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April 13, 2010
On April 13, 2010, Ben Campo will join other attorneys in presenting a CLE-eligible seminar concerning advanced issues in Maine's landlord-tenant laws. Ben's portion of the presentation will focus on landlord rights and dealing with problem tenants. Additional information about the seminar is available directly from Ben or for a limited time at the following website: http://www.sterlingeducation.com/viewseminar.php?semID=715
February 3, 2010
Attorneys Alexandra E. Caulfield and Andrew W. Sparks will be teaching an advanced level seminar entitled "Advanced Title Insurance Issues" on February 3, 2010 in Portland. The program, sponsored by the National Business Institute, is designed for professionals who are frequently faced with complex title insurance issues. In addition to providing participants with up-to-date information on the latest court interpretations of title insurance policies, the seminar will educate participants on how to handle special real estate issues when dealing with fiduciaries, examine real-life title insurance issues involved in foreclosure rescue transactions and sales, analyze potential claims when transactions involve certificates of incumbency and authority, and explore the appropriate use of commercial endorsements. Contact Alix or Andy directly for additional information concerning the seminar and their presentations.
January 1, 2010
As you may know, Congress took no action before the end of 2009 to prevent the repeal of the federal estate tax. As a result, there is no federal estate tax for individuals dying in 2010. Under current law, the federal estate tax is to be reinstated as of January 1, 2011 with a $1 million federal exemption amount and a maximum tax rate of 55%. It is possible that Congress will take some action in 2010 to reinstate the federal estate tax, and to attempt to make it retroactive to January 1, 2010. However, there is much uncertainty about, if and when this will happen, and whether retroactive application is constitutional.
Summary of current 2010 Estate/Gift Tax Laws:
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There is no federal estate tax for individuals who die in 2010.
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New "carry-over basis" rules apply for individuals dying in 2010, which means that the basis of inherited property remains the same as it was for the deceased owner, instead of "stepping-up" to date of death values. The 2010 carry-over basis rules do allow the Personal Representative to allocate up to $1.3 million of "increased basis" to any assets inherited from the deceased owner, and an additional $3 million of "increased basis" to assets inherited by the deceased owner's surviving spouse as "qualified spousal property".
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There is no federal generation-skipping transfer tax for generation-skipping transfers taking place in 2010.
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The federal gift tax remains in place with a $1 million exemption for lifetime gifts, with a maximum tax rate of 35%. The federal annual gift tax exclusion (the amount you can gift per individual per calendar year without it being considered a taxable gift) remains $13,000 for 2010.
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The Maine estate tax remains in place with a $1 million exemption amount and a maximum tax rate of 16%.
If you have questions regarding how the repeal of the federal estate tax for 2010 impacts your estate planning documents, please contact Attorney Jennifer I. Richard or Attorney Stephanie N. Strouse.
November 19, 2009
The firm's participation in this year's United Way annual campaign kicked off with a meeting for all staff and lawyers on November 12th. Erin Lee, Campaign Associate for the United Way, brought two guest speakers: Jay Madden, Loan Executive from Anthem Blue Cross and Blue Shield, and Suzanne McCormick, President of Peoples' Regional Opportunity Program (PROP). Suzanne's fourteen reasons for supporting United Way were vivid - fourteen photographs of needy children - from PROP, a recipient agency of United Way funding.
The firm is an annual supporter of the United Way and the United Way Foundation, supporting one of its partners, Jennifer Richard, a Foundation Board Member.
United Way is so important to our community!
November 12, 2009
Our firm was well represented at the dinner meeting on November 12, 2009 to honor this year's recipients of the Harrison L. Richardson Award - - Honorable Robert W. Clifford and Peter J. DeTroy, Esq. Attorney DeTroy was recognized for his achievements as a trial lawyer and mediator and for promoting the concept of civility among lawyers. Justice Clifford was honored for his many dedicated years of service as a member of Maine's judiciary and his commitment to the principle of access to justice for all Maine citizens.
In attendance were the following attorneys from the firm: Horace W. Horton, Andrew W. Sparks, Philip P. Mancini and Benjamin P. Campo.
November 12, 2009
The Pine Tree Council, Boy Scouts of America, presented Kevin Hancock, President of Hancock Lumber Company, with its 32nd Annual Distinguished Citizen Award on November 12th. Kevin is the President of one of the best known family owned businesses in the State which characterizes itself as "A Sixth generation timberland steward."
Partner Horace W. Horton, Eagle Scout and Executive Vice President of the Pine Tree Board of Directors, participated in the planning and fund raising for this important community event.
We congratulate Kevin Hancock, the Hancock Lumber family and the Pine Tree Council!
October 15, 2009
Drummond & Drummond, LLP is pleased to announce that Julia G. Pitney has joined the firm as an associate member of the firm's litigation team. Prior to joining the firm, Julia practiced in Lewiston, Maine where her practice focused on personal injury litigation, criminal defense and domestic relations. Julia's practice at the firm will focus on civil litigation, personal injury litigation, foreclosure, and employment law. Julia is a 2000 graduate of Connecticut College and a 2006 graduate of the University of Maine School of Law. She and her family reside in Brunswick, Maine.
October 15, 2009
Drummond & Drummond, LLP is please to announce that Arthur Cerullo was recently elected to serve as the American Lung Association's Nationwide Assembly Speaker. During the one-year term as Assembly Speaker Arthur will work closely with the ALA's President and CEO to further the mission of the organization by providing governance and oversight of the more than 100-year-old charity. Arthur has been a volunteer with the American Lung Association in Maine for over 20 years. He served as the Maine Association's president from 2001-03. He was involved in the tobacco settlement, helped launch Maine's Asthma Walks, and has campaigned for indoor air quality. An avid cyclist, Arthur has participated in the American Lung Association in Maine's "Trek Across Maine" for the last 21 years, an event that raises over $1 million annually for the association.
While serving in this volunteer leadership role Arthur will continue his legal practice in the areas of commercial loan transactions, bankruptcy, wills, trusts & estates, and domestic relations.
September 1, 2009
Drummond & Drummond associate Nate Huckel-Bauer has joined the Board of Propel, the young-members' group of the Portland Regional Chamber of Commerce. Propel is the sponsor of networking and educational events for Portland's young entrepreneurs, business-people and professionals. A list of upcoming Propel events can be found here. Nate is a member of the Propel sponsorship committee and is helping plan the 2010 entreverge awards.
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