidable or the extent of a lawsuit's damage may be minimized.

Some business owners have a variety of questions related to litigation and are not sure of how to approach the situation. However, when they find answers to their questions and make sure that they have a solid defense, they may find confidence as well as a greater chance of a favorable court ruling. In some instances, being cautious and taking immediate steps to address problems that have arisen may even prevent litigation.

Reviewing some of the consequences of business litigation

Lawsuits can be incredibly stressful and challenging for anyone, regardless of the reasons behind litigation. However, legal action can be especially difficult for certain people, such as business owners who find themselves in court over allegations that a contract was breached, partner disputes, or fraud, among many other reasons. Whether you run a large corporation or own a small family business, the outcome of your case could affect you and your company in a variety of ways. It is vital to recognize the consequences of litigation and take steps to prepare and protect yourself wherever possible.

For starters, litigation can be incredibly costly. Whether you have decided to take legal action against another company and are unsuccessful or someone has accused your company of wrongdoing and you are unable to secure a favorable outcome, the financial impact of a lawsuit can be incredibly damaging. In fact, litigation has even prompted many businesses to close their doors, regardless of their size.

Is your financial advisor actually a broker posing as an advisor?

You may know that a financial advisor is someone you hire to help you manage your assets—someone who picks investments that are right for you. Advisors are fiduciaries, meaning they have a legal responsibility to act in your best interest.

Brokers, on the other hand, are salespeople. Their bottom line is to sell stocks, bonds and other financial products. They are not fiduciaries. Instead, they are held to the Financial Industry Regulatory Authority (FINRA) suitability rule. This rule states that brokers must deal fairly with their customers. The products they sell must be appropriate for the client, but they don’t have to be the best option for the client. In addition, it’s acceptable for a broker to have a conflict of interest in the products they sell.

Is your trustee a thief?

Managing the financial undertakings of someone’s trust is not as easy as signing a few checks. A trustee safeguards assets for someone else. When selecting someone to put in charge of a trust, whether family member or close friend, the situation can become complicated if it appears that some form of theft has happened to the trust. Attempting to prove that fraudulent activity has occurred is difficult. There are several signs to look for when reviewing the trustee’s use of the account that demonstrate the fraudulent use of the trust.

How to prove mismanagement of a trust:

Modern families require new strategies for wealth management

According to census data, the American family has changed. Fewer are comprised of the traditional nuclear family of two heterosexual parents and a couple of children.

Today, step children, same-sex couples, adopted children, spouses with different countries of origin and more are all part of the mix of what a family might be.

When a trustee is not trustworthy

We expect a lot from people entrusted with our money. Those who have fiduciary duties may be trustees, estate administrators, guardians, or agents. They have access to your accounts, and they must conduct themselves with scrupulous honesty. They are not allowed even a hint of self-dealing or conflict of interest.

There are few situations as dangerous as a trustee who is not trustworthy.

Mistrusting the trustee: how to handle trustee malfeasance

A trust is a common estate planning tool, but they require a trustee to manage them. While one hopes the trustee they choose is honest, ethical and trustworthy, trustee malfeasance happens. When a trust is mismanaged the funds meant for beneficiaries can be greatly reduced or even lost. Keeping a watchful eye on a trust can help you spot mismanagement before considerable damage is done.


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