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Franchising Update - December 2010
International Franchise Association Items of Interest Some quick takeaways from the 43rd Annual International Franchise Association Legal Symposium in Washington, D. C. , a meeting of over 500 franchise lawyers: Tight financing continues to inhibit sales of franchises. Financing for franchisees
By Stephen E. Story, Nicole J. Harrell and Intellectual Property & Franchising

Mortgage Officers Exemption
Earlier this year, the U.S. Department of Labor recently ruled that mortgage loan officers are entitled to overtime pay in the Administrator’s Interpretation No. 2010-1. CUES Credit Union Management spoke with attorney Scott W. Kezman, partner in Kaufman & Canoles Labor & Employment Practice Group, Norfolk, VA, about the new rules.
By Scott W. Kezman

Real Estate Strategies Update - Divine Mitigation and the Statute of Frauds
A recent opinion issued by the Virginia Supreme Court is certain to impact principal-agent relationships and the payment of real estate commissions in commercial and residential transactions. In C. Porter Vaughan, Inc. Realtors v. Most Rev. Francis X. DiLorenzo, Bishop of the Catholic Diocese of Richmond, 279 Va. 449, 689 S.E.2d 656 (2010), the Supreme Court concluded that the statute of frauds was not a bar to an oral agreement to pay a real estate broker’s commission in a commercial real estate transaction.
By E. Duffy Myrtetus and Real Estate Strategies Group

Private Client Services Update - Succession Planning for Family Vacation Properties
Whether it’s a beach cottage, a ski cabin in the mountains, a lake house, or a family farm, for many of us, family vacation properties have been the source of treasured memories for many years. Surprisingly though, when it comes to estate planning, thoughtful arrangements for the succession of family vacation properties is not always a priority.
By William L. Holt and Private Client Services

"Legal Eagle" Addendum
Andy Keeney was recently featured for his letter to the editor in the November 2010 issue of Credit Union Management magazine.
By E. Andrew Keeney

Government Contracts & Construction Update - Small Business Administration Releases Final Rule for Women-Owned Small Business Set Aside Program
On October 6, 2010, the U. S. Small Business Administration ("SBA") issued a final rule providing for a new set-aside program for federal contracts for women-owned small businesses.
By Government Contracts & Construction

Private Client Services Update - Practical Considerations When Navigating the New Modified Carryover Basis Rules
While most of the focus on estate related tax law this year has centered on the repeal of the federal estate tax, the accompanying change in the stepped up basis rules affect a substantially larger number of estates. Under the new law, property acquired from a decedent dying in 2010 receives a modified carryover basis rather than a full step up in basis equal to the fair market value at the decedent’s date of death.
By Alexander W. Powell Jr. and Private Client Services