Kaufman and Canoles



Tight on Cash, One State Taps 529 Plan Reserves
James W.C. Canup was featured in the August 25, 2011 digital issue of The Wall Street Journal in the following article, "Tight on Cash, One State Taps 529 Plan Reserves."

Private Client Services Update - Careful Planning by Corporate Fiduciary Avoids Liability for Breach of Fiduciary Duty
Corporate fiduciaries are always conscious of the potential for lawsuits from unsatisfied beneficiaries. The case of Karo v. Wachovia Bank, N.A., decided in Virginia’s Eastern District last year, is a helpful illustration of the Court finding in favor of a bank trustee challenged with a claim for breach of fiduciary duty.
By Philip L. Hatchett and Private Client Services

New FTC Debt Collection Rules Kick in Aug. 29
Rarely does a week go by when we do not receive a call from a credit union regarding potential elder abuse. Recently, the number of calls regarding the legal, moral and ethical means to collect a credit union debt from a deceased member's estate has been increasing. With those credit unions that have an "aging" membership, these issues become more and more paramount.
By E. Andrew Keeney

Eminent Domain: A Handbook of Condemnation Law
Terry C. Frank was recently a contributor to Eminent Domain: A Handbook of Condemnation Law, published by the State and Local Government Section of the American Bar Association.
By Terry C. Frank

Private Client Services Update - A Case Study for Use of §1031 Exchange in an Estate Planning Context
The following case illustrates why an estate planner should also have a good working knowledge of income tax transactions and partnership/LLC mechanics.
By R. Braxton Hill III and Private Client Services

Private Client Services Update - The FBAR and OVDI are not health foods . . . but you should know what they are and why the August 31, 2011 expiration date matters
An FBAR is a Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1). Any United States person who has signature authority over, or a financial interest in, a financial account located in foreign country is required to file an FBAR if the balance in the account was more than $10,000 at any time during the calendar year.
By Alison V. Lennarz and Private Client Services

Credit Union Legal Update - Summer 2011
To build or not to build, that is often the question. Many chapters have been written about the real estate strategies of credit unions and site selection. A real estate project is typically the most expensive endeavor of a credit union. Often a credit union executive does not know what questions to ask of an architect, engineer, contractor or design build firm. The following questionnaire should greatly assist a credit union's due diligence when selecting a builder for the credit union's future.
By E. Andrew Keeney