Law Firm News

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Law Firm News

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Novack & Macey, P.C.

Novack and Macey LLP Selected as a “GO-TO Law Firm” by a Fortune 250 Company
Constellation Energy Group, a Fortune 250 Company, has named Novack and Macey LLP as a “GO-TO Law Firm” for litigation. Constellation Energy Group is the nation’s leading supplier of competitive electricity to large commercial and industrial customers, and one of the nation’s largest wholesale power sellers.

Fewer than one percent of all law firms in the United States are chosen as a “GO-TO Law Firm” -- a firm clients turn to when they need results. Novack and Macey partners Eric Macey and Steve Siegel have successfully represented Constellation Energy in innumerable litigation matters across the United States and Central America. Mr. Macey notes that “our selection as a GO TO Law Firm by Constellation Energy is an honor and testament to our success within the legal field.

02-14-2007

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Moses & Singer LLP

The Most” on MSNBC seeks out the perspective of Daniel Rubin
Daniel Rubin, one of Moses & Singer’s Trusts, Estates and Wealth Preservation partners, was a guest today on MSNBC’s The Most with Alison Stewart providing his insights in connection with the legal consequences of Anna Nicole Smith's passing. Mr. Rubin spoke of the serious consequences if no legal and enforceable Will were to exist and the advisability of a Will and proper estate planning. Daniel Rubin concentrates in domestic and international estate and asset protection planning for high net worth individuals and families. Mr. Rubin also handles estate administrations and tax controversies.

02-14-2007

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Mitchell Silberberg & Knupp LLP

IRS further clarifies new beneficiary rollover rules
The IRS has responded to some of the negative reaction it received with respect to recently issued guidance on the new rules allowing non-spouse beneficiaries to make rollovers to IRAs, which were described in a recent post (“Rollovers to IRAs now possible for plan beneficiaries” http://www.msk.com/news.asp?page=NI&id=1167 ).

The criticisms and the IRS response relate to two issues:

(1) Was the statute, when originally enacted last year, intended to guarantee all non-spouse beneficiaries the right to make an IRA rollover regardless of the provisions of the distributing plan?

(2) Do non-spouse beneficiaries who make a rollover to an IRA have the right to stretch out distributions over the beneficiary’s life expectancy, even if the distributing plan would not have provided this right.

Rollover rights

On the first issue, the IRS stated in the issue of Employee Plans News issued February 13, 2007, (http://www.irs.gov/pub/irs-tege/se_021307.pdf) that “a plan may, but is not required to” offer a direct rollover option to non-spouse beneficiaries. This means that there is no guaranteed right of a non-spouse beneficiary to make a rollover.

This is consistent with the IRS previously stated position that the distributing plan must be amended to provide for rollovers by non-spouse beneficiaries and that the amendment was optional, not mandatory. This is not surprising since these rules were not made a requirement for plan qualification and since all direct rollover provisions have to be set forth in the plan document. It seems likely that nearly all plans will eventually make this amendment, since it costs the plan sponsor nothing and will significantly help certain participants. However, there is no guarantee. In addition, the amendment presumably can be made up until the deadline for plan amendments due for the Pension Protection Act of 2006 (currently 2009 and subject to IRS extension) and be made retroactive to January 1, 2007.

Minimum distributions

The second issue involved a provision of the original IRS guidance that says:

“The rules for determining the required minimum distributions under the plan with respect to the non-spouse beneficiary also apply under the IRA. Thus, if the employee dies before his or her required beginning date and the 5-year rule in § 401(a)(9)(B)(ii) applied to the non-spouse designated beneficiary under the plan making the direct rollover, the 5-year rule applies for purposes of determining required minimum distributions under the IRA.”

This provision appeared to mean that if the decedent died before April 1 of the calendar year following the year in which he or she attained age 70-1/2 and the distributing plan required minimum distributions to be completed within five years of the death of the participant, this rule must also apply to the recipient IRA.

The IRS has now stated that the provision quoted above should not be read this way. Instead, the IRS is now making it clear that a non-spouse beneficiary can use the life expectancy payout in the recipient IRA provided that the rollover from the distributing plan is made no later than the last day of the year following the year in which the participant died.

Background: The Internal Revenue Code provides two methods for satisfying minimum distribution rules when the participant dies prior to beginning minimum distributions: (1) pay out within five years of death (the “five-year rule”); or (2) pay out annually over the life expectancy of the beneficiary (the “life expectancy rule”). The plan sponsor can choose either approach in the plan document or leave it to the beneficiary to elect.

Under the life expectancy rule, distributions must begin to the beneficiary prior to the last day of the year following the year in which the participant dies, whereas under the five-year rule distributions can be made at any time until the last day of the fifth calendar year following the year in which the participant died. What the IRS is prohibiting, however, is a beneficiary attempting to use the five-year rule to delay distributions under the distributing plan, making a rollover within the five-year period and then using the life expectancy rule under the recipient IRA.

What all this means for non-spouse beneficiaries (and their advisors) who want to be able to stretch out distributions in a rollover IRA is that if they wait too long to make the rollover they may lose the opportunity to use the life expectancy rule in their rollover IRA.

Here is how the minimum distribution rules work in different scenarios that can occur if a participant dies before the date on which the participant is required to begin minimum distributions and the distributing plan permits non-spouse beneficiaries to make a rollover:

Scenario 1: If the rollover is completed before the end of the year in which the death occurs, the entire account balance in the distributing plan may be rolled over and the participant may use the life expectancy rule in the recipient IRA regardless of the distributing plan minimum distribution provisions.

Scenario 2: If the rollover is completed during the calendar year following the year in which the death occurs, the minimum distribution for that calendar year may not be rolled over, but the balance may be rolled over to an IRA and the participant may apply the life expectancy rule in the recipient IRA with respect to the amount rolled over.

Scenario 3: If the rollover is completed after the end of the calendar year following the year in which the death occurred, but prior to end of the fifth calendar year following the year in which the death occurred, a rollover could still occur but the participant would be required to make minimum distributions from the recipient IRA under the five-year rule and all amounts would have to be distributed from the IRA by the end of that fifth calendar year.

Scenario 4: If a rollover is not completed by the end of the fifth calendar year following the year in which the death occurred, no rollover will be possible.

02-14-2007

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Milberg, Weiss, Bershad & Schulman, L.L.P.

ARIANA J. TADLER AND JEFF S. WESTERMAN ARE NAMED IN LAWDRAGON'S 3000 LEADING PLAINTIFFS' LAWYERS IN AMERICA
Ariana J. Tadler and Jeff S. Westerman were chosen through Lawdragon’s proprietary rating system that weighs an objective assessment of their achievements and bar participation with journalistic reporting and online surveying of clients and peers. We’re very proud to include them in the Lawdragon 3000, which honors fewer than 1 percent of all the lawyers in America.

02-14-2007

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Michael Best & Friedrich, LLP

THE ECONOMIES OF CLIMATE CHANGE: FINDINGS FROM THE STERN REVIEW
The effects of climate change on the environment have been greatly researched, but what about the effects of global warming on the economy? Ms. Lorraine Hamid, Senior Economist for Energy Markets and Policy Instruments, Her Majesty’s Treasury and contributor to the United Kingdom’s “Stern Review on the Economics of Climate Change,” will address the public Friday, February 23 about the findings from the report, authored by the former head economist of World Bank, Sir Nicholas Stern.

Ms. Hamid will highlight the report’s findings on:

• Current trends and average temperatures
• Connecting the economy to ecology
• Scenarios if emissions continue to grow
• Total cost to the global economy
• How tackling climate change can be a pro-growth strategy
• Cost of action now versus in the future
• What a stabilized carbon power sector looks like
• Potential for future markets for low-carbon energy products

Ms. Hamid’s briefing will also discuss the importance of having an international vision of long-term goals and frameworks for reaching these objectives. If these goals are not met, the report states it could allow for climate change to result in costs similar to the combined effect of the 20th century’s two World Wars and the Great Depression. These results will be difficult, if not impossible to reverse, according to the Report.

The entire Stern Report can be viewed at www.sternreview.org.uk.

Sponsored by Michael Best & Friedrich LLP, the Nelson Institute for Environmental Studies at UW-Madison and the Wisconsin Department of Natural Resources.

02-14-2007

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Kummer, Kaempfer, Bonner & Renshaw, Attorneys At Law

RETIRED DISTRICT COURT JUDGE MICHAEL R. GRIFFIN JOINS KUMMER KAEMPFER BONNER RENSHAW & FERRARIO
The statewide law firm of Kummer Kaempfer Bonner Renshaw & Ferrario (Kummer Kaempfer) is pleased to announce that recently retired District Court Judge Michael R. Griffin has joined the firm as “Of Counsel.” He will lead the firm’s statewide mediation and arbitration practice beginning February 1.
Judge Michael Griffin, a native Nevadan with 28 years on the bench, will use his extensive experience helping clients as a mediator or arbitrator in complex areas of the law. While he will be based in the firm’s Reno office, he will practice statewide.
During his distinguished judicial career in Carson City, Judge Griffin presided over approximately 250 administrative appeals, many of which appear in the Supreme Court Reports, and a large number of election challenges. Among the hundreds of appeals before him were varied issues such as the regulation of buses in Las Vegas, taxicab licensing in Clark County and the recovery of construction costs by Sierra Pacific Power Company for power plants in Nevada.
Through the years, Judge Griffin’s docket contained diverse and high-profile cases covering almost all areas of the law including transportation regulation and licensing, water rights, energy rates and de-regulation, murder charges and death penalty sentences, taxation issues, probate, family law, medial malpractice and business litigation.
“It is truly an honor to welcome Judge Griffin to our firm,” said Michael J. Bonner, managing partner of Kummer Kaempfer. “As one of the most respected judges in the state, his experience and vast knowledge of intricate legal matters, coupled with his integrity and reputation, will serve those requiring an expert mediator or arbitrator. We believe that Judge Griffin will build a superior mediation and arbitration practice.”
A graduate of Carson High School, Judge Griffin, 63, received his degree in political science from the University of Nevada, Reno and his law degree from the University of San Francisco. Prior to being elected to District Court, he was a captain in the U.S. Army Judge Advocate General’s Corps (JAG Corps), served as a state public defender and worked in a private practice. In 1978, he was elected District Court Judge in Carson City, a position he held until retiring January 1, 2007.
Kummer Kaempfer is a prominent force in Nevada, serving local, regional, national and international clients in the real estate development, hospitality, gaming, manufacturing, service, high-technology, and energy and utilities industries. Founded in 1994, Kummer Kaempfer is one of Nevada’s largest law firms, specializing in complex corporate transactions, federal and state securities matters, commercial litigation, zoning and land use and regulatory law.

02-14-2007

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Klein, DeNatale, Goldner, Cooper, Rosenlieb & Kimball, LLP

Law Firm Grows With Key Addition
The law firm of Klein, DeNatale, Goldner, Cooper, Rosenlieb and Kimball, LLP has recently announced the expansion of its real estate practice with the addition of Dennis Mullins as a partner with the firm. Formerly the general counsel of Tejon Ranch, Mullins’ practice will concentrate on real estate transactions and development. He will also practice in the areas of land use, environmental and water law. “With his many years of experience as the top attorney in a large and diverse real estate company, Dennis brings a client’s perspective to solving the varied real estate, natural resource and land use challenges facing landowners and developers in California,” said Jay L. Rosenlieb, KDG managing partner. “Our business clients will definitely benefit from his knowledge.” Mullins brings broad experience to the firm. While at Tejon, he negotiated and closed diverse real estate transactions, handled a wide range of legal, business and environmental matters, and managed the company’s water rights, oil and mineral leases and governmental affairs. Before that, he handled large, complex real estate transactions for commercial real estate owners and developers in Southern California while practicing with Jones, Day, Reavis & Pogue. Also, he was appointed to and served in a number of positions in the Reagan and first Bush Administrations. “We know our clients are looking for sophisticated counsel, able to handle complex business and real estate issues. Dennis will enhance our commitment to being accessible and responsive to our clients’ day-to-day needs,” Rosenlieb added. Mullins graduated from the University of Michigan Law School in 1978 and was admitted to practice in California the same year. He holds a bachelor’s degree in political science from UC Davis. Klein, DeNatale, Goldner, Cooper, Rosenlieb & Kimball, LLP, based in Bakersfield, California, has served clients in the San Joaquin Valley for more than 50 years. With 50 highly skilled and experienced attorneys, KDG is a full-service law firm that has effectively represented clients on local, state, national and international levels, offering a wide range of practice areas to a diverse client base.

02-14-2007

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