Blogs

Divorce and Family Law

Separated But Not Divorced: Don’t Wait to Update Your Estate Plan

Separation alone does not automatically remove a spouse from an estate plan, which means delaying updates can create serious unintended consequences if one spouse dies before the divorce is finalized. In this Bean, Kinney & Korman article, the analysis explains that under Virginia law, a separated spouse may still retain inheritance rights, elective share rights, and authority under existing powers of attorney until a divorce decree is entered. The article notes that individuals who are…

February 1, 2013

Tax Law

Tales from the Cliff: Estate Planning Policy for 2013 and Beyond

The “fiscal cliff” legislation enacted at the beginning of 2013 created more certainty for estate planning than many practitioners expected, but it did not eliminate the need for continued planning. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that the American Taxpayer Relief Act of 2012 permanently set the federal estate, gift, and generation-skipping transfer tax exemption at $5 million per person, indexed for…

February 1, 2013

Business and Financial Services

Estate Tax Savings and Increased Creditor Protections When You Incorporate LLCS and Limited Partnerships into Your Estate Plan

Limited liability companies and limited partnerships can serve both estate planning and asset protection purposes when structured properly. In this Bean, Kinney & Korman article, the analysis explains that LLCs and LPs may help reduce estate tax exposure by allowing ownership interests to be transferred using valuation discounts tied to lack of control and lack of marketability. The article also notes that these entities can provide stronger creditor protection because assets held inside the…

November 1, 2012

Business and Financial Services

Asset Protection Trusts in Virginia

Virginia’s 2012 adoption of qualified self-settled spendthrift trusts created a new option for residents seeking stronger asset protection planning. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that Virginia law now permits certain irrevocable trusts—commonly referred to as domestic asset protection trusts or qualified self-settled spendthrift trusts—to shield assets from future creditor claims even when the person…

August 1, 2012

Estate Planning

Geriatric Care Managers: A Helping Hand When You (Or Your Loved One) Needs One

Families caring for aging relatives often struggle to coordinate medical care, transportation, home services, housing, and day-to-day support, especially when they live far away or do not know where to start. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that geriatric care managers are trained professionals—often with backgrounds in nursing, social work, gerontology, or elder law—who help seniors and disabled individuals…

August 1, 2012

Divorce and Family Law

Estate Planning and Divorce: What to Consider When You’re Separating or Divorced

Divorce can disrupt even a carefully prepared estate plan because many estate planning documents assume a spouse will continue serving as beneficiary, executor, trustee, or agent. In this Bean, Kinney & Korman article, the analysis explains that people going through separation or divorce should review wills, trusts, beneficiary designations, powers of attorney, and advance medical directives as early as possible. The article notes that jointly owned assets may need to be retitled, beneficiary…

May 1, 2012

Estate Planning

National Health Care Decision Day: Have You Made Your Wishes Known?

National Health Care Decisions Day was created to encourage people to discuss and document their wishes regarding future medical care before a crisis occurs. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that advance care planning can include living wills, advance medical directives, and health care powers of attorney naming a trusted person to make decisions if someone becomes unable to speak for themselves. The article…

May 1, 2012

Estate Planning

Top Five Reasons to Update Your Power of Attorney

Outdated powers of attorney can create serious problems if they no longer comply with current law or reflect a person’s actual wishes. In this Bean, Kinney & Korman article, the analysis explains that one major reason to update a power of attorney is the adoption of newer laws such as HIPAA, the Uniform Health Care Decisions Act, and the Uniform Power of Attorney Act, all of which changed what authority an agent may need in order to act effectively. The article also notes that changes in…

May 1, 2012

Estate Planning

Safeguarding Frozen Embryos Through Estate Planning

Frozen embryos can create complex estate planning issues because state laws vary widely on whether embryos are treated as property, human life, or a special category in between. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that individuals undergoing in vitro fertilization should think carefully about what should happen to unused embryos in the event of death, incapacity, divorce, or failure to continue storage payments.…

February 1, 2012

Tax Law

Portability Rule Clarified

The IRS clarified in 2011 that a surviving spouse can preserve a deceased spouse’s unused federal estate tax exemption only if the executor files an estate tax return making the portability election. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that portability allows a surviving spouse to use the unused portion of the deceased spouse’s exemption, potentially increasing the couple’s combined estate tax protection…

November 1, 2011