Private Client Services Update - What's the Latest on Estate Taxation?
Taxpayers and tax planners alike are eager for news from the federal government on estate tax legislation. In earlier updates, the Kaufman & Canoles Private Client Services Group provided extensive background on the recent history of estate taxation, and the return of estate taxation in 2011. Congressional action has been expected, but not forthcoming.
By Gregory R. Davis and Private Client Services
Real Estate Strategies Update - Tax Incentives for Real Estate Projects
As a result of the downturn in the economy, more businesses are using tax incentives to subsidize financing of real estate construction and renovation projects. Incorporating tax incentives into a projects plan of finance requires upfront, detailed strategic planning taking into consideration the mechanics of the tax incentive program and, in the case of syndicated tax credits, the requirements of potential tax credit investors. This article provides a brief introduction to three syndicated real estate tax credits and a commonly available tax deduction for green building expenditures.
By Real Estate Strategies Group
Private Client Services Update - Incapacity Can Be Expensive in More Ways Than One
Although modern medicine has greatly lengthened the average lifespan, it also has created a situation where more people will spend a longer period of time in an incapacitated state prior to death. An adult who is unable to handle and manage his or her finances must be assisted by an agent or fiduciary of some type.
By Lawrence G. Cumming and Private Client Services
Private Client Services Update - No Longer a Need to Rush to the Funeral Home
There are at least two Virginia cases where disputes have arisen and litigation has resulted over the question of where a person should have been buried.
By Robert H. Powell III and Private Client Services
Private Client Services Update - Revoking Irrevocable Trusts
Although Virginia has now operated under the Uniform Trust Code (UTC) for several years, there are potentially useful changes that many professionals who deal with trusts have not yet realized.1 The new statute made some material changes that, under the right circumstances, may allow a client to modify or even terminate a trust that was supposed to have been irrevocable.
By W. Hunter Old and Private Client Services
Title Insurers are Entitled to Recovery Under a Virginia Settlement Agent Surety Bond
Too frequently, title insurance companies receive a notice of claim from an insured lender or borrower asserting that a settlement agent failed to record a deed of trust, failed to include the proper legal description, failed to obtain a necessary release of lien, etc.
By Brian O. Dolan and Christopher R. Papile
Private Client Services Update - The Special Opportunities for Disclaimers in 2010
For families of decedents dying in 2010, while there is no federal estate tax, disclaimers can be a especially useful tool.
By Robert C. Goodman Jr., Sarah E. Messersmith and Private Client Services