Virginia State Bar

An agency of the Supreme Court of Virginia

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Trusts and Estates

A Section of the Virginia State Bar.

Spring 2009 Newsletter

Newsletter - Trusts and Estates

Volume 21, No. 3

Message from the Chair

John T. Midgett, Chair, Trusts and Estates Section

As my time as Chair of this Section comes to an end, I have procrastinated greatly in writing this message. I have enjoyed my role in leading this section and I thank all of the Board of Governors for their input and counsel that has made the year fly by. I especially wish to thank Martha Sotelo and Southy Walton for their efforts in assembling yet another outstanding newsletter. Inside you will find these thoughtful and thought provoking articles having application to our practices.

Comparison between the Uniform Trust Code and the Common Law by Charles M. Sims and Michele K. Burke. This article offers an excellent analysis of how the Virginia Uniform Trust Code changes the statute of limitations for breach of a fiduciary duty by a trustee and explains how trustees and beneficiaries are impacted by this change.

Tax Return Preparer Penalties under Internal Revenue Code § 6694: New Regulations Let in the Light by Timothy Murcha. This article provides clarity to the IRS penalty rules for tax preparers which have been recently expanded to include preparers of estate tax returns.

Removing the Limitations on Devisavit Vel Non Actions: A Quest for Wiggle Room under a Circuit Courts Limited Probate Jurisdiction. by Richard C.Ferris, II and Steven J. McKinney. This article analyzes the impact of recent case law on the authority of a Circuit Courtto grant plenary relief in will contest proceedings.

Estate Planning Issues Affecting Parents of Young Children by Kathi L. Ayers. This article provides thoughtful consideration of the myriad planning issues that arise when drafting estate planning documents for parents with minor children and reminds us of the consequences that can arise when parents fail to plan for their children.

Transitioning Inherited Assets: A Classic Catch 22 by Helen Modly. This article is based on real life experiences, and provides an insightful recitation of the many logistical hurdles and minefields that can be encountered when trying to transfer retirement assets to beneficiary inherited IRA accounts.

I hope you get as much out of your membership in this Section as I have. Contributions of time and effort on the Board of Governors are always rewarding. Contributions of articles to further the cause of estate planning or administration make us all better advocates for our clients. I hope that you will support the incoming Chair, Julie King, in building on our success in “going green” and getting future newsletters online, rather than in paper. Many thanks for allowing me to serve the members of this Section. I have enjoyed it greatly. As to my procrastination problem, I‘ll deal with that tomorrow.

Spring 2009 Newsletter (.pdf version)