Section News
The Section would like to thank all of its meeting attendees and sponsors for a successful Spring Meeting. We had a tremendous turnout in Washington D.C., including first time attendees and repeat attendees; and we introduced our 1st Annual Young Lawyers Institute. Click here for on-line program materials
The Membership Committee announces the launch of its Membership recruitment contest! Recruit new RPPT lawyer and associate members and win prizes! Click here for details
Qualitech and Proposed Bankruptcy Code Amendments
The decision of the Seventh Circuit Court of Appeals in Precision Industries, Inc. v. Qualitech SBQ, LLC, 327 F.3d 537 (7th Cir. 2003), has been widely criticized for failing to protect the rights of a tenant in the bankruptcy of a lessor. The Section appointed a task force to address the issues raised by Qualitech and to look at proposed technical amendments to the Bankruptcy Code to address those issues. Pat Mears reports on the progress of the task force and a Report and Recommendations being presented to the ABA House of Delegates at the Annual Meeting. Click Here to Learn More.
Articles
Probate and Trust News
FRACTIONAL INTEREST DISCOUNT IN ARTWORK
INHERITED IRA NOT PROTECTED FROM CREDITORS
By Jim Roberts
Jim Roberts reports on two recent cases. In Stone v. Commissioner, the Tax the Court allowed no discounts for lack of control, marketability, or liquidity, or for the time value of money or other common discounts in valuing a fractional interest in artwork. Next, Jim reports on a recent Texas case which held that under Texas law, which is similar to the law in many other states, an IRA inherited from someone other than a spouse is not protected from creditors; regular IRAs, spousal rollover IRAs, and other forms of inherited property such as trusts are protected.
ERICKSON EXTENDS §2036
TO USING PARTNERSHIP FUNDS TO PAY DECEDENT'S ESTATE TAXES
By Steve Akers
Steve Akers also reports on two recent developments. First, he explores the new Proposed Regulations under IRC §2053 which address the issue of the deductibility of contingent or uncertain claims against an estate. Presently, some circuits allow the deduction based on facts known at death while others look at post-death payments. Next, Steve analyzes Erickson v. Commissioner, another §2036 case in which the IRS prevailed in a situation with facts unfavorable to the taxpayer – it was apparent that the only purpose of the partnership was to try to secure an estate tax discount, and partnership assets were used to pay the decedent’s estate tax.
Real Property News
CHANGES IN THE ACORD 28 INSURANCE FORM AND LENDER REACTION
By Rod Clement
ACORD
certificates have long been a common way for parties to verify the existence of required insurance coverage, whether for a loan or otherwise. These certificates have always been tricky to understand, however; and ACORD has recently thrown a new monkey wrench into the system by watering down the ACORD 28 certificate. Rod Clement has provided a good précis on the current status and problems with using these documents.
AFFINITY RELATIONSHIPS UNDER RESPA: MAKING MONEY THE "OLD FASHIONED WAY"
By Howard A. Lax
"Affiliated businesses" are all the rage today, but consumers also rage if they feel taken advantage of or steered to mortgage lending providers without appropriate disclosures. Howard Lax will take you through many of the current RESPA rules so you can avoid having "mortgage rage" become a claim against your business.
OPTIONS: FIRST REFUSAL RIGHTS COULD BE THORNY
By Harris Ominsky
As illustrated by Bramble v. Thomas, 2007 WL 49255 (Md., Jan. 8, 2007), the granting of a right of first refusal can lead to some sticky situations. Harris Ominsky chronicles this recent decision, and offers some suggestions on how to avoid getting stuck unexpectedly in drafting, enforcing and exercising rights of first refusal.
CLE Spotlight
Estate Planning for the Family Business Owner
The course covers the life cycle of the closely held business, from choice of entity to estate administration, including the dynamics of dealing with the family, valuations and getting the business ready to sell. The course concentrates on tax and estate planning issues, but also addresses significant non-tax questions that require attention. The latest developments out of Congress and the courts are discussed. New topics included in this year’s program address charitable contributions, life insurance and retirement benefits.
- July 11 - 13
Live/In-Person or webcast
Real Property CLE
Title Transfer & Title InsuranceThe Section announces the release of the complete Title and Conveyancing Online CLE Program, which can be purchased through the ABA Web Store. This three-part series of one-hour, interactive online courses will introduce you to the basics of how real property is conveyed and explain the function of title insurance policies, including a detailed analysis of the new ALTA forms. Perfect for attorneys new to the area, these courses cover everything an attorney needs to know to guide clients through the title transfer and title insurance process. The program is also highly recommended for training paralegals involved in real estate practices.
- On Going Interactive Online Course.
June 2007
Technology
TAMING THE E-MAIL MONSTER
By Nancy Grekin
Is your email inbox making you crazy? Have you ever been the victim, or perpetrator, of an email faux pas? Nancy Grekin has advice on Taming the Email Monster.
For Young Lawyers
The inaugural Young Lawyers Institute (YLI) was a huge success at the 2007 Spring Symposium in Washington, DC. Both the Real Property and Probate & Trust Divisions presented a day-long program, focusing on the CLE needs of young lawyers. Click here to learn more.
For Law Students
Law school debt is something that affects almost every law student today. Many law schools have Loan Repayment Assistance Programs (LRAP); but there are still some law schools and states that have not adopted this program. The ABA Law Student Division is committed to advocating this loan assistance program for law students. Please click here to read its Educational Toolkit.
New RPPT Book
Current Condemnation Law,
Second Edition
By Alan T. Ackerman
& Darius Dynkowski
Condemnation of property is a very topical subject after the U.S. Supreme Court's controversial decision in Kelo v. City of New London. This completely revised edition of Current Condemnation Law examines the many complexities of eminent domain law to assist lawyers in best protecting their clients' interests in these cases. The book brings together leading experts to analyze both major and specialty areas of condemnation law, providing "how to" tips along with current discussions of case law and theory.
Group and Committee News
Join an RPPT Section Committee
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.
