RPTE eReport logo

  •   A Bi-Monthly Electronic Publication for Section Members
  • December 2008

Section News

Happy Holidays from the eReport Staff!

Free Group Conference Calls are a RPTE Member Benefit
A significant benefit of being a member of the Real Property, Trust and Estate Law Section is that you may join in on FREE Group conference calls. The calls include substantive discussions of legal hot topics and offer a chance to speak with, or listen to, colleagues from around the country as they address the latest issues facing practitioners. Click here to view the conference call schedule.

Mark Your Calendars for RPTE's 20th Annual Spring Symposia in Washington, D.C.
The Symposia provides a great opportunity to network with your peers and earn CLE credits. Click here for dates and hotel information and stay tuned for updates on the Symposia.

Chicago Community Outreach Program Starts February 11, 2009
This 12-week real estate law educational program is designed for beginning and intermediate commercial real estate practitioners. For more details on on this program click here.

Trust and Estate NewsReal Property News

real property

Real Property News


RESPA Simplification: An Oxymoron?
Lois S. Woodward and W. Clark Watson
On November 17, 2008, HUD published a final rule under RESPA to simplify the disclosures required to be made to consumers in residential mortgage loans. The new rules, however, may not be so simple. Lois Woodward and Clark Watson provide an overview of the new rule and its requirements.

Fail To Notify At Your Own Risk: Initiation Of Foreclosure Is Deemed An "Increase In Hazard" Under Insurance Contracts
Allison E. Graves
There's no time like the present to revisit your foreclosure checklist to make sure it includes a line item for notice to the casualty insurer of the commencement of foreclosure proceedings. As Allison Graves details in her article, a mortgagee may be denied property coverage for a casualty occurring prior to foreclosure, where the insurer is not notified of the pendency of the foreclosure.

Well Grounded: A Well-Drafted Provision for Future Rent Adjustments is Critical in the Negotiation of a Ground Lease
Lawrence Teplin and Heather Stern
A ground lease is a long-term commitment between a property owner and its ground lessee. How future rent adjustments are made can affect whether that commitment will remain harmonious. In their article, a version of which previously appeared in the 2007 Los Angeles Lawyer, Lawrence Teplin and Heather Stern address various methods for determining rent under a long-term ground lease and the benefits and disadvantages of each of those methods.

Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions
The Legal Opinions in Real Estate Transactions Committee has approved the "Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions", which was advanced by, among others, the ABA's Business Law Section and approved by a large number of bar associations and professional groups. For more information about the Committee's work, click here.

trust and estate

Trust and Estate News


Strategies for Making the Most of the Internal Revenue Code §2032 Alternate Valuation Election in an Economic Downturn

Illinois Now Requires Trusts, Estates And Other Pass-Through Entities To Withhold Nonresident Beneficiaries’ Share Of Illinois Income Tax
Karin C. Prangley

Internal Revenue Service Notice 2008-63 addresses the income, estate, gift and generation-skipping transfer tax consequences of the appointment of a private trust company created by family members as the trustee of the family's trusts.
Executive Summary of Notice 2008-63
Rana H. Salti

AMT Consequences of Trust Expenses That Are Subject to the 2% Floor Under Section 67
T. Randolph Harris

Hot Topics in Trusts & Estates: Bioethics --
On Election Day, November 4, 2008, voters in five states cast ballots on six initiatives relating to the field of bioethics. Three passed -- permitting embryonic stem cell research, allowing the medical use of marijuana, and allowing doctor-assisted suicide. Click here for further information on all six.
Professor Kristine S. Knaplund

Gatekeeper Initiative Update: The Financial Action Task Force (FATF) has issued its final report on guidance for legal professionals. The full report can be found here.

The National Conference of Commissioners on Uniform State Laws (NCCUSL) has appointed a Drafting Committee to propose amendments to the Uniform Trust Code to address the issue of whether life insurance trusts have an insurable interest in the life of the insured person This is the second report by David Neufeld, the ABA Advisor to the Committee. The first report can be found here. The second report is available here.

FDIC insurance coverage has been increased from $100,000 to $250,000 per depositor through the end of 2009. The FDIC has asked for comments on its Interim Rule concerning bank accounts held by revocable trusts. The Section’s comments may be found here .

Join a Committee Today!

RPTE members can join a group or committee (or several) online at www.abanet.org/rpte/join. For questions regarding membership, contact the Section at (312)988-5651 or email Bunny Lee at Bunny.Lee@americanbar.org.


Would you like to write an
article for the eReport?


If you have something to say, and would like your article considered for the eReport, simply email Susan Talley, Editor, at stalley@stonepigman.com for further details.

Technology and Law Practice Management

Don't Miss TECHSHOW 2009
The RPTE Section is a program promoter of ABA TECHSHOW 2009, a 3-day technology-related seminar hosted by the ABA Law Practice Management Section. Review program information at www.techshow.com and get a special registration discount by using the RPTE program promoter code EP922. Find out more about this year's ABA TECHSHOW.

Technology Questions?
Find out the answers to the four technology questions most often asked by RPTE Group and Committee Chairs and Vice Chairs...

  1. Can I change the content of the Auto Response Email that is generated when new members join my Group or Committee?
    Answer: You can change part of the content . . . click here to find out how.
  2. How do I change the email address from which the Auto Response Email is sent? Answer: It's easy . . . learn how here.
  3. Is it possible to change who receives Auto Response Email confirmations?
    Answer: Yes . . . instructions to make the change are located here.
  4. How do I send an email to my list serve?
    Answer: Simply send a regular email via Outlook (or any other email service provider)
    to your list serve prefix + @mail.abanet.org.
    For example, the Technology Committee's list
    serve prefix is rpte-technology, and the full
    list serve email address is
    rpte-technology@mail.abanet.org.

CLE Spotlight

Real Property CLE
Understanding Surveys and Decoding Legal Descriptions
(with Jo-Ann Marzullo, Gary Kent and Tanya Marsh)
Webcast/ Teleconference
Date: Thursday, December 18, 2008
Time: 1:00 P.M. - 3:00 P.M. Eastern

Trust and Estate CLE
Estate Planning for Business Owners—Recent Developments You May Have Missed
(with Hugh Drake, William Forsberg, and Robert Nemzin)
Webcast/ Teleconference
Date: Tuesday, January 6, 2009
Time: 1:00 P.M. - 2:300 P.M. Eastern

Group & Committee News

committee spotlight
The Retail Leasing Committee
Volunteer to be a Co-Host for "The Nuts and Bolts of Retail Leases" Conference Call Series.

This new "Committee Spotlight" section of the eReport highlights a group or committee and provides volunteer opportunities for practicing lawyers. Become more involved in RPTE today!


real property
Affordable Housing Committee
The next conference call of the Affordable Housing Committee will cover how the new presidential administration will address Fannie Mae and Freddie Mac takeover issues, and how the affordable housing industry will be affected. Click here for more information.

TRUST AND ESTATE
The Business Planning Group
On January 6, 2009, The Business Planning Group will present an e-CLE program on estate planning. View information about the program here. The Group continues to write articles for Probate & Property and hosts monthly conference calls to discuss estate planning practice-related issues. Find out more about the Group's 2008 accomplishments and current projects here.

The Probate and Fiduciary Litigation Committee
The Probate and Fiduciary Litigation Committee is working on a CLE program regarding charitable bequests for the RPTE Annual Spring Symposia, April 29-May 3, 2009. Click here for information on other Committee projects.

Young Lawyers Network

The Young Lawyers Division is now accepting appointment applications for the 2009-2010 bar year and will be conducting programs and holding meetings at the ABA Midyear Meeting. For more information click here.

Get Involved
There are many opportunities for young lawyers to get involved in the RPTE Section. Click here to find out how.

Law Students

The D.C. Law Student Reception Was a Big Hit
To find out more information about the reception, click here.

Check Out Changes to the RPTE Law Student Webpage
Be sure to check out the RPTE law student web page, which is being updated with new student information and resources by the Section's 2008-2009 Law Student Division liaisons, Ben Martie and Tyler Pitrat.

And, join the discussion on the RPTE law student message board...

Ask how others are enjoying their first year (and later years) of law school. Find out about career opportunities in the fields of real property and trust and estate law. Discover insights on working for a big or small firm or being a solo practitioner. Ask questions, discuss your concerns and offer support to other students on a number of issues. The message board is new!

  
The Family Limited Partnership Deskbook: Forming and Funding FLPs and Other Closely Held Business Entities, Second Edition

New Book from RPTE

The Family Limited Partnership Deskbook, Second Edition
Gregory M. Stein, Morton P. Fisher Jr. and Marjorie P. Fisher

This fully revised and updated edition of The Family Limited Partnership Deskbook addresses the need for a current, complete reference source for practitioners who want to understand and comply with both formal and substantive requirements in the creation and administration of FLPs and LLCs. This comprehensive guide provides
in-depth analysis of all facets of these planning vehicles. Click here to learn more...

FOR OFFLINE READING:
- PDF version - print the whole issue
- PDF of Trust and Estate articles only
- PDF of Real Property articles only

About RPTE eReport

The RPTE eREPORT is the bi-monthly electronic publication of the Real Property, Trust and Estate Law Section. It includes practical information for lawyers working in the real property and estate planning fields, together with news on Section activities and upcoming events. RPTE eREPORT also provides resources for young lawyers and law students to succeed in the practice of law. For further information on RPTE eREPORT or to submit an article for publication, please contact: Susan Talley (Editor) at stalley@stonepigman.com; Cheryl Kelly (Real Property Editor) at CKELLY@thompsoncoburn.com; Robert Steele (Trust and Estate Editor) at steele@whafh.com; or Michael Goler (Managing Editor Emeritus) at Goler@MillerGolerFaeges.com. We welcome your suggestions and submissions.

The materials contained herein represent the opinions of the authors and editors and should not be construed to be those of either the American Bar Association or The Section of Real Property, Trust and Estate Law unless adopted pursuant to the bylaws of the Association. Nothing contained herein is to be considered as the rendering of legal advice for specific cases and readers are responsible for obtaining such advice from their own legal counsel. These materials and any forms and agreements herein are intended for educational and informational purposes only. The authors and other contributors to RPTE eREPORT are solely responsible for the content of their submissions, including the accuracy of citations to legal resource materials.

 

American Bar AssociationReal Property Trust & Estate Law Section