Robert S. Schwartz joins Herold Law, P.A.
We are very pleased to announce that ROBERT S. SCHWARTZ joined the firm as a Shareholder. Mr. Schwartz is a graduate of the University of Dayton, received his J.D. from Duquesne University School of Law, and his LL.M. in Taxation from Temple University. He was a longtime Partner of Lindabury, McCormick, Estabrook & Cooper. He began his career by serving five years in the Corporate Reorganization Branch of the Internal Revenue Service, Office of Chief Counsel, in Washington, D.C. He has served as the Chair of the New Jersey Bar Association Section on Taxation Law and as Chair of the Partnership Taxation Committee, and on the New Jersey Bar Association’s Supreme Court Committee on the Tax Court. Mr. Schwartz concentrates his practice in the areas of federal and state, income, excise, estate and gift and other tax matters in the international and domestic taxation planning and controversy contexts.
- Risk Management of Trust and Estates.
Executors of Estates and Trust Fiduciaries responsible for real estate, valuable personalty, art collections, and other investments or property under their control and management should regularly review insurance policies to ensure that no gaps or lapses in insurance exist to avoid risk and exposure in the event of a loss or a claim by a third party. Herold Law counsels clients in risk management, and conducts asset portfolio reviews collaboratively with insurance brokers and asset managers to ensure that appropriate insurance is in place to hedge against unforeseen or predictable risks of exposure. Frequent coverage disputes arise when the policy fails to identify the true owner of the property in circumstances where the original owner dies, an Executor has been named, or the ownership in the property has been transferred to a Trust or corporate vehicle such an LLC, and the insurance policy is not corrected to reflect the proper and actual insurable interest in the property. Have appraisals of the Estate or Trust been updated so that they are adequately insured for their true value? Has a claim to an insurance company or the broker been reported in a timely manner and in accordance with the terms and conditions of the policy? Insurance companies often look for loopholes, misrepresentations, or omissions in insurance applications to void coverage in the event of a claim. Is the Estate property vacant while it is listed for sale? A vacancy policy is required to avoid forfeiture of coverage if a loss occurs and the vacancy is not brought to the attention of the insurance company.
It is incumbent on fiduciaries to review their risk management oversight over portfolio assets to hedge against risks that could materially cause financial harm to the Estate or Trust. Michael J. Faul, Jr., heads the Insurance Recovery and Risk Management Group at Herold Law, P.A., and he can be contacted at 908-647-1022, extension 122.
- “Place to Worship Initiative” and Suits Against Municipalities on the Rise.
Michael J. Faul, Jr., a Shareholder at Herold Law and Special Insurance Counsel to governmental entities, warns of the prospect of future civil rights suits and insurance coverage implications for defense and indemnification. See details
- On June 19, 2018, Robert F. Simon was elected to the Board of Directors of the Land Use Law Section of the New Jersey State Bar Association.
- On January 17, 2018, Robert F. Simon was a presenter for the Lorman Education Live Webinar “Recent Trends in Billboard Law.” Mr. Simon was also a speaker on this topic at the November 21, 2017 ICLE-sponsored event – “The Legal Aspects of Electronic Billboards and Signs.” This webinar was presented in cooperation with the NJSBA’s Land Use Section and the NJSBA’s Local Government Law Section.
- Jurisdiction Dismissal Victory for Commercial Client represented by Michael J. Faul, Jr.
Herold Law secured a highly favorable result in a commercial dispute over a liquor distributorship involving sales in New York and New Jersey. Michael J. Faul, a Shareholder of Herold Law, successfully argued a motion to dismiss before a New Jersey Superior Court Judge on Friday, November 3, 2017. The complaint named 14 defendants, including two corporations, asserting causes of action for breach of contract, breach of the implied covenant of good faith and fair dealing, tortious interference, fraud, trade secret misappropriation, unfair competition, negligence, conversion, and interference with commerce. On behalf of the defendants, Mr. Faul moved to dismiss the complaint pursuant to New Jersey Court Rule 4:6-2 for failure to state a claim upon which relief can be granted and on grounds of lack of or ineffective service of process as to all defendants. Mr. Faul successfully argued that the court lacked personal jurisdiction over the defendants based on the lack of minimum contacts in the State of New Jersey and failure to effect service of process of the complaint in accordance with the Rules of Court. Mr. Faul was assisted by George W. Crimmins, of counsel to the Firm.Herold Law is well versed on the subject matter of jurisdictional defenses. When Herold Law is contacted by or on behalf of out-of-state defendants, jurisdictional defenses are explored with the client from the outset. Herold Law is strategically placed geographically to represent out-of-state companies and individuals who are sued in New Jersey in State and Federal Courts, both as principal litigation counsel or local counsel.
- On June 23, 2017, Craig Provorny was successful in having the Appellate Division of the Superior Court of New Jersey reverse a decision of the trial court. In Davanne Realty v. The Dial Corporation, the Appellate Division disagreed with the trial court and found that a lease entered into in 1958 that did not mention environmental liabilities obligated Dial Corporation as the tenant to defend and indemnify Davanne Realty, the landlord, for alleged discharges of hazardous substances by the Dial Corporation onto the property and into the sewer system, finding their way into the Lower Passaic River miles away, in a case in which Davanne and The Dial Corporation were two of approximately three hundred parties sued.
- Michael J. Faul, Jr. was recently appointed as Member of the Audit and Risk Management Committee of the Somerset County YMCA.
- Craig Provorny secured a judgment for an oppressed minority shareholder in a closely held corporation.
- Recent Developments in New Jersey’s Insurance Notice Law – How to Avoid and Effectively Challenge a Late Notice Defense by an Insurance Company, Clarion, Volume 8, Issue 1
- Joseph Lemond summarizes the recent legislative changes to the New Jersey Estate Tax and other highlights of the recent legislation.
- Michael J. Faul, Jr. Shareholder of Herold Law, was retained as special insurance counsel to the Township of Bernards in coverage dispute with QBE Specialty Insurance Company.
- Joseph M. Lemond spoke at “Hot Tips in Taxation” This was an ICLE-sponsored event.