RPTE eReport logo

  • A Bi-Monthly Electronic Publication for Section Members
  • October 2012

Section News

In Memory of
Patrick A. Randolph, Jr.

Pat
September 2, 1944 - October 12, 2012

Read Ira Waldman's memories and remarks on his dear friend Pat, in A Life Worth Living: A Tribute to Pat Randolph. To read Pat’s obituary and learn of upcoming services being held in his honor, click here.

2013 Spring Symposia Theme Announced
Save the date to attend the 24th Annual RPTE Spring Symposia May 2-3, 2013 in Washington, DC. This year's theme will be: The Inside Track/The Inside Tract. We hope to see you there!

Sponsorship Opportunities for Fall Leadership Meeting
Would your law firm be interested in sponsoring the second annual golf tournament at the Fall Leadership Meeting? The tournament will take place November 10, 2012 at Bear Lakes Country Club in West Palm Beach, FL. Download the sponsorship brochure here.

IRS Circular 230
Treasury and the IRS have proposed substantial revisions to Circular 230, including, among other things, the elimination of the much-criticized provision on “covered opinions” and its replacement with a simpler, more-straightforward set of rules. Read Jim Robert's summary on this topic.

Recap of the 2012 Joint Fall Meeting
Bruce Tannahill summarizes his experience at this year's Joint Fall CLE Meeting with the ABA Section of Taxation. Read his remarks here.

November Conference Call Calendar
Have you participated in a free RPTE group/committee sponsored conference call? View the November schedule here. Everyone is welcome to dial-in and listen.

Articles of Interest

trust and estate


Trust & Estate
News

2012 Federal Estate and Gift Tax Forms Released & New York Issues Guidance on Federal Portability
Sharon L. Klein
Sharon Klein reviews some highlights of the new 706 and 709 forms and instructions, as well as recent guidance from New York regarding the application of federal portability valuation rules for state purposes.

Shelter From the Gathering Storm: Protection for Trustees Facing Fiduciary Challenges
Eric A. Manterfield
Fiduciaries are experiencing a steady rise in trust and estate litigation, and the recent economic downturn has made the stakes even higher. This article addresses when is it safe to accept an appointment to serve as trustee, practical solutions to avoid litigation, and how to prepare for and respond to challenges.

Uplifting Gifting - Using Additional Gift, Estate and Generation-Skipping Tax Exemption to Maximize Business Succession Planning
Robert M. Nemzin
The provisions of the Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 will sunset on December 31, 2012. This article briefly outlines several options that the client should consider before time runs outs in order to use his or her remaining exemptions.

Next Generation Disputes in the Family Business: Navigating the Remedial, Ethical and and Tax Quagmires- a Case Study
Morton A. Harris
This article provides a historical overview of the importance of family owned businesses and the reasons for failure of such businesses, all of which highlights the importance of business succession planning.


alarm
Trust and Estate Practice Alerts

Elder Law, Disability Planning, and Bioethics Group
This group provides a summary of the Third National Guardianship Summit and its recommendation for comprehensive standards for guardians.

Charitable Planning and Organizations Group- Alert 1
Charitable Planning and Organizations Group -Alert 2

How tax law changes involving the fiscal cliff affect donors and making gifts to a charity’s single member LLC are two topics discussed by the Charitable Planning and Organizations Group.


real property
Real Property
News

Maryland Tax Court Sides with Foreclosure Sale Purchasers on Payment of IDOT Taxes
Jon Laria, Timothy McCormack and Michelle McGeogh
This article discusses a recent Maryland Tax Court decision addressing whether a foreclosure sale purchaser must pay recordation taxes on a defaulted Indemnity Deed of Trust as well as those due on a substitute trustees’ deed.

Case Law Summary - Default Interest and Late Charges
John C. Murray
This article provides a survey of recent cases addressing the enforceability of default interest and late charges in the commercial mortgage loan arena.

Drafting and Negotiating a Landlord's Right to Relocate a Retail Tenant
Daniel J. Villalpando
This article summarizes issues that arise in connection with a landlord's right to relocate a retail tenant and provides tips on negotiating and drafting lease provisions to address those issues.

Upcoming CLE

Live In-Person CLE:
Philadelphia Community Outreach Program: Commercial Real Estate/Trusts and Estates 101 CLE Program
Programs are held the third Tuesday of every month,
October 2012-April 2013
Philadelphia, PA

New Orleans Community Outreach Program: Getting on Solid Ground with the Basics- The How To's of Real Estate Law
November 14, 2012
New Orleans, LA

eCLE Programs:
Strategies for Dealing with the IRS and when you and the IRS Agree to Disagree
October 30, 2012

FATCA 6038D - Year End Planning & Tax Compliance Issues IRS Form 8938, FBAR & Voluntary Disclosure (Program sponsored with the ABA Section of International Law)
October 30, 2012

Commercial Title Insurance Endorsements: What You Need to Know and What You Need to Ask
November 12, 2012

To view a complete list of upcoming eCLE programs, visit the eCLE webpage here.

All RPTE eCLEs are teleconferences, with the option to listen via live audio webcast. All eCLEs occur 12 p.m.-1:30 p.m. Central time unless noted otherwise.


Have you heard? We joined Twitter! We have occasional contests on our social networking sites where you can win free RPTE eCLEs or even a RPTE book!

Join Us

Facebook
LinkedIn
Twitter @rptelaw

Join a Group or Committee Today!

Group and Committee membership is free to all RPTE members! Learn more about our nine Real Property Groups and seven Trust and Estate Groups. For questions regarding membership, contact Bunny Lee at (312) 988-5651 or email bunny.lee@americanbar.org.

Group and Committee News

Real Property
Hospitality, Timesharing & Common Interest Developments Group
With roughly 300 members, the Hospitality Group focuses on the varied and numerous issues involving the development, structuring, management and operation of certain real property developments. Learn more here.

Trust & Estate
Non-Tax Estate Planning Considerations Group
This Group and its six Committees focus on estate planning and estate and trust administration issues other than taxation. Read about this busy Group in their report.

Volunteer Opportunities

volunteer opportunities

Help Promote @rptelaw on Twitter!
Are you on Twitter and interested in helping the Section grow it's following? We are looking for RPTE members to both follow and retweet us. Do you have suggestions on people or firms to follow? Email Hillary Clark with your ideas. We appreciate your help on this venture!

Young Lawyers Network

Spotlight on the 2011-2013 Class of Fellows
Associate Professor of Law and current Fellow Troy Rule highlights his positive experiences with the Fellows program thus far. Read more here.

Law Students

2012 Writing Contest Winners Announced!
RPTE is excited to announce the top three winners of this year's contest and the title of their papers in this link.

Contribute to the eReport

Interested in Contributing to the eReport?
Did you write an article that would be of interest to eReport readers? Do you have suggestions/comments on the content of the eReport? Simply email the Editor, Rob Steele, at steele@whafh.com for further details.




Featured RPTE Book of the Month

The Insurance CounselorFederal Gift, Estate, and Generation-Skipping Transfer Taxation of Life Insurance, Third Edition
Lawrence Brody, Norman Lane, and Mary Ann Mancini

Now updated and completely revised, this volume in the popular Insurance Counselor series will help you take full advantage of minimizing the transfer taxation of the estate plan as well as avoid the many pitfalls that can arise. The first chapter deals with life insurance as a gift, informing you about the valuation of policies and their qualification for the gift tax annual exclusion. Among the areas discussed are: outright transfers, transfers in trust, indirect gifts; the uses and issues relating to Crummey powers; and the gift tax marital deduction.

Further issues discussed in the second chapter are the gift tax, including consideration of cases when a gift occurs with respect to a life insurance policy, the valuation of the gift, and the availability of the gift tax annual exclusion and the gift tax charitable or marital deduction. The third chapter deals with the estate taxation of life insurance, with emphasis on the two IRC sections that have particular application to life insurance: sections 2035 and 2042. The fourth chapter discusses the generation-skipping transfer tax and its application to life insurance and irrevocable life insurance trusts, while the final chapter specifically addresses important community property considerations.

Click here to purchase this book today
!
Regular price: $129.99, RPTE member price: $99.95.



FOR OFFLINE READING:
- PDF of the entire October issue
- PDF of Trust and Estate articles only
- PDF of Real Property articles only

About the 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. The RPTE eReport also provides resources for seasoned and young lawyers and law students to succeed in the practice of law. For further information on the RPTE eReport or to submit an article for publication, please contact Robert Steele (Editor) at steele@whafh.com; Cheryl Kelly (Real Property Editor) at CKELLY@thompsoncoburn.com; or Anta Cisse-Green (Trust and Estate Editor) at acissegreen@akingump.com. We welcome your suggestions and submissions.

A special thank you to our Editors Emeritus, Susan Talley (stalley@stonepigman.com) and Michael Goler (Goler@MillerGolerFaeges.com), for their hard work throughout the initial development of the RPTE eReport. Susan and Michael are happy to receive readers' suggestions for future articles.

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 ABA 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 the RPTE eReport are solely responsible for the content of their submissions, including the accuracy of citations to legal resource materials.

American Bar Association