Tax and Trust & Estates Update February 2020

In This Issue:

• The New SECURE Act’s Effect on Estate Planning for Retirement Plans
• Relief from Federal Limitation on Deduction for State and Local Income Taxes for Some New Jersey Business Owners
• Private Foundation Excise Tax Rate Simplification – Law Change Effective 2020
• Misleading Notices from Third Parties of Annual Report Delinquencies for New Jersey Entities

Banking Alert January 2020

In This Issue:

• New Jersey Appellate Division Affirms Summary Judgment Order Dismissing Dishonored Check Action and Order Awarding Attorneys’ Fees 
• District Court Dismisses Claims Relating to Alleged Fraud in Wells Fargo Foreclosure Methods
• New Jersey Appellate Division Affirms Decision Vacating Final Judgment in Tax Foreclosure Action Against Mortgagee Based on Notice of Lis Pendens

Banking Alert December 2019

In This Issue:

• New Jersey Appellate Division Affirms Denial of Motion Seeking to Vacate Final Judgment of Foreclosure 
• New Jersey Appellate Division Rejects Borrower’s Attempt to Avoid Foreclosure Based on Bankruptcy Order of Discharge
• New Jersey Appellate Division Affirms Foreclosure Judgment Entered Seven Years After Rejecting Borrower’s Loan Modification Argument

Banking Alert November 2019

In This Issue:

• New Jersey Appellate Division Reverses Dismissal of Complaint Seeking Repayment of Loans as Time-Barred
• Federal Court Dismisses Borrower’s Complaint and Sanctions Borrower’s Counsel
• Appellate Division Rejects Upholds Denial of Motion to Vacate Final Judgment of Foreclosure After Sheriff’s Sale

Tax and Trust & Estates Update November 2019

In This Issue:

• 2020 Inflation Adjustments for Tax Items
• If You Want to Make Gifts to Charities or Others in 2019, Be Sure Those Gifts Are “Completed” this Year for Tax Purposes
• Thinking of Converting your S Corporation to a C Corporation? Avoid this Trap for the Unwary.
• The Nonprofit Forum - Is it Time to Convert Your Private Foundation to a Donor-Advised Fund?

Banking Alert October 2019

In This Issue:

• New Jersey Appellate Division Affirms Priority of Bank’s Mortgage Lien Over Marital Possessory Interest
• New Jersey Appellate Division Rejects Challenge to Foreclosure Action Based on Unclean Hands Doctrine
• New Jersey Appellate Division Reverses Grant of Summary Judgment and Final Judgment of Foreclosure Due to Competing Notes Submitted to Court

Banking Alert September 2019

In This Issue:

• New Jersey Federal Court Dismisses FDCPA and CFA claims Under Rooker-Feldman Doctrine
• New Jersey Appellate Division Affirms Dismissal of Claim for Failure to Pay on a Dishonored Check
• New Jersey Appellate Division Refuses to Vacate Final Judgment of Foreclosure Despite Mistakenly Filed Satisfaction of Mortgage

Banking Alert August 2019

In This Issue:

• New Jersey Appellate Division Finds Service of NOI Deficient in Foreclosure Action
• New Jersey Appellate Division Affirms Final Judgment of Foreclosure
• New Jersey Appellate Division Finds that Borrower Lacks Standing to Challenge Transfer of Mortgage in Foreclosure Action

Banking Alert July 2019

In This Issue:

• New Jersey Appellate Division Rejects Homeowner’s Arguments That Assignee Did Not Have Standing to Foreclose
• New Jersey Appellate Division Finds Subsequent Mortgagee That Recorded First is Not Entitled to Priority in Foreclose Action
• New Jersey Appellate Division Affirms Summary Judgment in Favor of Bank in Residential Foreclosure Action

Banking Alert June 2019

In This Issue:

• New Jersey Federal Court Dismisses UCC and Common Law Claims Against Depository Bank
• New Jersey Appellate Division Refuses to Dismiss Foreclosure Complaint That Did Not Contain Allegations Concerning Assignments of Mortgage
• New Jersey Appellate Division Declines to Set Aside Sheriff’s Sale and Permit Redemption of Foreclosed Property

Banking Alert May 2019

In This Issue:

• New Jersey Appellate Division Affirms Dismissal of Guarantors' Counterclaims Asserted After the Parties Settled the Matter
• Plaintiff-Borrower Survives Motion to Dismiss FDCPA Claims Against Law Firm That Filed Underlying Foreclosure Action
• New Jersey Passes Into Law a Series of Reforms Directed at Foreclosure Process

Tax and Trust & Estates Update May 2019

In This Issue:

• The Perils of "Transfer on Death" (TOD) and "Payable on Death" (POD) Accounts
• Information That Can Help Your Family at the End of Your Life
• Sherman Wells Welcomes New Associate to the Tax and Trusts & Estates Group
• New Jersey Trustee Uniform Trust Code Disclosure Requirements – A Reminder

Banking Alert April 2019

In This Issue:

• New Jersey Appellate Division Affirms Denial of Motion to Set Aside Sheriff's Sale Based on Alleged Agreement to Reinstate Mortgage
• New Jersey Appellate Division Reverses Summary Judgment in Favor of Issuer of Allegedly Dishonored Check
• New Jersey Appellate Division Finds Bank Not Required to Disgorge Payments Received From Borrower in Excess of Foreclosure Judgment

Banking Alert March 2019

In This Issue:

• United States Supreme Court Rules Law Firm Filing Nonjudicial Foreclosure Action Not Subject to FDCPA
• New Jersey Appellate Division Rejects Borrower's Challenge to Mortgage Assignment Agreement in Defense of Foreclosure Action
• New Jersey Appellate Division Finds Bank Has Standing to Foreclose

2019 Estate Planning Essentials Guide - NJ Edition

A broad overview of wills, trusts, estate and gift taxes, and important planning techniques and documents.

If you have questions, please contact any of the attorneys in our Tax and Trusts & Estates Practice Group. Nothing in this booklet should be relied upon as legal advice in any particular matter.

Banking Alert February 2019

In This Issue:

• New Jersey Appellate Division Upholds Final Judgment of Foreclosure and Request to Affix Amount Due
• New Jersey Appellate Division Reinstates Borrower's Counterclaims Based on Withdrawn Modification Agreement
• New Jersey Appellate Division Holds Recorded Assignment Sufficient to Establish Standing to Foreclose

Banking Alert January 2019

In This Issue:

• New Jersey Appellate Division Upholds Striking of Answer in Foreclosure Action
• New York Appellate Division Reinstates Aiding and Abetting Fraud Claim Against Bank Based on Issuance of Written Credit Reference
• New Jersey Trial Court Does Not Award 18% Default Interest to Lender as Damages

Banking Alert December 2018

In This Issue:

• New Jersey Appellate Division Upholds Dismissal of Borrower's Trespass Counterclaim Against Lender
• New Jersey Appellate Division Reverses Writ of Replevin to Title Owner of Vehicle
• Federal Court Holds That Rooker-Feldman Doctrine Bars Claims Related to Foreclosure Action

Tax and Trusts & Estates Update December 2018

In This Issue:

• Charitable Giving in 2018 under the Tax Cuts and Jobs Act of 2017
• If You Want to Make Gifts to Charities or Others in 2018, Be Sure Those Gifts are "Completed" this Year for Tax Purposes
• 2019 Inflation Adjustments for Tax Items
• The New Qualified Business Income Deduction – Still Lots of Uncertainty
• Breaking New Jersey News – New Jersey Offers Tax Amnesty until January 15, 2019
• More Tax Accounting Options for Small Businesses in 2018
• Another Reminder About IRS Revised Partnership Audit Procedures
• A Note about the Registration of New Jersey Private Foundations

Banking Alert November 2018

In This Issue:

• U.S. District Court Applies Rooker-Feldman Doctrine to Plaintiff's Complaint Attacking Foreclosure Judgment
• New Jersey Appellate Division Affirms Bank's Standing to Foreclose
• New Jersey Appellate Division Upholds Modification of Loan Agreement Made in a Series of Emails

Banking Alert October 2018

In This Issue:

• New Jersey Appellate Division Affirms Trial Court's Decision to Reform Mortgage to Include Different Property Than Identified In Mortgage
• New Jersey Appellate Division Affirms Trial Court's Determination That Bank Had First Priority Purchase Money Mortgage in Priority Dispute
• New Jersey Appellate Division Holds That Alleged Lack of Standing is Insufficient to Vacate Final Judgment of Foreclosure

Banking Alert September 2018

In This Issue:

• Third Circuit Affirms Denial of Bank's Motion for Mutual Judgment Satisfaction Under Federal Rule of Civil Procedure 69
• District Court Grants Loan Servicer's Motion to Dismiss Claims
• New Jersey Appellate Division Affirms Denial of Motion to Stay Sheriff Sale

Tax and Trusts & Estates Update September 2018

In This Issue:

• Trustees Beware: Trust-Owned Life Insurance Needs a Regular Review to Avoid Trustee Liability
• Tax Alert: No Estate Tax in New Jersey Doesn't Mean No Estate Administration
• Sherman Wells Proudly Announces Three New Members of the Tax and Trusts & Estates Group

Banking Alert August 2018

In This Issue:

• New Jersey Trial Court Applies Doctrine of Equitable Subrogation to Mortgage Priority Dispute
• New Jersey Supreme Court Adopts Daubert Factors
• New Jersey Appellate Division Affirms Entry of Summary Judgment and Final Judgment of Foreclosure

Banking Alert July 2018

In This Issue:

• New Jersey Appellate Division Finds Predatory Lending Allegations Sufficient to Sustain Consumer Fraud Act Counterclaim
• New Jersey Appellate Division Affirms Reinstatement of Foreclosure Action Based on no Lack of Prejudice to Borrower
• New Jersey Appellate Division Affirms Foreclosure Judgment and Rejects Defendant's HOSA Counterclaim

Banking Alert June 2018

In This Issue:

• New Jersey Federal Court Denies Motion for Appointment of Receiver
• New Jersey Appellate Division Upholds Final Judgment of Foreclosure Where Mortgage and Note Were Originally Held by Two Different Entities
• Update: CFPB Dismisses Case against PHH; U.S. District Court Holds CFPB Structure is Unconstitutional

Banking Alert May 2018

In This Issue:

• New Jersey Appellate Division Affirms Dismissal of Claim Against Bank for Honoring Prison's Endorsement of Plaintiff-Prisoner's Check
• New Jersey Appellate Division Upholds Final Judgment of Foreclosure Despite Challenges to Service of Process
• New Jersey Appellate Division Finds That Contesting Answer Was Properly Stricken And Foreclosure Action Was Timely Filed

Banking Alert April 2018

In This Issue:

• New Jersey Appellate Division Finds Bank Had Standing and Timely Filed Foreclosure Action
• New Jersey Appellate Division Reverses Trial Court's Decision That Notice of Intent to Foreclose Need Not be Served on Debtor's Estate in Case of Reverse Mortgage
• "Law of the Case" Doctrine Preserves Foreclosure Ruling in Favor of Bank

Banking Alert March 2018

In This Issue:

• New Jersey Appellate Division Upholds Priority of Mortgage and Loan Modifications Over Discharged Lis Pendens
• New Jersey Appellate Division Affirms Grant of Summary Judgment and Award of Fees on "Frivolous" Consumer Fraud Action Claim
• Federal District Court Dismisses Seeking to Prevent Sheriff's Sale

Banking Alert February 2018

In This Issue:

• D.C. Circuit Court of Appeals, En Banc, Holds That CFPB Structure is Constitutional
• New Jersey Appellate Division Finds Plaintiff is Not Holder in Due Course of Dishonored Check
• New Jersey Appellate Division Affirms Final Judgment of Foreclosure

Banking Alert January 2018

In This Issue:

• New Jersey Appellate Division Upholds Judgment Against Self-Represented Guarantor
• New Jersey Appellate Division Enforces Arbitration Clause Contained in Online Agreement
• New Jersey Appellate Division Reverses Trial Court’s Turnover of Funds in Joint Account
• Sherman Wells Announces New York Office Move

Tax and Trusts & Estates Update January 2018

In This Issue:

• Estate Planning Cautions and Opportunities in the Aftermath of the Tax Cuts and Jobs Act of 2017
• Existing Testamentary Plans of Individuals Residing in New Jersey
• Existing Testamentary Plans of Individuals Residing in New York
• Formula Bequests for Generation-Skipping and Charitable Gifts
• Planning Opportunities
• Sherman Wells Announces New York Office Move

Tax and Trusts & Estates Update December 2017

In This Issue:

• The Tax Cuts and Jobs Act – How It May Affect You

Banking Alert December 2017

In This Issue:

• Federal Court Rejects Defendant’s Attempt to Avoid Class Action Under TCPA
• New Jersey Appellate Division Affirms Trial Court’s Finding That Bank Had Standing to Foreclose
• New Jersey Appellate Division Affirms Summary Judgment to Foreclosing Bank and Subrogates Mortgage of Other Lender

Banking Alert November 2017

In This Issue:

• New Jersey Appellate Division Determines Foreclosing Bank is not a “Mortgagee in Possession” of Condominium Unit
• New Jersey Appellate Division Remands Trial Court’s Denial of Motion to Intervene Filed by Alleged Assignee of Mortgage in Foreclosure Action
• New Jersey Appellate Division Holds That Bank Can Foreclose After Several Assignments of Mortgage Loan

Tax and Trusts & Estates Update November 2017

In This Issue:

• 2018 Inflation Adjustments for Tax Items
• Proposed U.S. Tax Legislation – Stay Tuned
• The Nonprofit Forum Does Your Charitable Donor-Advised Fund Name Successor “Recommenders”?

Banking Alert October 2017

In This Issue:

• New Jersey Appellate Division Reverses Trial Court’s Dismissal of Bank’s Claim of Holder in Due Course Status
• New Jersey Appellate Division Clarifies Scope of Home Ownership Security Act
• U.S. District Court Dismisses Action Based on Alleged Violation of HAMP

Banking Alert September 2017

In This Issue:

• New Jersey Supreme Court Upholds Enforcement of Settlement Reached in Residential Mortgage Foreclosure Program
• Assignment by Nominee Upheld as Valid by Appellate Division in Foreclosure Action
• Trial Court Dismisses Complaint Arising From Lender’s Refusal to Modify Loan

Banking Alert July 2017

In This Issue:

• Chancery Division Denies Request for Custodial Receiver in Residential Foreclosure
• Third Circuit Finds Single Phone Call Sufficient to Trigger Claim Under Telephone Consumer Protection Act
• Mortgagee Who is Non-Signatory of a Note is not Required to Receive Notice of Intent to Foreclose

Banking Alert June 2017

In This Issue:

• New Jersey Appellate Division Splits Deposit From Sheriff’s Sale Between Parties After Buyer Alleges Bank Failed to Disclose Prior Mortgage
• New Jersey Trial Court Finds That Borrower Did Not Execute an Enforceable Loan Modification
• New Jersey Appellate Division Finds FDCPA’s Venue Provision Irrelevant in Personal Jurisdiction Dispute

Tax and Trusts & Estates Update June 2017

In This Issue:

• January 1, 2018, Proposed Effective Date for Implementation of New Partnership Audit Rules Is Fast Approaching
• Generation-Skipping Tax Basics You Should Know
• The Nonprofit Forum - CAUTION: The Dangers of Non-Board Members on Board Committees
• Sherman Wells Proudly Announces Two New Members of the Tax and Trusts & Estates Group

Banking Alert May 2017

In This Issue:

• New Jersey Supreme Court Holds Notice of Rejection in Real Estate Contract Via Email and Fax is a Commonly-Used Form of Communication and Valid
• United States Supreme Court Permits Municipalities to File Suit Against Lender Under FHA

Banking Alert April 2017

In This Issue:

• Appellate Division Rejects Standing Argument in Foreclosure Action
• Appellate Division Upholds Settlement Agreement Arising from Dishonored Check
• Appeal on Denial of Rent Receiver Deemed Moot by Foreclosure Judgment

Banking Alert March 2017

In This Issue:

• Litigation Reform Legislation Advances in the House
• Appellate Division Finds That Witness Need Not Have Actual Personal Knowledge of Documents Presented in Mortgage Foreclosure Action
• Appellate Division Vacates Default Based on Defendants' Allegations of Violations of Consumer Fraud and Fair Foreclosure Acts
• Sherman Wells Partner Craig L. Steinfeld to Moderate and Speak at "Hot Topics in Banking Law" Seminar

Banking Alert February 2017

In This Issue:

• Appellate Division Affirms Denial of Contempt Motion
• Federal Court Dismisses Challenge To Foreclosure Judgment
• Appellate Division Upholds Sale Of Property By Receiver

Banking Alert January 2017

In This Issue:

• Third Circuit Upholds Dismissal of CFA and RICO Action Against Loan Servicer
• Appellate Division Rejects Challenge to Lender’s Standing in Foreclosure Action
• District Court Affirms Ruling That Statute of Limitations in Foreclosure Action Was Not Shortened by Acceleration Notice

Tax and Trusts & Estates Update January 2017

In This Issue:

• Gift Tax Reporting Reminder for Gifts Made in 2016
• Estates of New Jersey Residents Who Do Not Survive Until 2018 Could Confront Costly and Unnecessary New Jersey Estate Taxes
• …And New York Residents Should Similarly Review their Estate Planning Documents Given the Moving Target of the “Cliff” Past Which New York Estate Tax Will Apply
• The Nonprofit Forum - Warning: Even Donations to Your Private Foundation Need a Written Acknowledgment

Tax and Trusts & Estates Update December 2016

In This Issue:

• The Election and Your Tax Planning – Stay Tuned
• If You Want To Make Gifts to Charities or Others in 2016, Be Sure Those Gifts Are “Completed” This Year For Tax Purposes
• 2017 Inflation Adjustments for Tax Items
• The Nonprofit Forum

Banking Alert December 2016

In This Issue:

• U.S. Supreme Court Holds Defendant Criminally Liable Under Bank Fraud Statute for Stealing Customer’s Funds
• Appellate Division Affirms Discharge of Receiver After Settlement of Foreclosure Action
• Omnibus New York Foreclosure Law Takes Effect December 20, 2016

Banking Alert November 2016

In This Issue:

• Third Circuit Affirms Dismissal of Wrongful Foreclosure Complaint
• Federal Court Dismisses Amended Complaint Filed by Pro Se Plaintiffs Against Mortgage Lenders and Servicers
• Appellate Division Affirms Denial of Motion to Vacate Default in Foreclosure Action