Kaufman and Canoles



Information for Kaufman & Canoles Clients in Light of Estate Tax Repeal
Effective January 1, 2010, the federal estate tax has been eliminated. Confusingly, next year on January 1, 2011 the estate tax returns, with an exemption only for estates under $1 million. When Congress enacted these changes back in 2001, estate and tax planners widely predicted that Congress would never allow the estate tax to end, but in fact Americans now find themselves facing an estate tax law which is changing, frustratingly complex and extremely difficult to plan for. In these unprecedented times, the lawyers of the Kaufman & Canoles Private Client Services Group want to provide you with this update and some concrete suggestions for reacting to the current law.
By Gregory R. Davis and Private Client Services

Private Client Services Update - Asset Protection
In these litigious and debt-stressed times, more and more high net worth clients are asking their financial and estate planners to address protection of assets from creditors. Lawyers have responded by creating asset ownership structures which are designed to thwart creditors’ liens and claims. Legislators have also reacted, creating innovative laws in a number of states aimed at allowing individuals to avoid attachment of assets. It is important to have a basic understanding of the techniques available to clients in protecting assets, and it is equally valuable to understand that not every person needs extensive asset protection planning.
By Gregory R. Davis and Private Client Services

Employment Law Update - Winter 2010
In This Issue:
- COBRA Subsidy Extended
- 26th Annual Employment Law Update - Your Employment Law Survival Kit
- Employers Should Check FMLA Policies in Light of Recent Changes in Law
- GINA Creates New Protected Class
- Using Severance Agreements: Special Considerations for Older Workers
- Casual Email Usage Leads to Costly Claim
By Labor & Employment

Ethics for Virginia Lawyers - 2010
Ann K. Crenshaw & The Honorable Edward Hanson, Jr. presented, "Ethics for Virginia Lawyers" to the Virginia Beach Bar Association in February 2010. 
By Ann K. Crenshaw

Private Client Services Update - No Federal Estate or GST Tax! Are These the Best of Tax Times or the Worst of Tax Times?
At best, these are complicated times for estate planning. What Congress will do with estate, gift and generation skipping transfer ("GST") taxes is anyone’s guess. For now, (a) no federal estate tax is imposed on any transfers at death, (b) the gift tax rate is reduced to 35%, (c) no GST tax is imposed on any transfers to "skip" generations, and (d) only a limited amount of assets are entitled to a "step-up" in tax basis.
By Alison V. Lennarz and Private Client Services

Glossary of Real Estate Terms
Black's Guide's Glossary of Real Estate Terms has been developed to provide a complete reference dictionary of terms and phrases currently used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
By E. Andrew Keeney

Private Client Services Update - Uncertainty Surrounds Imminent Estate Tax Repeal
While it may be true that in this world nothing is certain, except death and taxes, uncertainty dominates the future of federal estate taxes after Congress’s apparent failure to enact legislation before year end. The failure to enact legislation means that the federal estate tax, which yields approximately $25 billion annually in taxes, will be repealed at midnight, December 31, 2009.
By Alexander W. Powell Jr. and Private Client Services