Blogs

Estate Planning

The Role of the Trust Protector

Trust protectors are becoming more common in irrevocable trusts as more states modify or abolish the rule against perpetuities and allow trusts to continue for multiple generations. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that a trust protector may serve as a mediator, advisor, or decision-maker when disputes arise between trustees and beneficiaries or between different classes of beneficiaries. The article…

November 1, 2010

Estate Planning

Virginia Uniform Power of Attorney Act

Effective July 1, 2010, Virginia adopted the Uniform Power of Attorney Act, joining a handful of other states that have adopted the Uniform Act in some form or fashion. Some of the highlights of the act are: Any power of attorney executed in Virginia after July 1, 2010 is deemed durable unless it expressly states otherwise. A power of attorney is not required to be acknowledged before a notary public but the party’s signature is deemed to be genuine if acknowledged before a notary public. Any…

November 1, 2010

Tax Law

Tax Court Finds Gifts of Limited Partnership Interests Don’t Qualify for Annual Gift Tax Exclusion

The Tax Court ruled that gifts of limited partnership interests may not qualify for the annual gift tax exclusion if the recipient does not have an immediate right to use, possess, enjoy, or transfer the gifted interest. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that the court followed its earlier decision in Hackl and found that the Price family’s limited partnership interests were “future interests” rather…

March 1, 2010

Construction

The Benefits of LEDs

LED lighting was becoming an increasingly important part of green building, energy efficiency, and sustainable site planning in 2010. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Jonathan C. Kinney explains that LED stands for light-emitting diode and notes that LED technology converts electrical current directly into light rather than generating heat like incandescent bulbs. The article explains that governments were beginning to phase out…

February 1, 2010

Estate Planning

Unraveling the World of Joint Accounts and Beneficiary Designations

Joint accounts and beneficiary designations can override the instructions contained in a will, often creating unintended consequences if they are not reviewed carefully. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that many assets pass outside of probate through joint ownership, payable-on-death designations, transfer-on-death registrations, retirement account beneficiary forms, and life insurance designations.…

August 1, 2009

Business and Financial Services

Family Limited Partnership and Family Limited Liability Company Valuation Discount Planning

Family limited partnerships and family limited liability companies can provide important estate planning and wealth transfer benefits, but only if they are operated carefully and consistently. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Jonathan C. Kinney explains that the IRS had become increasingly aggressive in challenging valuation discounts used in connection with FLPs and FLCs. The article notes that the IRS often questioned whether a gift was…

January 1, 2009