Blogs

Construction

Potential Pitfalls to Buying Old Condos with HOAs

If you are considering buying a condominium or townhouse in the near future, make sure you perform your due diligence by reviewing the finances of the condominium or homeowners association, paying close attention to outstanding maintenance and repair issues. Under new guidelines, lenders may not be able to resell their loans to the “quasi-government” financing…

June 16, 2022

Construction

Arlington County Board Unanimously Approves Clarendon West

On October 20, 2015, the County Board of Arlington County unanimously approved The Shooshan Company’s 4.1 Site Plan Special Exception application for Clarendon West, a mixed-use residential and retail project. Represented by Jonathan C. Kinney and Matthew G. Roberts, the project introduces over 580,000 square feet of new development at the current site of the…

November 2, 2015

Business and Financial Services

5 Ways for Business Owners to Protect Their Assets

Asset Protection is often a concern for business owners; particularly if they are engaged in a business with high incidents of litigation (such as doctors, home builders or other construction contractors for example). Structuring your business as a corporation, limited partnership or limited liability company is a great first step to protect personal assets from business liabilities. However, in our experience, many business owners do not follow the formalities necessary to maintain a limited…

August 13, 2015

Construction

Unanimous Approval for 2025 Clarendon Boulevard

On March 14, 2015, the County Board of Arlington County unanimously approved a 4.1 Site Plan Special Exception, Rezoning and General Land Use Plan Amendment to allow Carr Properties to build over 195,000 square feet of office and ground floor retail space in Arlington’s Courthouse neighborhood. To accomplish the project, the application also included a…

April 22, 2015

Tax Law

Obama Proposes Changes to Federal Tax Policy

In his State of the Union Address on January 20, the President outlined changes he would like to see made to federal tax policy. Among his proposed changes, President Obama suggested closing the stepped up basis “loophole” and increasing the top tax rate on capital gains and dividends from 23.8 percent to 28 percent. If such proposals become law, this could have major impacts on mid- and high-income Americans and their families. Currently gifts made at death receive a favorable “step up in…

February 2, 2015

Construction

Amendment to the Interstate Land Sales Full Disclosure Act

Changes to the Interstate Land Sales Full Disclosure Act will be effective March 29, 2015. These changes will exempt condominium developers from the filing and registration requirements of the Interstate Land Sales Act. This amendment will eliminate the need for condominium developers to register condominium projects with the Consumer Financial Protection Bureau and to provide condominium unit purchasers with the property reports and contractual protections required under the Interstate Land…

December 5, 2014

Estate Planning

Estate Planning Questions: Naming a Beneficiary to your Accounts

Why not just add a child or loved one to your accounts? We often see instances where an elderly parent has added the name of a child or other loved one to their bank accounts, CDs or brokerage accounts. Normally the elderly individual is looking for a simple way to allow someone else to help manage their finances. When pressed, we often determine that it was not the intent of the older individual that the account would pass to a single individual, but rather that the person would manage the…

December 3, 2014

Estate Planning

Looking for a New Acronym? Try QLAC

What’s a QLAC? Effectively, it is a Qualified Longevity Annuity Contract that’s owned by a traditional IRA or 401K plan. Why is this important and what is a “Qualified Longevity Annuity Contract”? Longevity annuities provide income starting at a future date. As a number of commentators have pointed out, most retirees are not worried about retirement in their early years because they will have assets in their retirement account, but they’re often worried about whether or not their traditional…

December 3, 2014

Estate Planning

New Investment Thinking for Trustees?

Traditional trust investment strategies often emphasize preserving assets through cautious, low-volatility investing, but that approach may not always best serve beneficiaries over time. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney and Jennifer O. Schiffer examine whether trustees should rethink conventional investment models and consider more growth-oriented strategies when managing trust assets. The piece explores how…

August 4, 2014

Estate Planning

Thinking of Moving to Florida? Maybe a Little Further South is a Better Option

Puerto Rico’s tax laws can offer substantial advantages for certain individuals and business owners willing to relocate, but those benefits depend on meeting strict residency and income-sourcing requirements. In this Bean, Kinney & Korman article, Jonathan C. Kinney and Samuel J. Banks explain how Puerto Rico’s Act 20 and Act 22 incentives may reduce taxes on active income, passive income, and certain capital gains for qualifying residents. The piece walks through the practical legal standards…

August 4, 2014