Blogs

Estate Planning

Estate Administration 101: Taking Inventory in Virginia, Maryland and the District of Columbia

Preparing an estate inventory is one of the first and most important responsibilities of an executor, and the requirements vary across jurisdictions such as Virginia, Maryland, and the District of Columbia. This Bean, Kinney & Korman article explains that an inventory must account for all assets owned by the decedent at the time of death, valued at fair market value, and submitted within strict statutory deadlines—typically within three to four months depending on the jurisdiction. The…

February 3, 2014

Estate Planning

Succession Planning for CPAs

Succession planning is a critical but often overlooked issue for CPA practices, particularly among sole practitioners who may lack a formal plan for transition or unexpected incapacity. This Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter explains that a comprehensive succession plan should begin with identifying a successor—whether a partner, employee, or external buyer—and establishing a clear timeline for transition. The analysis highlights that many…

February 3, 2014

Tax Law

1031 Exchanges with a Twist

Section 1031 exchanges can help real estate investors defer capital gains taxes, but the short identification window often makes it difficult to find replacement property that fits an investor’s goals. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains how investors have traditionally used tenant-in-common structures to pool capital, while also warning that those arrangements can become unstable when unanimous consent…

November 2, 2013

Estate Planning

Estate Administration 101: What You Need to Know to Effectively Administer an Estate Qualifying as Executor

Serving as an executor starts with a formal qualification process, and that first step can be more demanding than many people expect. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Lauren K. Keenan explains that an executor must bring the original will and any codicils to the proper probate office, confirm jurisdiction, prepare for possible bond or surety requirements, and complete the court process necessary to receive letters of qualification.…

November 2, 2013

Estate Planning

Uniform Real Property Transfer on Death Act

Transfer-on-death deeds can allow real property to pass directly to named beneficiaries without going through probate, creating a simpler option for certain estate plans. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains that Virginia’s adoption of the Uniform Real Property Transfer on Death Act allows real estate to be handled in a manner similar to bank or brokerage accounts with transfer-on-death or pay-on-death…

August 2, 2013

Estate Planning

Basic Information About Durable General Powers of Attorney

A durable general power of attorney can be one of the most important estate planning documents because it allows a trusted agent to manage financial and legal matters if the principal becomes incapacitated. In this Bean, Kinney & Korman article, the analysis explains that Virginia’s Uniform Power of Attorney Act changed several important rules governing these documents. Powers of attorney are now presumed durable unless stated otherwise, copies may be accepted in place of originals, and…

August 1, 2013

Estate Planning

Per Stirpes Means Per Stirpes, Correct?

The phrase “per stirpes” does not always produce the same inheritance result because some states follow a traditional definition while others use the modern approach contained in the Uniform Probate Code. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains that the traditional per stirpes method begins dividing an estate at the generation closest to the decedent, even if everyone in that generation has died, while the…

August 1, 2013

Tax Law

When You Thought It Was Safe to Go Back in the Water – Estate Tax Revisions

Federal estate tax changes in 2013 reduced uncertainty in some areas, but they also made clear that additional revisions could still be on the table. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains that the American Taxpayer Relief Act of 2012 set the federal estate, gift, and generation-skipping transfer tax exemption at $5.25 million per person, indexed for inflation, while increasing the top estate tax rate to 40…

August 1, 2013

Estate Planning

The Benefits of Appointing A Standby Guardian

Parents often name a guardian for minor children in a will, but a will only becomes effective at death and does not address situations where a parent is still living but unable to care for a child. In this Bean, Kinney & Korman article, the analysis explains that a standby guardianship allows a parent to designate someone in advance to assume responsibility for a child if a triggering event occurs, such as incapacity, terminal illness, or death. The article notes that Virginia law permits…

May 1, 2013

Business and Financial Services

How to Protect Your Assets As a Business Owner

Business owners often assume that forming an LLC or corporation is enough to shield personal assets from business liabilities, but that protection can be lost if the entity is not maintained properly. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains that courts are more likely to “pierce the corporate veil” when owners fail to treat the business as a separate legal entity. The article highlights several important…

February 1, 2013