A family feud recently unfolded in the Connecticut probate court, a typical venue for family feuds to play out after the death of a successful business owner. That is the case especially when a contested will is produced favoring one child over another and there are allegations that the decedent suffered from dementia. In this case, adult siblings Dr. Laura Jarmoc and her brother, former state Representative Stephen Jarmoc, dispute whether Stephen looted his father Edwin Jarmoc’s estate starting in 1998 by transferring assets to himself, amounting to unjust enrichment at the expense of Edwin’s estate and Laura, as rightful 50% beneficiary. The Estate of Edwin A. Jarmoc tells the cautionary tale of a family business’s likely demise due to poor succession planning.
Garvey Schubert Barer and strategic partners Bader Martin, C.O.O. Services, Greene Holcomb Fisher, and USI Kibble & Prentice held the inaugural Family and Closely Held Business Summit at the Grand Hyatt in Seattle on November 5th, 2015. The summit addressed pressing issues that family and closely held business owners face today and will face in the future as they seek to grow sustainably and ensure that businesses remain a positive opportunity for generations.
The summit included presentations from professional advisors within various sectors, such as law, accounting, consulting, investment banking, private equity and insurance, as well as an interactive panel to stimulate ideas and discussion. GSB’s Hal Snow and Rochelle Haller presented on the topic of “Estate Planning for Business Owners – You Made it…Do You Want to Keep It?”, and David Smith presented “Privacy in the World of Hackers: Preventing and Responding to Security Breaches”, as part of the panel discussion on “Cyberattacks on the Rise: How Small and Medium-Sized Businesses Can Manage Risk and Survive a Breach” along with Michael Basilicato from Bader Martin and Scott Summers from USI Kibble & Prentice.
Other presentations included:
Cyberattacks on the Rise: How Small and Medium-Sized Businesses Can Manage Risk and Survive a Breach panel
Attendee reaction was very positive, and sentiment indicated that the event should be expanded to include a full day of topics in 2016. The GSB FCHB Practice Group is already working on the next year’s event!
In a soon-to-be-released article, Charities in Financial Distress: The Impact of Bankruptcy on Donor-Restricted Funds, Richard Fox, Jonathan Blattmachr, and Benjamin Bolas explore one aspect of bankruptcy filings by charitable organizations. Specifically, the authors discuss the vulnerability of some charitable contributions to creditor claims of the bankruptcy estate. Continue Reading