Wellin v. Nixon, Peabody, LLP – Case Lessons on Defensive Practice

This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2934.

While Wellin focuses on whether or not the statute of limitations would operate to bar claims of breach of fiduciary duty and malpractice by the attorney involved in wrapping marketable securities in a FLP and the sale of interests in the FLP to an intentionally defective grantor trust (IDGT) in return for a promissory note, facts discussed in the brief opinion nonetheless provide fertile ground for the review and re-assessment of defensive practices that might be considered and perhaps implemented into a planner’s practice.

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