Repicci v. Jarvis

Estate Planner Granted Judgment on Fiduciary Duty Breach Claims Deemed Time-Barred

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DECISION AND ORDER I. INTRODUCTION In this diversity action, plaintiffs Dr. John A. Repicci, his wife, Lorraine Repicci, and their daughter, Julie Stone, in her capacity as trustee of two Repicci family trusts (collectively, “Plaintiffs”), assert state-law claims against defendant Christopher R. Jarvis arising from wealth-and estate-planning services Jarvis provided the Repiccis beginning in the early 2000s. Presently before this Court are Jarvis’s motion for summary judgment (Docket No. 65) and Plaintiffs’ cross-motion for partial summary judgment (Docket No. 76). For the following reasons, Jarvis’s motion is granted, and Plaintiffs’ motion is denied. II. BACKGROUND A. Facts¹ Dr. Repicci is an orthopedic surgeon and the inventor of a non-invasive knee procedure. (Docket No. 65-1, 1; Docket No. 73, 1.) In 2000, he called Jarvis for assistance in transferring his retirement assets to his heirs without incurring income or estate taxes. (Docket No. 65-1, 5; Docket No. 73, 5.) Jarvis and his firm specialized in providing consulting services to physicians in a variety of areas, including wealth management and insurance, and Jarvis agreed to work with Dr. Repicci. (Docket No. 65-1, 4; Docket No. 73, 4.) At the time, Dr. Repicci held individual retirement accounts (IRAs) worth approximately $4 million. (Docket No. 65-1, 6; Docket No. 73, 6.) It was determined that without development of a plan, the bulk of these assets would be subject to considerable estate, gift, and income taxes upon Dr. Repicci’s death, which would leave a significantly reduced sum for his heirs. (Docket No. 65-1, 6; Docket No. 73, 6.) A plan was therefore developed to have Dr. Repicci transfer his IRAs into a newly-created Profit Sharing Plan, which would then use the pre-tax funds in the IRAs to purchase two high-value life insurance policies, which in turn would be transferred to a trust for the benefit of Dr. Repicci’s family.² (Docket No. 65-1,

6, 9; Docket No. 73,

Repicci v. Jarvis

Estate Planner Granted Judgment on Fiduciary Duty Breach Claims Deemed Time-Barred

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