Fall 2003 Newsletter
Volume 19, No. 1
Planning for Special Needs Beneficiaries
Amy G. Pesesky
Advance Medical Directives: Keeping Your Client in the Driver's Seat
Victoria J. Roberson
Lifetime Charitable Giving Using S Corporation Stick: Traps, Trickery, and Trouble Ahead
Dana G. Fitzsimons Jr.
Lifetime Transfers Result in Virginia Estate Tax Savings Due to Phase Out of State Death Tax
Erin Sheehey Downs
- Board of Governors
Letter from the Chair
The Board of Governors of the Trusts and Estates Section of the Virginia State Bar is pleased to bring to its members the Fall 2003 newsletter.
This issue includes four articles that cover a variety of important topics in estate planning. The first article by Amy Pesesky provides useful information about planning for special needs beneficiaries. Amy offers helpful guidance in drafting a special needs trust, as well as considerations on when a special needs trust versus a broad discretionary trust may be appropriate. The article also addresses when a community trust may be beneficial in providing for a special needs beneficiary.
The second article by Victoria Roberson addresses the myriad of issues related to medical directives and the importance of fully advising clients on these issues and providing them with the resources available to make appropriate decisions. Victoria provides a sample medical directive form that is enhanced from the statutory form provided in the Virginia Code, as well as a list of available resources relating to medical directives and end of life decision making.
The third article by Dana Fitzsimons offers important information about charitable giving using S corporation stock. Although it is possible for clients to make gifts of S corporation stock to charity outright or in certain types of trusts, extreme care should be taken so as not to violate the S corporation rules.
Finally, the fourth article by Erin Sheehey Downs addresses the phase out of the state death tax credit and how lifetime transfers will result in lower Virginia estate taxes. In certain cases, Virginia clients may even want to consider changing domicile to another state that has no estate taxes, if appropriate in the clients' situation, to help reduce estate taxes.
If you are reading this newsletter and are not a member of the Trust and Estates Section, please join us. It is as simple as checking the Trusts and Estates Section box on your annual Virginia State Bar renewal form and paying the minimal additional fee. I hope that you find the articles in this newsletter informative. If you should have any questions or comments about this newsletter or the Trusts and Estates Section, please contact me or any of the other members of the Board of Governors. Our names, addresses and telephone numbers are listed at the end of this newsletter.
Phillip C. Stone, Jr., Chair
Fall 2003 Newsletter (.pdf)