Kaufman and Canoles

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Aircraft Registration Requirements Revamped
Once upon a time, you bought and registered an aircraft and it was registered for good as long as you continued to operate it. However, the days of a permanent registration for all aircraft are gone, causing a new headache for corporate flight departments everywhere. Under new FAA rules that took effect last fall, for all aircraft (including helicopters) that were registered before October 1, 2010, the registration expires according a table of rolling dates based on the month the current registration was issued.
By W. Hunter Old

Private Client Services Update - Keeping Them Honest - Curbing Abuse by Agents Appointed in Powers of Attorney
No one recites their wedding vows to his or her new spouse anticipating a breach of the trust represented by them. It is much the same with a principal who executes a power of attorney in favor of his or her designated agent. Be it a spouse, child, grandchild or trusted friend, a principal has formed an expectation that his or her agent will act in his or her best interest within the confines of the executed document. The sad truth of the matter is that the same breach of trust experienced by many married couples also plagues those in a principal – attorney in fact (or agent) relationship.
By Vonda W. Chappell and Private Client Services

NASDAQ Proposes Enhanced Requirements for Reverse Merger Companies
In the past two months, the securities of more than a dozen Chinese companies listed on US exchanges have been halted or delisted as a result of allegations of fraud, accounting irregularities or other regulatory concerns. Almost all of these companies became public companies in the US by completing a reverse merger, a transaction by which an existing public company (which often engages in little to no active business) acquires all of the equity of another company in return for a negotiated percentage of the public company’s stock.
By Anthony W. Basch

Private Client Services Update - Protecting Your Estate Planning Documents and Ensuring They are Accessible When Needed
Many clients assume that bank safe deposit boxes are the logical or even required repository for wills, original trust agreements and other important documentation. Our lawyers commonly advise clients to use safe deposit boxes with some specific guidance. Despite the long popularity of safe deposit boxes, alternatives are becoming increasingly prevalent.
By Gregory R. Davis, William L. Holt and Private Client Services

Private Client Services Update - Advance Medical Directives: One Caveat with the New Virginia Form
Section 54.1-2984 of the Code of Virginia sets forth a suggested form of Advanced Medical Directive, which thoughtfully provides a number of options and a great deal of flexibility. A careful review of the form, with appropriate annotations and directions where permitted, should achieve the results that the signor of the Directive desires.
By Robert C. Goodman Jr. and Private Client Services

Credit Union Legal Update - Spring 2011
In This Issue:
- Loan Modifications, Loan Workouts and Foreclosures
- Protection of "Aging" Members
- What's Up with the NCUA Merger or Purchase and Assumption Process?
- Litigation Hold
- Health Benefits (Long-Term Care) for Boards of Directors
- And more!
By E. Andrew Keeney

Private Client Services Update - General Assembly Makes Changes to the Conservation Tax Credit Application Process
Included in the 2011 legislation approved by the General Assembly of the Commonwealth of Virginia are amendments that modify the conservation easement tax credit application process.
By Private Client Services