I'll betcha if it hadn't gone up in value the lawsuit would have evaporated years ago.Not a chance, Ron...this wasn't about a value-grab it was about a foreclosed out homeowner that wanted his house back and I guess his lawyer wasn't skilled enough to realize that when a house sells to a Bonafide Purchaser for Value it is final and irrevocable. 

Rich Rich, Could you elaborate on this Irrevocable Family Trust issue?

Also, I may be reading too much into your words here, but I'm not sure what you mean by "it's that time of year again."  469(c)(7)(A) is an irrevocable election so once made it is binding on all future tax years apart from a significant change in circumstances.  

I manage my mother-in-law's irrevocable trust that owns two rental homes.  

Maybe I should buy a few thousand dollars worth and put them in my Irrevocable family trust for grand kids and future generations.

Worse case you can get your daughter an irrevocable trust, issue stock from your company to this trust and you now have a partner. 

Leaving your valuable REI to your heirs in an irrevocable trust removes it from your estate, limiting your exposure to the estate tax and keeping it out of probate. 

Take notice that pursuant to Article 1 Section 17:“No ex post facto law, nor any law impairing the obligation of contracts, or making irrevocable any grant of special privileges or immunities, shall be passed.”Take further notice that Pursuant to Article 3 section 7:“The General Assembly shall not pass any local or special law regulating the affairs of counties, cities, townships, wards, boroughs, or school districts.”Take further notice that pursuant to Article 16 section 2: “The General Assembly shall not remit the forfeiture of the charter of any corporation now existing, or alter or amend the same, or pass any other general or special law for the benefit of such corporation, except upon the condition that such corporation shall thereafter hold its charter subject to the provisions of this Constitution.

The only bullet proof way to protect "your" assets is not to own them or be able to touch them, that is an Irrevocable Trust, you better make sure the family loves you, LOL. :)    

A trust, revocable or irrevocable is around 2k.