Spring 2011 Newsletter
Volume 22, No. 4
Opportunity is Knocking for Making Large Lifetime Gifts in 2011 & 2012
Patrick J. Vaughan, Donna E. Fincher, Martha L. Sotelo, C. Daniel Vaughan, Diane M. Yawn and Kathi L. Ayers
Taxation of Special Needs Trusts: Income, Gift and Estate Tax Considerations of Self-Settled and Third-Party Special Needs Trusts
Jennifer L. Moccia, J.D., LL.M.
Carson v. Wells Case Summary
Gregory A. Giordano
- Board of Governors
Message from the Chair
Neal P. Brodsky, Chair, Trusts and Estates Section
The Board of Governors of the Trusts and Estates Section of the Virginia State Bar is pleased to bring you the Spring 2011 edition of our newsletter.
Our first article, by the attorneys at Vaughan, Fincher & Sotelo, PC in Vienna and Leesburg, discusses the opportunity for certain clients to make large gifts as a result of the substantial (but temporary) increase in the lifetime gift tax exemption created by the 2010 Tax Act. Our next article, by Jennifer L. Moccia with Rack & Olansen, P.C in Virginia Beach, is a thorough evaluation of the tax implications of special needs trusts. Our third article, by Gregory A. Giordano, Of Counsel at Troutman Sanders, discusses the recent Virginia Supreme Court opinion in Carson v. Wells and its clarification of several areas of the law pertaining to the Virginia Uniform Transfers to Minors Act. These articles present timely and important information and I commend them to you.
Please plan to attend the 73rd Annual Meeting of the Virginia State Bar, which is being held in Virginia Beach on June 16-19, 2011. Our Section will be presenting a program on two topics, (i) the 2010 Tax Act and its modifications to the gift and estate tax laws, and (ii) drafting incentive trusts. Our speaker will be Thomas H. Campbell, Esq. with Yates, Campbell & Hoeg, LLP in Fairfax. Tom’s presentation will be on Friday, June 17 from 2-3:30pm.
We thank Nathan Olansen, our Newsletter Editor, and Arthur Robinson, our Assistant Newsletter Editor, for their work on producing this edition of the newsletter.
If you are not a member of the Trusts and Estates Section and would like to join, please visit our Section web site at http://www.vsb.org/site/sections/trustsandestates and download a membership application.
If you have question or comments about this newsletter or our Section, please contact me or any member of the Board. Our names and contact information are available on the last page of this newsletter or on the Section web site at http://www.vsb.org/site/sections/trustsandestates/view/Board-of-Governors/.
Of final note, due to the cost of production, the Board has decided to eliminate the distribution of our newsletter in paper form; our last paper issue will be the Fall 2011 edition. Beginning with the Spring 2012 newsletter, all delivery will be electronic. For those of you currently on the hard-copy mailing list, please update your member information to include your email address to ensure you continue to receive future editions of the newsletter. If you have any questions, please contact me or one of the other members of the Board.
Spring 2011 Newsletter (.pdf)