Blogs

Employment Law

A Warning for Employers Requiring Social Media Login Information

A new trend that has emerged in the employment arena is employers asking applicants to provide their Facebook username and password or other social media login information during the interview process. Other employers are making compliance with this new policy a condition of employment. Many Facebook users have increased the security settings on their accounts…

May 2, 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

Employment Law

Old Law Wins a New Case

Virginia courts apply different standards to non-compete agreements depending on the context in which the restriction appears. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Fourth Circuit reversed an Eastern District of Virginia decision in BP Products North America, Inc. v. Stanley because the trial court had evaluated a restrictive covenant in a real estate purchase agreement using the stricter standard typically applied…

May 1, 2012

Tax Law

Tax Law: Preparing for the New Tax on Investment Income

Beginning in 2013, higher-income taxpayers faced a new 3.8 percent tax on net investment income under the Affordable Care Act. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that the new tax would apply to interest, dividends, rents, royalties, annuities, passive business income, and capital gains for individuals with adjusted gross income above certain thresholds. The article notes that the thresholds were $200,000 for single…

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

Mergers and Acquisitions

10 Common Mistakes That Can Doom an Acquisition Buyer’s Prospective

Acquisition buyers often become so focused on closing a deal that they overlook issues that can dramatically reduce the value of the transaction or create problems after closing. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Phil W. Jaeger explains that buyers frequently make avoidable mistakes involving inadequate due diligence, unrealistic projections, poor integration planning, weak financing assumptions, and insufficient review of contracts,…

March 1, 2012

Construction

D.C. Jobs Bill has Far-Reaching Implications for Contractors

The District of Columbia’s amended First Source Act imposed significant new local hiring obligations on contractors and developers working on covered projects in the city. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that the legislation was intended to reduce unemployment among District residents by requiring contractors on covered projects to meet specific local hiring thresholds. The article notes that at least…

March 1, 2012

Real Estate

Proposed Amendment to Virginia’s Constitution Could Limit Government’s Use of Eminent Domain

Virginia lawmakers moved in 2012 to amend the state constitution to further restrict the use of eminent domain in response to concerns raised by the U.S. Supreme Court’s decision in Kelo v. City of New London. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, the analysis explains that the proposed amendment would limit eminent domain to strict public uses and make clear that economic development alone would no longer qualify as a sufficient…

March 1, 2012

Business and Financial Services

Tax Law: Engaging Appraisers for Closely-Held Business Interests

Valuing a closely held business can become critical in tax planning, litigation, financing, succession planning, and the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that qualified appraisers can help determine the value of closely held business interests by evaluating factors such as net worth, earning power, dividend-paying capacity, marketability, and minority ownership discounts. The article notes that…

March 1, 2012