Non Depository Trust Company Formation in NH

What is the best state in which to organize a non deposit trust company? According to NH banking attorney John Funk in a nice introductory article on nondepository trust companies, the answer is New Hampshire. In the article, Funk provides a primer on organizing and operating a non depository, or fiduciary-services-only, trust company, calling New Hampshire "the best state in the country to organize a nondepository trust company" due to its unique and sophisticated regulatory environment.

He writes...

"Over the years, New Hampshire has streamlined the application and regulatory process and has amended its laws governing trusts so that they are among the most sophisticated in the country. Many companies have taken advantage of the state’s experienced regulatory environment. Recently, as federal regulators have tightened client protections under securities laws governing investment advisors, a number of firms have formed nondepository trust companies in New Hampshire to serve as qualified custodians to complement their advisory functions."

To read the full article, click on: Nondepository Trust Company.

UPDATE: March 11 = Attorney Funk has written a companion article, on New Hampshire Family Trust Companies, about a subset type of private trust company known as a family fiduciary services company, which offers "ultra-wealthy families an opportunity to have their own trust companies to manage their wealth over generations. And better yet, information relating to these companies is confidential so that their finances are not open to public view." The author describes a bill, Senate Bill 421, pending in the N.H. Legislature to make family fiduciary services companies even more attractive by creating "a separate chapter of the statutes to govern their formation and operation and re-name them family trust companies."

Buying Distressed Properties in New Hamsphire — NH Foreclosures

Real estate attorney Erik Newman writes:

"Opportunities for purchasing distressed and unfinished developments at deep discounts are abundant, but so are the associated risks."

In his article, What To Watch For When Buying Distressed Developments in New Hampshire, he presents that awareness of the risks combined with rigorous due diligence can minimize some of the otherwise unforeseen expenses and liabilities. The information yielded through this research can also be used to negotiate a lower purchase price. The article will help you to be an informed purchaser, and be less likely to be rejected for making a low ball offer, thereby helping create the best chance for capitalizing on a distressed development acquisition. Read it here.

Nine Attorneys Named Best Lawyers — New Hampshire

CONCORD, NH — Nine New Hampshire attorneys at the law firm of Gallagher, Callahan & Gartrell, P.C. have been named to the 2010 edition of Best Lawyers®, the oldest and most respected peer-review publication in the legal profession.

Best Lawyers publishes an annual referral guide, The Best Lawyers in America, which includes 39,766 attorneys in 80 specialties, covering all 50 states and the District of Columbia. The current, 16th edition of The Best Lawyers in America (2010) is based on a rigorous national survey involving more than 2.8 million detailed evaluations of lawyers by other lawyers
Christopher C. Gallagher and W. John Funk are acknowledged as top Banking Law attorneys. Donald J. Pfundstein is recognized for Insurance Law, as well as Administrative and Banking Law.
Michael R. Callahan is noted for Personal Injury Litigation, Family Law, and Land Use & Zoning Law, while David A. Garfunkel is recognized for Commercial Litigation and Alternative Dispute Resolution. Charles P. Bauer is also recognized for Alternative Dispute Resolution.
Donald E. Gartrell and Ari B. Pollack are listed for Real Estate Law. Donald R. Saxon is acknowledged for Tax Law.

Gallagher, Callahan & Gartrell is a multidisciplinary law firm located in Concord, New Hampshire.

Down Economy Provides Interesting Opportunities in Wealth Transfer Planning

New Hampshire Trusts & Estates Attorney Jan P. Myskowski has published an article describing how following the dramatic changes in the economy, the IRS section 7520 rate is now at an all-time low, creating new opportunities and challenges in the estate planning world.

According to Myskowski, "The Internal Revenue Code section 7520 rate required for valuation of retained interests plummeted from 5.0% in December, 2007, to 3.4% in December, 2008, and has dropped to the dramatic low of 2.0% for February, 2009, a rate never before seen since the enactment of section 7520 in 1989."

The article further states, "Acutely low interest rates make for interesting times in the estate planning world. Rare opportunities arise to shift wealth at reduced transfer tax burdens, but a larger than usual gap opens in the comparative utility of various planning techniques, placing greater emphasis on the importance of analyzing the appropriate technique for any given client. Planning vehicles such as Grantor Retained Annuity Trusts (GRATs) become particularly attractive, while others, such as Qualified Personal Residence Trusts (QPRTs) lose some of their appeal (although plummeting real estate values make this technique viable despite the effect of low rates)."

To read the full article, click on: Wealth transfer planning.

NH Municipal Law: Supreme Court Establishes Official Immunity for Police Officers and Police Departments in New Hamsphire

In Everitt v. Town of Hooksett, et al. 156 N.H. 202 (2007), the New Hampshire Supreme Court recognized for the first time that police officers and police departments are entitled to "official immunity" for state law claims brought against them, including negligence, and that municipal employers are also entitled to vicarious qualified immunity for the officers' conduct.

An article by Attorney Charles P. Bauer details the ruling at:
Supreme Court Case Establishes Official Immunity for Police Officers and Police Departments in New Hampshire

In 2008, the Superior Court (Maguire, J) granted summary judgment and dismissed the police officers and their municipal employer utilizing the newly created “official immunity” law in New Hampshire. Official immunity for state law claims is similar — and theoretically broader — than "qualified immunity" for police officers sued for federal law claims such as excessive force and wrongful arrest under 42 U.S.C. 1983.

The New Hampshire Supreme Court held that:

“Municipal police officers are immune from personal liability for decisions, acts, or omissions that are: (1) made within the scope of their official duties while in the course of their employment; (2) discretionary, rather than ministerial; and (3) not made in a wanton or reckless manner.”

For more information, see the full article.

Charlie Bauer Joins Gallagher, Callahan & Gartrell

CONCORD, NH — New Hampshire law firm Gallagher, Callahan & Gartrell has announced that Charles P. (Charlie) Bauer has joined the firm as Shareholder-Director and member of the litigation team. Bauer has nearly 30 years of experience handling civil rights claims, employment litigation, mediation, arbitration and other complex civil litigation.

Matthew Cairns Joins Gallagher, Callahan & Gartrell

CONCORD, NH — Gallagher Callahan & Gartrell PC is pleased to announce that R. Matthew Cairns has joined the firm's litigation team as Shareholder-Director.

With over 20 years of trial experience, Cairns represents the interests of individuals, insurers, manufacturers, transportation and other companies in commercial, complex and traditional litigation matters in state and federal courts. He is a 2007 “SuperLawyer” for products liability defense, and serves as second vice president of DRI — The Voice of the Defense Bar.

New Hampshire's Shoreland Protection Act (CSPA) Goes Into Effect on July 1, 2008

The Comprehensive Shoreland Protection Act (CSPA) that protects the shorelands of New Hampshire as "among its most valuable and fragile natural resources," establishes a "Protected Shoreland" area along New Hampshire's lakes, rivers and coastline and regulates construction and land use. These shoreland statutes and regulations were broadly revised by the N.H. State Legislature over the past year. The amendments take effect on July 1, 2008.

For more information on the changes to Comprehensive Shoreland Protection Act (CSPA), read: NH Shoreland Protection Receives an Extreme Makeover

Think Green! What New Hampshire Business Needs To Know

CONCORD, NH — New Hampshire law firm Gallagher, Callahan & Gartrell has prepared a guide for New Hampshire businesses on the benefits of being green available as a downloadable PDF.

It states "The question today is no longer “Are you green?” but rather “What shade of green are you?” There are plenty of actions that your business can take that will save you money, improve your day-to-day operations, reduce your energy consumption, improve your environmental footprint, and moreover enhance your client relationships."

The interactive PDF document contains information and links to more information on:

• Energy Efficiency and Demand Response
• Renewable Portfolio Standards (RPS)
• Incentives for Renewable Project Development
• Regional Greenhouse Gas Initiative (RGGI)
• and more...

Also specifics on how you can get a free, eco-friendly, reuseable shopping tote... For more info, click on green business.

New England States Rank High for Healthcare

A CBS.com news story on the Commonwealth Fund's healthcare system performance scorecard rates Hawaii as the best state for healthcare "based on 32 indicators, including access, quality, cost, insurance, preventive care, potentially avoidable hospital visits, and premature death (death before age 75)."

Here's the top ten states including all New England states:

1 Hawaii
2 Iowa
3 New Hampshire, Vermont
4 Maine
5 Rhode Island
6 Connecticut
7 Massachusetts
8 Wisconsin
9 South Dakota
10 Minnesota

See entire list and read article here. More on The Commonwealth Fund.