Kaufman and Canoles

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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

Real Estate Strategies Update - The Importance of Creditors to Officers and Directors of Restructuring Companies
As many companies shift and restructure to adjust to changing market conditions, it is important for officers and directors of such companies to consider to what extent they may owe a fiduciary duty to creditors of the company.
By Hazel C. Wong and Real Estate Strategies Group

HR Answers: Facebook Firing
Scott Kezman was featured in the March 2011 issue of Credit Union Management Magazine article, "HR Answers: Facebook Firing."
By Scott W. Kezman

JFCOM Contractors Await Closure Details
Terence Murphy was recently featured in a Federal News Radio interview regarding the Joint Forces Command (JFCOM) closure in March 2012.
By Terence Murphy

FAA Broadens the Requirement for Crew Resource Management
After analyzing data on acci­dents within commercial avia­tion over a 10-year period, the Federal Aviation Administration published a new rule in January of this year that requires all Part 135 operators employing more than one pilot to install Crew Resource Management training.
By W. Hunter Old

Private Client Services Update - Lifetime Funding of Revocable Trusts for Couples: Avoiding Probate While Maintaining Creditor Protection
There are many reasons why clients create trusts. Of course, for decedents with significant assets, trusts can be an extremely important estate tax planning tool. Additionally, trusts can be a way to safeguard and administer assets which are inherited by a young child, an incapacitated adult or anyone who is unable to handle the financial responsibility associated with managing the assets or needs protection from losing assets in divorce. If a trust is funded during life, the assets placed in trust are removed from the decedent’s probate estate at death.
By Sarah E. Messersmith and Private Client Services