Kaufman and Canoles



Credit Union Legal Update - Fall 2013
A priority in 2014 is for federal credit unions to prepare for a NCUA Fair Lending Examination. Fair lending laws have existed for a number of years. They now have the focus and attention of: the NCUA Board; the NCUA Office of Consumer Protection, and the Consumer Financial Protection Bureau.
By E. Andrew Keeney

Advance Premium Tax Credit Table
Advance Premium Tax Credit Table based on 2013 FPL.
By ESOPs & Employee Benefits

Private Client Services Update - Minimizing the Impact of the New 3.8% Medicare Surtax on Trust Income
Effective January 1, 2013, the Internal Revenue Code imposes a tax of 3.8% on estates and trusts on the lesser of (A) their undistributed “net investment income” or (B) the excess of (i) their adjusted gross income over (II) the dollar amount at which the highest bracket begins for such taxable year. For 2013 the highest tax bracket for trust income begins above $11,950. In plain English, this means that a trust or estate may pay the Medicare surtax on even modest amounts of investment income, if that income is retained in the trust or estate.
By Alison V. Lennarz, Robert C. Goodman Jr. and Private Client Services

Title Insurance Client Alert - Virginia Federal District Court Rejects Equitable Subrogation Claim
On July 31, 2013, the United States District Court for the Eastern District of Virginia issued a Memorandum Opinion denying Deutsche Bank National Trust Company's equitable subrogation claim.
By James L. Windsor, Christopher R. Papile and Title Insurance & Title Resolution

Fair Lending Examination Documents
A priority in 2014 is for federal credit unions to prepare for a NCUA Fair Lending Examination.
By E. Andrew Keeney

Fraudulent Conveyance Risk a Recession Reality
It is unfortunate that credit unions often must deal with insolvent debtors and guarantors. Insolvency of a credit party can leave a creditor in an unanticipated position; namely, with no lien or with an unenforceable guaranty.
By Alfred M. Randolph Jr.

Private Client Services Update - 2013 Virginia Legislative Update - Trusts & Estates Law
The 2013 session of the Virginia General Assembly resulted in several important changes to trusts and estates law, most of which became effective July 1, 2013.
By Sarah E. Messersmith, William L. Holt and Private Client Services