Trust & Estate; Estate Planning

VIRGINIA LAW ALLOWS FOR THE FIXING OF ERRORS IN THE TERMS OF A WILL OR TRUST

07/18/2019Vandeventer Black

Crisis potentially averted, Virginia law now allows a court to reform the terms of a deceased person’s trust or will. Although the issue of mistaken estate planning was first addressed by the Virginia General Assembly in 2005, the legislation only specified the reformation of mistaken trusts. However, similar legislation was enacted this past year that… Read more »

THE NEW TAX ACT AND MY ESTATE PLANS: NOW WHAT?

american dollar bills

12/18/2018Herman, Patrick W.

Great news: the new “Tax Cut and Jobs Act” (“TCJA”), doubles the estate tax exemption amount from $5.49 million per individual (the 2017 exemption amount) to $11,180,000 million. (For convenience, this article will use the $5.6 million projected exemption amount for 2018 before TCJA and $11.2 million).  The new higher number will be adjusted for inflation…. Read more »

Virginia Law Provides Avenue To Save Imperfectly-Executed Wills

Last Will and Testament with Fountain Pen

07/16/2018Chappell, W. Thomas

It could be a family’s nightmare.  A deceased relative tried to make his or her will, but it was improperly executed.  Therefore, the relative’s estate will be distributed pursuant to an old will or, if there is no other will, the intestate laws of the Commonwealth.  Such a result could lead to that person’s estate… Read more »

ESTATE PLANNING FOR FAMILY HELD BUSINESSES: AN UPDATE ON THE NEW IRS PROPOSED REGULATIONS TARGETING “DISCOUNTING”

Young Attorneys Keep Moving Forward

02/20/2017Herman, Patrick W.

Last August, the IRS launched its latest offensive against parents who want to transfer closely held family-owned business interests to younger family members free from estate tax. Here is the typical scenario: Mom and Dad inherited and then successfully grew a small business, “Soup to Nuts”, a small town hardware store with a small bakery… Read more »