Gifting

1600 Words about a 100-Word Addition to Virginia Trust Law (Part III)

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In the first two parts of this topic, we covered the attempt to unify trust law throughout the United States and Virginia’s brief new amendment to its version of the Uniform Trust Code.  Now, to close the loop, we conclude by giving further detail to two important types of marital deduction trusts briefly mentioned in…

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1600 Words About a 100-Word Addition to Virginia Trust Law (Part II)

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In Part I of our discussion, we introduced the Uniform Trust Code and why Virginia would deviate from it.  Today, we explain Virginia’s rationale for changing its law on creditors’ rights to annual gifts into a trust and to inter-vivos marital deduction trusts. What was Virginia’s concern regarding annual gifting into a trust?  Read more...

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1600 Words About a 100-Word Addition to Virginia Trust Law (Part I)

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In the closing weeks of March, Virginia Governor Bob McDonnell signed a bill into law that expands individuals’ protections against creditors.  The law adds wording to VA Code § 55-545.05 that clarifies:  1) the effects of annual gifting into an irrevocable trust and 2) the protections given by an “inter-vivos marital deduction trust”.  As a…

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Looking Gift Taxes In the Mouth: Upcoming Rules for 2011

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‘Tis still the season of giving.  Thanks to a $5 million lifetime gift exemption starting in January, most of your gifts will have very little impact, if any, on your estate plan.  However, today we will discuss why you perhaps should not ignore gift tax issues just yet. Let’s take a look at some of…

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Obama Signs New Tax Law: How It Affects You

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The House and Senate have passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, also known as the 2010 Tax Relief Act, and President Obama signed the bill today.  Let’s take a brief first look at how the new law will affect all of us.  Read more...

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The Estate Tax Debate: Some Behind-the-Scenes Concerns

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A $5 million estate tax exemption with a lower estate tax rate?  Executive Branch vs. Legislative Branch?  Democrats vs. Republicans?  These are exciting times for estate planning enthusiasts.  I have always wondered why there was never a “Law and Order” or “L.A. Law” type of show featuring estate planning lawyers.  “No, Ms. Senior Partner, a…

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