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.

Winter 2007 Newsletter

Newsletter - Trusts and Estates

Volume 21, No. 1

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 2006 newsletter.

The first article, by Katherine Ramsey, discusses the charitable giving provisions under the Pension Protection Act of 2006. Katherine covers the new rules with respect to making tax-free distributions from IRAs to charity for 2006 and 2007. She also discusses the new deductibility rules for conservation easements and other changes in tax law with respect to conservation easements. Finally, Katherine covers the deductibility rules for gifts of tangible property, as well as the recordkeeping and substantiation requirements for gifts to charity.

The second article, by Mark Cohen, discusses the law of insurable interests in trusts in light of the Chawla decisions, and how states, such as Virginia, have enacted statutes to address the concerns raised by Chawla.

The third article, by Jay Turner, covers the new early termination provisions for trusts under the Virginia Uniform Trust Code. Jay discusses the practical considerations in distributing assets upon early termination of a trust, as well as the tax considerations in terminating a trust early. Jay also discusses some special issues that may arise in early termination of life insurance trusts, QTIP trusts and charitable trusts.

If you are reading this newsletter and are not a member of the Trust and Estates Section, please join us. You can become a member by contacting the Virginia State Bar and paying a minimal additional fee.

I hope that you find the articles in this newsletter informative. If you would like to write an article for an upcoming newsletter, or have ideas for topics for future articles, please contact Julie King, our newsletter editor. If you should have any questions or comments about this newsletter or the Trusts and Estates Section, please contact me, the newsletter editor or any of the other members of the Board of Governors. Our contact information is listed at the end of this newsletter.

Donna Esposito Fincher, Chair

Winter 2007 Newsletter (.doc)