Blogs

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

Divorce and Family Law

Marriage, Divorce and Your Business

Divorce involving a privately held business can become significantly more complicated because the business itself may be treated as marital property subject to valuation and division. In this Bean, Kinney & Korman article, James W. Korman explains that closely held businesses often create disputes over valuation methods, ownership interests, goodwill, income streams, and whether the business should be sold, divided, or retained by one spouse in exchange for other assets. The article notes that…

September 16, 2012

Construction

Construction Codes: Putting Your Vote into Action

Changes to construction codes can have major effects on developers, contractors, architects, and property owners, which is why Virginia’s code update process includes opportunities for public input. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that Virginia’s construction codes are updated through a recurring cycle that allows industry participants to propose changes, comment on draft revisions, and vote on specific…

September 1, 2012

Business and Financial Services

Enforceability of Waivers of Prospective Liability

Businesses offering recreational or physically risky activities often rely on waivers and liability releases to try to shield themselves from negligence claims. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally does not enforce prospective waivers of personal injury claims, even though such agreements are enforceable in many other states. The article focuses on Hiett v. Lake Barcroft Community Association, where…

September 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

Construction

Right to Self-Help in DC, MD, and VA

Self-Help. Ok or Not? “Self-help,” in a leasing context, typically refers to the landlord’s historical remedy of locking out a defaulting tenant and obtaining possession of the premises without going through judicial procedures. Traditionally under the common law, a landlord was subject to few limitations in choosing its remedies against a defaulting tenant, including the…

July 12, 2012

Tax Law

Tax Law: Important Tax Developments from the First Quarter of 2012

Several important tax law changes during the first quarter of 2012 affected payroll taxes, business tax planning, estate planning, and reporting obligations. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that Congress extended the two-percent payroll tax cut through the end of 2012, giving both employees and self-employed individuals additional tax relief for the year. The article also highlights several business-related tax…

July 1, 2012

Construction

A Landlord’s Duty to Mitigate. Part IV

In this series we have been examining a landlord’s duty to mitigate their damages after a default by the tenant. Earlier we looked at the laws in the District of Columbia and Virginia. An examination of Maryland’s law is below.

June 22, 2012

Construction

A Landlord’s Duty to Mitigate. Part III

This series focuses on a commercial landlord’s duty to mitigate their damges after a default by a tenant. Earlier we discussed the District of Columbia‘s treatment of the duty to mitigate. A discussion with respect to the law of Virginia is below, with Maryland to follow shortly.

June 4, 2012