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Section News

Section Requests Name Change

At the ABA Annual Meeting this August, the Section will request approval to change its name to Section of Real Property, Trust and Estate Law. The change of name is an outcome of a communications and branding plan the Section is developing. It became apparent that the current Section name no longer represents of the work of the Section or the practices of its members, particularly on the “probate and trust” side. The Section received its current name in 1936, when the practice of many lawyers included probate matters. Since this time, practices have changed dramatically and the name no longer accurately reflects the services that Section members provide to their clients. Most law firm and law school departments dealing with these matters have changed their group or department names to “estate planning,” “wealth planning,” “estate and trust” or some variation. Rarely is the word “probate” included. The other leading organization representing lawyers in this field is the American College of Trust and Estate Counsel, which dropped “probate” from its name some time ago.

The motion to change the Section name was approved by the Section council on March 5, 2007. The motion to approve the new name will be put before the Section membership at the Annual Business Meeting of the Section on Saturday, August 11, and before the ABA House of Delegates later that week.

In Memorian - Ed Winn

Edward Burton Winn passed away at age 86 on March 11, 2007, in Dallas, Texas. Winn was Chair of the Section of Real Property, Probate and Trust Law from 1963-1964 and also served on the American Bar Association Board of Governors. He was a leader in the legal profession. At one point, he was recognized as one of the top 100 lawyers in America and one of the top 12 lawyers in Texas. In 1985 Winn received the William W. Treat Award from the National College of Probate Judges. He was partner in the law firm of Winn, Beaudry, & Winn LLP until his retirement a few years ago.

Memorial donations may be made to Southern Methodist University in Dallas, Yale Law School in New Haven, and the Center for American and International Law in Dallas.

Join RPPT in Washington D.C.

Join the ABA Section of RPPT as we hold our 18th Annual Spring Symposia. The 2007 symposia will be held April 26-27th, in Washington D.C. Noted speakers and experts in the fields of real estate and estate planning will be leading courses on some of the current issues and hot topics in these areas of law. All sessions will be held at the Park Hyatt and Fairmont Hotels in the heart of our nation's capitol.

Take this opportunity to earn CLE credit while networking with colleagues and learn about the Section’s activities and news. Come explore the great city of Washington D.C.!

For more information visit: www.abanet.org/rppt/2007

Meeting Highlights:

  • The Section of Real Property, Probate and Trust Law introduces its inaugural Young Lawyers Institute, to be held on Friday, April 27, 2006, at the Park Hyatt. The Young Lawyers Institute will feature a full day of continuing legal education programming expressly designed for attorneys who are new to the fields of real estate or trusts and estates law.

    The real estate program, entitled “Essential Legal Issues in Commercial Real Estate,” will feature prominent real estate practitioners discussing purchase agreements, due diligence, choice of entity for purchaser, finance, leasing and insurance, including title insurance.

    The estate planning program will focus on planning considerations prior to a client’s death. The program will consider both tax and non-tax issues and will include an overview of the estate and gift tax, a discussion of some of the most popular planning techniques, and a review of planning for specialized assets. In addition, there will be an ethical component that will qualify for ethics credit for CLE purposes.

    Each program will conclude with a joint cocktail reception for attendees, panelists and leadership from the Section. The registration fee for this one day event, including lunch and reception, is $150 for practicing young lawyers, and complimentary for law students.

  • Thursday, Real Property Division Luncheon featuring well-known national real estate developer, Victor MacFarlane, speaking on D.C. opportunities.

  • Friday, Section luncheon speaker, novelist James B. Stewart, will examine the major events in business, law and politics that shape American society. The San Francisco Examiner called him “the journalist every journalist would like to be.”

  • The Community Outreach Program is designed to teach young lawyers and minority lawyers what they may have never learned in law school or need to brush up on now in order to get started in these specialized fields. The program consists of six continuing legal education courses presented by ABA’s Real Property and Probate Law Section and ABA’s Tax Section. In all, twelve hours of continuing legal education courses will be presented. The classes will be held on Thursday, April 26, 2007 for eight hours of courses and a networking cocktail party afterward. On May 10th, another four hours will be held in conjunction with the Spring meeting of the Tax Section. The entire program is free to Minority Bar members.

Articles

Real Property News

THE USE OF LAND TRUSTS AND BUSINESS TRUSTS IN REAL ESTATE TRANSACTIONS
Land trusts are becoming a commonly used vehicle for developing and managing real estate projects, but they are also unique and complicated structures.  Jack Murray's recently penned article is a must read for anyone dealing with land trusts.
- by John C. Murray

DEED IN LIEU OF FORECLOSURE AND SUBSEQUENT FORECLOSURE A CASE STUDY IN OHIO
If a lender or its nominee takes a deed in lieu of foreclosure, will that extinguish the mortgage by merger and give greater rights to junior lien holders?  Nancy Young examines the issue, using an illustrative case from Ohio.
- by Nancy B. Young

Probate and Trust News

TRANSFER FOR VALUE – SAFE HARBOR

UPDATE ON PATENTING TAX ADVICE

- by Jim Roberts

Jim Roberts covers two recent developments. First he summarizes the key points on issuing patents for tax advice and reports on a State Bar of Texas response to an IRS request for comment. Next Jim reports on Rev. Rul. 2007-13, which concerns a safe harbor for transfers for value in the context of life insurance policies in grantor trusts

ATTORNEY-CLIENT PRIVILEGE ISSUES FOR ESTATE PLANNING ATTORNEYS IN TAX LITIGATION

EFFECT OF RULE 144 RESTRICTIONS AND REDEMPTION AGREEMENT; ACTUAL PURCHASES FOUR MONTHS AFTER VALUATION DATE IGNORED TO A GREAT EXTENT, ESTATE OF GIMBEL

- by Steve Akers

Steve Akers also covers two recent developments. First he discusses US v. Landon, in which the court ruled on the parameters of attorney-client privilege in an estate and gift tax audit. Next Steve reports on Estate of Gimbel v. Commissioner, concerning the valuation of a large block of stock subject to the Rule 144 “dribble-out” restrictions.

 

CLE Spotlight

 

Real Property CLE

GLOBAL WARMING: HOW THE LAW CAN BEST ADDRESS CLIMATE CHANGE
The program will consider how lawyers may help to harmonize the emerging regional, state and local climate change regulatory systems in the United States; assist clients in preparing for future carbon regulation; and develop best practices for law offices seeking to reduce their own carbon footprint.

University of Maryland School of Law, Baltimore, MD
- June 8th - Live/In-Person

Probate and Trust CLE

HOT TOPICS IN ESTATE PLANNING
The program will discuss recent wealth transfer tax developments including legislation, regulations, cases and rulings, all with a focus on their
practical planning significance.
- April 26
th – Teleconference

                            

April 2007

RPPT Section Logo

Technology

Staying on Track with Track Changes
For anyone drafting documents today, the proverbial "red pen" has become "track changes".  A tricky little devil to use, track changes is fraught with challenges and dangers undreamed of before computers. Discover nifty tools and tricks to clearly mark your revisions and lower your risk of malpractice or an embarrassing disclosure.
- by Tom Mighell and Dennis Kennedy

For Young Lawyers

The RPPT Fellows program represents a commitment by the RPPT Section to increase the participation of young lawyers in Section activities.
- Learn More About the RPPT
Fellows Program Here

For Law Students

2007 RPPT Student Writing Contest.
The essay contest is designed to attract students to the real property, probate and trust law fields, and to encourage scholarship in these areas with a grand prize of $2000.00.

New RPPT Book

The Family Limited Partnership Deskbook: Forming and Funding FLPs and Other Closely Held Business Entities, Second Edition
-by David Lewis & Andrea Chomakos
This newly revised and updated edition identifies the most pertinent issues for using a Family Limited Partnership (FLP) to transfer wealth to be exempt from gift tax. The authors explain how to avoid the common pitfalls of poor planning and provide guidance in the selection, formation, management and use of the business entity. In addition, they explain how to counsel your clients and maximize the uses of FLPs. This book is supplemented by over 100 pages of forms, which are also included on an accompanying CD-ROM.

Group and Committee News

RPPT Committees are now more vital than ever and Committee Chairs hold regular committtee confrence calls to dicuss new topics in their fields. Here are a few of the most recent topics up for discussion:

Real Property

Calling all real estate foreclosure experts!  The Workout, Foreclosure and Bankruptcy Committee is updating the ABA’s 1995 publication Foreclosure and Related Remedies in the 50 States.  If you are willing to help on this worthwhile project, click here for details.

Probate and Trust

The Charitable Planning and Organizations Group has had a busy spring. The Group held a conference call on March 20. The purpose of the call was to solicit comments on IRS Notice 2007-21 regarding donor advised funds and supporting organizations, to solicit comments on gifts of fractional interests, and to plan for the upcoming spring and fall meetings. Click here for more details.

Printable Versions

Now you can print out the RPPT eReport to read offline. Available in three versions:
- All articles and columns
- Real Property Articles only
- Probate and Trust articles only

About RPPT eReport

RPPT eREPORT is the bi-monthly electronic publication of the RPPT 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. RPPT eREPORT also provides resources for young lawyers and law students to succeed in the practice of law.

For further information on RPPT eREPORT or to submit an article for publication, please contact: Susan Talley (Editor) at stalley@stonepigman.com; Michael Goler (Real Property Editor) at goler@goodmanweissmiller.com; or Robert Steele (Probate and Trust Editor) at steele@whafh.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, Probate and Trust 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 RPPT eREPORT are solely responsible for the content of their submissions, including the accuracy of citations to legal resource materials.

 

 

 

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