Blogs

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

Construction

Lien Rights of Lenders and Landlords – Part I

Commercial real estate landlords and the lenders for their tenants have competing interests with respect to the tenant’s personal property located at the demised premises. The landlord is looking to secure the tenant’s rental obligations by taking a lien against the tenant’s fixtures, inventory, and equipment located in the space, which may be particularly valuable…

January 29, 2013

Employment Law

Using Consumer Reports as a Pre-Employment Screening Tool

Employers choosing to utilize the consumer report or “credit report” as a method of evaluating potential employees face a myriad of legal pitfalls. Both the Fair Credit Reporting Act and Title VII of the Civil Rights Act of 1964 provide guidelines employers should follow to avoid potential legal liability. The usage of consumer reports as…

January 24, 2013

Employment Law

EEOC Discusses How Not Being Able to Graduate from High School Could Be Considered a Disability

The Americans with Disabilities Act (ADA) prohibits employers from discriminating against qualified individuals with disabilities. The act was amended by the ADA Amendments Act (ADAAA) of 2008 with final regulations being issued in March 2011. A significant change in the ADAAA was an expanded definition of “disability.” For an impairment to be considered a disability…

January 3, 2013

Business and Financial Services

Why the Law is Not a Vehicle for Vengeance

Business disputes can escalate quickly when parties act out of resentment or personal animus rather than focusing on the actual legal issues in dispute. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains how the Fairfax Circuit Court’s decision in Applied Training Solutions, LLC v. Pillsbury demonstrated that courts still expect parties to act in good faith, even in contentious employment and business breakups. The article discusses how…

January 1, 2013

Business and Financial Services

Written Contracts and the Statute of Limitations

Written contracts provide more than clarity about the parties’ obligations—they also extend the amount of time available to bring a lawsuit if the agreement is breached. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally applies a five-year statute of limitations to written contracts but only a three-year limitations period to oral contracts or unwritten obligations. The article notes that this difference can…

January 1, 2013

Intellectual Property

Copyright Law 101

Copyright protection extends far beyond books, music, and movies, and many businesses own copyrightable material without realizing it. In this Bean, Kinney & Korman article, the analysis explains that copyright law protects “original works of authorship fixed in a tangible form of expression,” including written materials, photographs, software, websites, architectural works, videos, marketing materials, training manuals, and other business content. The article also notes that copyright law…

November 1, 2012

Business and Financial Services

Distinguishing Between Non-Competition Agreements in Employment Agreements and Those in the Sale of a Business

Virginia courts apply different standards to non-competition agreements depending on whether the restriction arises from an employment relationship or from the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that courts generally give greater deference to restrictive covenants tied to the sale of a business because those agreements are viewed as part of an arm’s-length transaction between sophisticated parties…

November 1, 2012

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