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Posts from September 2008.

Earlier this month, both the United States House of Representatives and the United States Senate passed the Americans with Disabilities Act Amendments Act of 2008 (ADAAA) with broad bipartisan support. President George W. Bush then signed the ADAAA into law yesterday, September 25, 2008. The amendments will take effect on January 1, 2009.

 

The Americans with Disabilities Act (ADA ...

On August 14, 2008, President Bush signed into law The Consumer Product Safety Improvement Act of 2008 (the "Act"), a comprehensive overhaul of existing consumer product safety laws. In addition to expanding consumer safeguards, the Act gives whistleblower protections to employees who work for employers who are covered by the Consumer Product Safety Act.  These protections are ...

On September 19, 2008, the Kentucky Court of Appeals issued its decision in the challenge to Thoroughbred Generating Company's air permit for the construction of a coal-fired electric generating facility in Muhlenberg County.  The ruling reverses an August 2007 decision by the Franklin County Circuit Court that had the potential to significantly impact Clean Air Act Prevention of ...

Greenebaum Doll & McDonald attorneys have been using their legal, financial, accounting and business knowledge to break through the complexity of mergers, acquisitions and various other transactions for over 50 years. Greenebaum can handle significant aspects of a deal, including real estate, tax, environmental, ERISA and intellectual property issues. We have industry ...

Greenebaum Doll & McDonald attorneys have been using their legal, financial, accounting and business knowledge to break through the complexity of mergers, acquisitions and various other transactions for over 50 years. Greenebaum can handle significant aspects of a deal, including real estate, tax, environmental, ERISA and intellectual property issues. We have industry ...

Do you have Canadian clients who own assets in the United States or may be interested in issuing securities or raising capital in the U.S.? Do you have American clients who are thinking about listing on a Canadian stock exchange?

Greenebaum Doll & McDonald PLLC can assist companies in complying with intricate U.S. securities and other laws, rules and regulations. We have helped clients ...

Is your company looking for new ways to raise capital? Many companies are finding that Canada holds attractive alternatives to traditional forms of American financing.

Companies in the energy and natural resources industries may find Canada especially attractive. The country itself is rich in coal, petroleum, timber and metals, making it a natural magnet for businesses that deal in ...

Each year, the U.S. Supreme Court hears few cases concerning state taxes. It is not uncommon for the Court to decline to hear any cases at all in any given year. So, the Court's decision to hear a state tax case signals its significance.

Is your company looking for new ways to raise capital? Some privately-held companies are finding that Canada holds attractive alternatives to traditional forms of American financing.

Canadian markets are drawing investments from around the world, and it's with good reason. The country's stock exchanges boast low-cost and liquid trading, and they are backed by a strong national ...

Is increasing diversity one of your corporate goals? The Tri-State Diversity Recruiting Program, founded and administered by Greenebaum Doll & McDonald, is an effective way to reach minority law students for employment in your legal department. The annual program, which introduces companies and students, is held each year in August. The program is open to all employers in Kentucky ...

 The 32nd annual Governor's Conference on the Environment will be held Oct. 6-7, 2008, at the Lexington Convention Center. The theme of this year's event is "Go for the Green." Accordingly, the presentations and workshops will focus on ensuring a green environment, implementing green practices, and building green communities and lands.

The conference's keynote speaker will be Bob ...

A recent decision of the National Labor Relations Board (the "Board") serves as a convenient reminder that employers must exercise restraint when dealing with employees who are engaged in activity protected by the National Labor Relations Act ("NLRA"). In this case, the Board determined that an employer violated the NLRA by disciplining a union steward for using profanity toward a ...

On September 3, 2008, the Sixth Circuit Court of Appeals issued a 24-page opinion vacating and remanding EPA's approval of certain antidegradation implementation provisions contained in Kentucky's water quality standards. While holding that EPA properly approved the designation of Kentucky's impaired waterways as Tier I protected waters and the waterbody by waterbody approach ...

In Brenwick Associates, LLC et al. v. Boone County Redev. Comm’n, the Indiana Supreme Court held that the Boone County Redevelopment Commission could establish an economic development area in an area adjacent to Whitestown after Whitestown had initiated annexation proceeding, but prior to completion of the annexation.

The central issue in the case was whether the initiation of ...

Over the past twelve months, the attorneys at Bingham McHale have participated in some exciting alternative energy developments.

Randy Seger and David T. McGimpsey (co-chair of the Indiana Wind Working Group's Economic Development Committee), helped usher in a new era of energy policy by gaining State regulatory approvals necessary for the State's largest wind farm: the Fowler ...

Posted in Estate Planning

A family limited partnership (FLP) is an effective vehicle for minimizing estate and gift taxes if properly structured. In a FLP, the donating family member (e.g., a parent) commonly serves as the general partner. He or she retains control over the assets in the FLP and transfers limited partnership interests to other family members (e.g., children). Because limited partnership interests in a FLP carry little or no control over the FLP’s assets, and because the limited partners do not control when the partnership assets become fully available to them, the value of such interests to a hypothetical purchaser is significantly lower than the value of cash gifts in the same amount. Therefore, sometimes substantial discounts for lack of control and lack of marketability can be applied to such gifts of limited partnership interests. 

In the recent legislative session, the Kentucky Legislature repealed a statute that regulated compensation for trustees of trusts under Wills. This statute, KRS § 386.180, previously provided that trustees of trusts under a Will were entitled to an annual commission of up to 6% of the income from the trust, plus 0.3% of the value of the trust principal. In lieu of the annual principal fee, the fiduciary had the option of taking a commission not to exceed 6% of the fair value of the principal distribution at the time of termination of the trust. In addition, a trustee was entitled to additional compensation for the performance of unusual or extraordinary services in his or her care and management of the trust. 

Recently, there have been many questions, and some confusion has arisen, regarding the best way to structure personal bank deposits for maximum financial security. Until October 3, 2008, if a depositor’s accounts at one FDIC–insured financial institution totaled $100,000 or less, in general the deposits were insured by the FDIC. As a part of the Emergency Economic Stabilization Act of 2008, the $100,000 FDIC insurance limitation was increased to $250,000 for the period beginning October 3, 2008, and ending December 31, 2009 (Temporary Increase Period). Because this increase is currently a temporary measure, it may be wise to continue to stay within the $100,000 limit. The good news is that it is possible to qualify for additional insurance coverage at an FDIC–insured financial institution as long as certain requirements are met. Deposits made under the following ownership categories can be insured separately:

In a January 9, 2008 decision (Commissioner, Indiana Department of Environmental Management v. Charles G. Hungler) the Indiana Office of Environmental Adjudication (OEA) granted summary judgment to the respondent, Mr. Charles Hungler, the holder of a wastewater treatment plant operator certificate issued by the IDEM. In doing so, the OEA barred IDEM's attempt to rely upon an ...

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