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Pennsylvania Superior Court Affirms Striking of 24-Year-Old Default Judgment, and Holds That Leasing Is Not Enough to Claim...

The development of the Marcellus Shale in Pennsylvania has led to a number of disputes about historical judgments that purportedly divested reserved oil and gas rights from their owners. During the 20th century, surface...more

How to Avoid Needlessly Exposing a Client's Assets to Creditors in an Estate Plan or Trust

Estate planners often recommend that their clients hold title in community property or in a trust in which the real property interests are held as community property. They do this primarily to give the client the benefit of...more

Polsinelli Podcast - Selling Your Business [Video]

When planning for the sale of a business, business owners may not recognize the value of a business’ intangible assets. Or, they may not be familiar with the process of transferring or selling those assets. For certain types...more

The Case of the Vanishing Guaranty—Issues Facing Commercial Real Property Lenders Regarding Revocable Trust Borrowers

I have recently received numerous questions from commercial lender clients regarding structuring and enforcing commercial real property loans involving revocable trusts. Their concerns have largely centered on how to...more

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...more

IRS Extends Due Date for New Basis Reporting Rules

On July 31, 2015, the laws addressing the basis of property acquired from a decedent were revised. Among other things, the new laws require an executor to provide to the IRS and to each estate beneficiary a statement...more

New Law Steps Up Reporting Requirements for Executors

The laws addressing the basis of property acquired from a decedent were revised on July 31, 2015. Generally, property acquired from a decedent receives a basis equal to its fair market value at the decedent’s date of death,...more

Whether the trust relationship should be fundamentally transmogrified into a juristic entity/person

In re Estate of Fournier, 902 A.2d 852 (Me. 2006) illustrates how a fundamental conversion of the trust relationship by legislation or otherwise into a juristic entity/person might well limit the trust’s practical...more

Wimpy’s Investment Strategy for Foreign Real Estate Investors - Real Estate Deferral Options for Foreign Investors beyond the 1031...

Overview - I did not grow up watching much TV, or at least TV programming in English, growing up in the Panama Canal Zone. The Military’s AFRTS did not come on the air each day until around 4;30 in the afternoon. In the...more

New York State Department of Taxation and Finance To Disregard Single-Member LLC Interests for New York Estate Tax

In a recent New York State Advisory Opinion, the New York State Department of Taxation and Finance advised that a federal income tax entity classification election could impact whether property held by a nonresident through a...more

Trust Law’s Material Purpose Doctrine, the Traditional Protector of Settlor-Intent is Under Attack: The TEDRA Factor

In recent years, reformers of trust law have been hard at work defanging the plain meaning rule, primarily by liberalizing the doctrines of reformation and deviation. The rule is discussed generally in §8.15.6 of Loring and...more

Neither the non-charitable corporation, itself, nor its directors hold the corporate assets in trust, absent special facts.

A charitable corporation is more a trust than a corporation, a topic that is taken up in an earlier posting on this site. See http://www.jdsupra.com/legalnews/the-charitable-corporation-a-trust-in-d-90654/. In the case of a...more

Appellate Court Notes

?AC35507 - State v. Wright - ?AC35289, AC36395 - Southport Congregational Church-United Church of Christ v. Hadley - The doctrine of equitable conversion did not apply when the decedent contracted to sell real...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...more

This is Why You Need a Will

Let’s talk title disputes, especially ones between those with record title and those claiming title by possession: - They are complicated (There were 229 defendants in today’s case) - They happen when there is a lot...more

CERCLA Contribution and Trust Funds: A Matter for State Law

The Second Circuit Court of Appeals in New York recently held that the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, does not require contribution from...more

In Frank Aragona Trust, Tax Court Holds that Trustees’ Activities as Employees Count for Purposes of Material Participation Under...

The issue of whether a trust has passive or non-passive income from its investment in a pass-through entity has taken on increased importance in light of the tax imposed on net investment income under Code Section 1411 of the...more

What’s The Best Way To Pass On A Restaurant At Death?

Most restaurant owners want to provide for their families when they die and protect their assets from liability. However, there are issues if the owner just conveys the real estate in a Will. ...more

Some Practical Risk Management Steps for Any Land Trust

I. Perpetual Calendar—Make Sure You Have Time for Reasoned Decisions—Stop trying to remember so much, reduce your stress, and avoid the risk of missing an important date. Every item that you can record onto a perpetual...more

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence? by James F. McDonough, Jr. on October 1, 2013 Will contests alleging undue influence are not uncommon. A will was, for many years,...more

Treasury Releases Additional Guidance on Employer Mandate

Treasury Releases Additional Guidance on Employer Mandate by Gary S. Young on September 18, 2013 The deadline for Employers to comply with the “Employer Mandate” provisions of the Patient Protection and Affordable Care...more

New York Appellate Division Summaries; Real Estate.

Deed/Acknowledgment Trumps Parties Clause/Intent of Grantor: Owner, an individual, transferred property..... POA/Conveyance by Agent to Self/Will/Executor vs. Agent/Bank of America/Encumbrancer for Value/Deed Set Aside:...more

Key Questions to Ask During Business Succession Planning

Key Questions to Ask During Business Succession Planning by Frank L. Brunetti on August 30, 2013 Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax...more

Bezos May Have Trouble Securing Tax Benefits With WaPo

Bezos May Have Trouble Securing Tax Benefits With WaPo by Frank L. Brunetti on August 21, 2013 Amazon.com founder and chief executive Jeff Bezos turned some heads when the billionaire decided to purchase the Washington...more

American Airlines Nears Bankruptcy Exit, Merger

American Airlines Nears Bankruptcy Exit, Merger by Joel R. Glucksman on August 15, 2013 American Airlines parent AMR Corporation is gearing up to make its formal exit from bankruptcy proceedings, and to enter into a...more

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