Estate Planning in Virginia

Estate Planning in Virginia
Publication Date: 2017
Electronic Forms: 50
Available Formats: Print (1,065 pages, softcover, 2 volumes)
  Electronic (searchable PDF via flash drive, CD, or immediate download)
  Both Print and Electronic formats
Product #: 856

Information

Content Highlights:
  • Interviewing the Client
  • Mapping the Plan
  • Drafting the Will
  • Drafting the Trust
  • Tax Planning
  • Planning for Closely Held Businesses
  • Powers of Attorney, Minor Children, and Assets in Other Jurisdictions
  • Choosing Fiduciaries
  • Transferring Assets Outside of Probate
  • Execution and Safekeeping of Documents
  • Terminating the Representation

"The depth and breadth of information provided in a well-organized format make this book an indispensable reference for every Virginia lawyer who counsels clients with regard to any aspect of estate planning. The authors are experienced and respected Virginia estate planning lawyers, whose advice and commentary reflect their expertise. Your malpractice carrier will be happy to know that you own this resource!"
- Marie McKenney Tavernini, Editor

Creating truly irrevocable estate plans is increasingly a challenge. This essential reference guides practitioners through the entire estate planning process from initial client contact to finalizing a complete estate plan that accomplishes the client’s goals. It clearly lays out estate planning options, their benefits and limitations, and the federal tax consequences to best implement the client’s wishes. It also includes 50 ready-to-use electronic forms to create estate plans for your clients.

This 2017 edition is updated through November 2016. It covers how Virginia’s new augmented estate rule may impact planning practices and the new Uniform Powers of Appointment Act (UPAA), which codified case and common law and also offers new opportunities for the transfer of wealth. It also captures important pending regulations that may change the valuation rules for minority shares in closely held businesses.


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You may also be interested in:


Estate and Trust Administration in Virginia

Manual for Commissioners of Accounts

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The Virginia Lawyer: A Deskbook for Practitioners

Virginia Law and Practice: A Handbook for Attorneys

 

Table of Contents

CHAPTER LIST

1. Interviewing The Client

2. Ethical Issues

3. Mapping The Plan

4. Drafting The Will

5. Drafting The Trust

6. Tax Planning

7. Planning For Closely Held Businesses

8. Powers Of Attorney, Minor Children, And Assets In Other Jurisdictions

9. Choosing Fiduciaries

10. Transferring Assets Outside Of Probate

11. Execution And Safekeeping Of Documents

12. Terminating The Representation



CHAPTER 1: INTERVIEWING THE CLIENT

1.1 INTRODUCTION

1.2 STARTING THE PROCESS
    1.201 Initial Contact
    1.202 Scheduling the Interview
    
1.3 COLLECTING THE INFORMATION
    1.301 What to Ask For
    1.302 How to Ask for It
    1.303 Using Detailed Estate Information Questionnaires
    
1.4 RECOGNIZING ETHICAL DILEMMAS

1.5 PROPOSED METHODOLOGY FOR CONDUCTING THE
INTERVIEW

APPENDIX 1-1: INITIAL LETTER TO CLIENT

APPENDIX 1-2: ENGAGEMENT LETTER

APPENDIX 1-3: ENGAGEMENT LETTER—ALTERNATIVE FORM

APPENDIX 1-4: LONG-FORM QUESTIONNAIRE

APPENDIX 1-5: SHORT-FORM QUESTIONNAIRE


CHAPTER 2: ETHICAL ISSUES

2.1 INTRODUCTION

2.2 RELATIONSHIP BETWEEN CLIENT AND LAWYER
    2.201 Lawyer Competence – Rule 1.1
    2.202 Scope of Representation – Rule 1.2
    2.203 Diligence – Rule 1.3
    2.204 Communication – Rule 1.4
    2.205 Fees – Rule 1.5
    2.206 Confidentiality of Information – Rule 1.6
    2.207 Conflicts of Interest – Generally – Rule 1.7
    2.208 Conflicts of Interest – Prohibited Transactions –
    Rule 1.8
    2.209 Conflicts of Interest – Former Clients – Rule 1.9
    2.210 Imputed Disqualification – Rule 1.10
    2.211 Representing Client as Both Business Entity and
    Individual
    2.212 Client With Diminished Capacity – Rule 1.14
    2.213 Safekeeping Property – Rule 1.15
    2.214 Retaining Client’s Original Documents
    2.215 Declining or Terminating Representation – Rule 1.16
    2.216 Duties to Prospective Client – Rule 1.18
    
2.3 LAWYER AS ADVISOR
    2.301 Non-Legal Advice
    2.302 Referrals to Other Professionals
    
2.4 LAWYER AS ADVOCATE
    2.401 Candor Toward the Tribunal – Rule 3.3
    2.402 Truthfulness in Statements to Others – Rule 4.1
    2.403 Communication With Persons Represented by
    Counsel – Rule 4.2
    2.404 Dealing With Unrepresented Persons – Rule 4.3
    
2.5 LAW FIRMS AND ASSOCIATIONS
    2.501 Responsibilities Regarding Non-Lawyer Assistants –
    Rule 5.3
    2.502 Multi-Jurisdictional Practice of Law – Rule 5.5
    
2.6 INFORMATION ABOUT LEGAL SERVICES
    2.601 Communications Concerning a Lawyer’s Services –
    Rule 7.1
    2.602 Direct Contact With Potential Clients – Rule 7.2
    2.603 Communication of Fields of Practice and
    Certification – Rule 7.4
    

CHAPTER 3: MAPPING THE PLAN

3.1 INTRODUCTION

3.2 FORMS OF OWNERSHIP
    3.201 Fee Simple
    3.202 Tenants in Common
    3.203 Joint Tenants with Right of Survivorship
    3.204 Tenants by the Entirety
    3.205 Community Property
    3.206 POD Accounts
    3.207 TOD Ownership of Securities
    3.208 TOD Ownership of Real Estate
    
3.3 PROBATE PROCESS—A BRIEF OVERVIEW
    3.301 Probating the Will
    3.302 Qualifying the Personal Representative and the
    Trustee of a Testamentary Trust
    3.303 Fiduciary Bond and Surety on the Bond
    3.304 Filing the Inventory
    3.305 Filing the Annual Accounting
    3.306 Statement in Lieu of Accounting
    3.307 Settling the Estate
    
3.4 THE AUGMENTED ESTATE
    3.401 Surviving Spouse’s Right to Elect a Share of
    Decedent’s Estate
    3.402 Description and Timing
    3.403 Included Property
    3.404 Excluded Property
    3.405 Meaning of “Estate” and “Property”
    3.406 How the Augmented Estate Is Satisfied
    3.407 Effect on Federal Estate Taxes
    
3.5 OTHER RIGHTS
    3.501 Family Allowance
    3.502 Exempt Property
    3.503 Homestead Allowance
    
3.6 REASONS FOR HAVING A WILL
    3.601 To Dispose of Property
    3.602 To Reduce Estate Taxes
    3.603 To Name Fiduciaries
    
3.7 COMPARISON OF TESTACY AND INTESTACY

3.8 TYPES OF TRUSTS
    3.801 In General
    3.802 The Virginia Uniform Trust Code
    3.803 Revocable Versus Irrevocable Trusts
    3.804 Living Versus Testamentary Trusts
    3.805 Grantor Versus Nongrantor Trusts
    
3.9 USES OF TRUSTS
    3.901 Avoiding Probate
    3.902 Managing Assets
    3.903 Tax Savings
    3.904 Providing for Minors and Other Persons Under a
    Disability
    3.905 Providing for Spendthrifts
    3.906 Providing for a Spouse, While Controlling the
    Disposition of the Remainder
    
3.10 ALTERNATIVES TO TRUSTS
    3.1001 Uniform Transfers to Minors Act
    3.1002 Uniform Custodial Trust Act
    3.1003 POD Bank Accounts, Savings Accounts and United
    States Savings Bonds, TOD Investments, and Real
    Property
    3.1004 Survivorship
    3.1005 Simultaneous Death Act
    3.1006 Limited Partnerships and Limited Liability
    Companies
    
3.11 OTHER DOCUMENTS
    3.1101 Durable Powers of Attorney
    3.1102 Advance Medical Directives
    3.1103 Burial Instructions and Appointment of an Agent to
    Dispose of Body
    3.1104 Anatomical Gifts
    
3.12 TRANSFER TAX CONSIDERATIONS
    3.1201 Overview of the Federal Gift Tax
    3.1202 Overview of the Federal and Virginia Estate Tax
    3.1203 Lifetime Versus Testamentary Gifts
    3.1204 Estates Subject to the Federal Estate Tax
    3.1205 Overview of the Generation-Skipping Transfer Tax
    3.1206 Estates Subject to the Generation-Skipping
    Transfer Tax
    
3.13 PLANNING FOR MARRIED COUPLES
    3.1301 Marital Agreements
    3.1302 Surviving Spouse’s Elective Share of the Decedent’s
    Augmented Estate
    
3.14 IMPLEMENTING THE PLAN
    3.1401 Need for Additional Information and Documents
    3.1402 Checklist for Preparation of Documents
    
3.15 CONCLUSION
    3.1501 Careful Review of All Information
    3.1502 Coordination with Other Professionals
    3.1503 Coordination with Existing Plan Documents and
    Transfers
    3.1504 Coordination with Estate Plans of Other Family
    Members
    3.1505 Following Up with the Client
    

CHAPTER 4: DRAFTING THE WILL

4.1 INTRODUCTION

4.2 WHAT CONSTITUTES A WILL?
    4.201 Definition of a Will
    4.202 “Will” Construed
    4.203 Essential Elements
    
4.3 WILL SUBSTITUTES AND ALTERNATIVE PLANNING
    4.301 General Considerations
    4.302 Necessity of a Will
    4.303 Coordinating Non-Probate Assets With the Estate
    Planning Documents
    
4.4 FUNDAMENTAL WILL PROVISIONS
    4.401 Exordium Clause
    4.402 Tangible Personal Property
    4.403 Specific and General Bequests
    4.404 Real Property
    4.405 Residuary Estate
    4.406 Powers of Appointment
    4.407 Trust for a Beneficiary Under a Specified Age
    4.408 Guardians
    4.409 Presumption of Survivorship
    4.410 Debts and Expenses of Administration
    4.411 Taxes
    4.412 Appointment of Executor and Trustee
    4.413 Testimonium
    4.414 Attestation
    
4.5 BASIC CONSIDERATIONS
    4.501 Clear Identifications
    4.502 Limitations
    4.503 Will Speaks as of Date of Death
    4.504 References to Virginia Code Sections That Predate
    Enactment of Title 64.2
    
4.6 PREREQUISITES FOR A VALID WILL
    4.601 Statutory Formalities for Drafting
    4.602 Testamentary Capacity
    4.603 Statutory Formalities for Execution
    4.604 Multi-Jurisdictional Issues
    4.605 Holographic and Nuncupative Wills
    
4.7 AMENDING THE PLAN: CODICIL OR NEW WILL

4.8 THE AMERICAN TAXPAYER RELIEF ACT OF 2012:
ESTATE, GIFT, AND GST TAXES
    4.801 Overview
    4.802 Key Provisions
    
4.9 MATCHING THE ESTATE PLANNING DOCUMENTS WITH
THE CLIENT
    4.901 Candidates for Simple Wills With No Trusts
    4.902 Candidates for Simple Wills With Guardianship
    Provisions and Contingent Trusts for Children
    4.903 Separate Share or Single “Pot” Trust?
    4.904 Marital Deduction Planning
    4.905 Exemption Bypass Planning
    4.906 Portability Versus Bypass Planning
    4.907 Marital Deduction Planning Options
    4.908 Funding the Marital Deduction
    4.909 Providing for Postmortem Marital Deduction Tax
    Planning
    4.910 Integrating Generation-Skipping Transfer Tax
    Planning With the Marital Deduction  
    4.911 Candidates for Pour-Over Wills and Living Trusts
    4.912 Drafting Issues for Prior Marriages
    
4.10 SELECTED PROBLEM AREAS
    4.1001 Troublesome Client Scenarios
    4.1002 Checklist of Common Problem Areas in Drafting
    4.1003 The Roots of Most Drafting Problems
    
4.11 COMMON CLAUSES AND UNCOMMON RESULTS
    4.1101 Debts of the Decedent
    4.1102 Death Taxes
    4.1103 Tangible Personal Property
    4.1104 Residuary Estate
    4.1105 Real Property
    4.1106 The Changing Fraction
    4.1107 Spendthrift Clauses
    4.1108 Marital Deduction Reduction: Down the Wrong
    “Street”
    4.1109 Delayed Vesting or Postponed Enjoyment?
    4.1110 Pour-Over to Inter Vivos Trust
    4.1111 No Contest Clauses
    4.1112 Doctrine of Equitable Election
    
4.12 MODERN TRUST LAW

APPENDICES TO CHAPTER 4

APPENDIX 4-1: NON-TAX WILL FOR SINGLE PERSON WITH
TRUST FOR YOUNG BENEFICIARIES

APPENDIX 4-2: NON-TAX WILL WITH TRUST FOR CHILDREN

APPENDIX 4-3: WILL WITH SPECIAL NEEDS TRUST FOR
DISABLED CHILD

APPENDIX 4-4: TAX WILL WITH OUTRIGHT DISPOSITION OF
MARITAL SHARE

APPENDIX 4-5: TAX WILL WITH QTIP OR GENERAL POWER OF
APPOINTMENT MARITAL TRUST

APPENDIX 4-6: POUR-OVER WILL

APPENDIX 4-7: CODICIL


CHAPTER 5: DRAFTING THE TRUST

5.1 INTRODUCTION AND SCOPE

5.2 REVOCABLE LIVING TRUST: WHAT IS IT?

5.3 LIVING TRUST AS A WILL SUBSTITUTE
    5.301 Contrast to the Law of Wills
    5.302 State Law Discrepancies Between Wills and Trusts
    5.303 Review of Virginia Statutes
    5.304 Federal Tax Law Discrepancies Between Probate and
    Non-Probate Estates
    
5.4 REASONS FOR USING A REVOCABLE TRUST
    5.401 Management
    5.402 Probate Avoidance
    5.403 Privacy
    5.404 Challenges
    5.405 Disability Protection
    5.406 Expenses
    5.407 Contractual Benefits
    5.408 Flexibility
    5.409 Choice of Law and Situs
    
5.5 ESTATE PLANNING WITH A LIVING TRUST

5.6 OVERVIEW OF THE POUR-OVER WILL AND LIVING
TRUST ARRANGEMENT

5.7 DRAFTING CONSIDERATIONS

5.8 BASIC REVOCABLE TRUST PROVISIONS
    5.801 Preamble: Declaration or Agreement
    5.802 Identification of Assets
    5.803 Provisions During Grantor’s Life
    5.804 Distribution at Grantor’s Death
    5.805 Revocation and Amendment Provisions
    5.806 Trustee Provisions
    5.807 Spendthrift Provision
    5.808 Survivorship Provision
    5.809 Rule Against Perpetuities Clause
    5.810 Savings Clauses
    5.811 Division, Consolidation, and Termination of Trust
    5.812 Governing Law
    5.813 Execution Provisions
    5.814 Amendment to the Trust
    
5.9 GENERAL CONSIDERATIONS IN DRAFTING AN
IRREVOCABLE TRUST
    5.901 Introduction
    5.902 Powers and Rights That the Grantor Should Not Have
    5.903 Powers and Rights that Beneficiaries May Safely Hold
    5.904 General Gift Tax Issues
    5.905 State Income Taxation of Multi-Jurisdictional Trusts
    5.906 Rule Against Perpetuities
    5.907 Coordination with the Grantor’s Estate
    5.908 Self-Settled Spendthrift Trusts
    5.909 Intentionally Defective Grantor Trusts
    
5.10 THE AMERICAN TAXPAYER RELIEF ACT OF 2012:
    ESTATE, GIFT AND GST TAXES
    5.1001 Overview
    5.1002 Key Provisions
    
5.11 IRREVOCABLE LIFE INSURANCE TRUST
    5.1101 Reasons for Using an Irrevocable Life Insurance Trust
    5.1102 Drafting Considerations for the Irrevocable Life
    Insurance Trust
    5.1103 Crummey Rights of Withdrawal
    5.1104 Family Trust Provisions
    5.1105 Single Trust (Pot Trust) for Descendants
    5.1106 Separate Trusts for Descendants
    5.1107 Contingent Marital Trust
    5.1108 Default Remainder Beneficiaries
    5.1109 Divorce and Remarriage
    5.1110 Adopted Persons
    5.1111 Insurance Policies
    5.1112 Maximum Duration of Trusts
    5.1113 Spendthrift Trust
    5.1114 Payments to Minors
    5.1115 Irrevocability
    5.1116 Trustee Provisions
    5.1117 Survivorship Provision
    5.1118 Savings Clauses
    5.1119 Choice of Law and Situs
    5.1120 Trust Advisor
    5.1121 Dealings With the Insured’s Estate
    
5.12 CHARITABLE REMAINDER TRUST
    5.1201 Generally
    5.1202 Potential Grantors of a CRT
    5.1203 Estate Taxation of a CRT
    5.1204 CRTs: A Statutory Creation
    5.1205 Types of Unitrusts
    5.1206 Governing Instrument Requirements of CRTs
    5.1207 Certain Optional Provisions
    5.1208 Funding CRTs
    5.1209 Trustees of CRTs
    5.1210 Noncharitable Beneficiaries
    
5.13 VIRGINIA UNIFORM TRUST CODE
    5.1301 Overview
    5.1302 Drafting Considerations
    5.1303 Default Provisions; Mandatory Provisions
    5.1304 Default Provisions That May Be Overridden
    
5.14 CREATION OF TRUST BY CONSERVATOR OF ESTATE OF
INCAPACITATED PERSON

5.15 DECANTING TRUST ASSETS
    5.1501 Statutory Authority
    5.1502 Trustee’s Powers
    5.1503 Terms of the Second Trust
    5.1504 Procedure
    5.1505 Effects of Decanting
    
5.16 MODERN TRUST STRUCTURE AND GOVERNANCE
    5.1601 Entrusting Non-Trustees with Trustee
    Responsibilities
    5.1602 Co-trustees and “Delegated” or “Directed” Trustees
    5.1603 Trust Director Liability
    5.1604 Directed Trusts
    5.1605 Modern Trust Design
    
APPENDICES TO CHAPTER 5

APPENDIX 5-1: NON-TAX TRUST WITH TRUST FOR CHILDREN

APPENDIX 5-2: TAX TRUST WITH QTIP OR GENERAL POWER
OF APPOINTMENT MARITAL TRUST

APPENDIX 5-3: TAX TRUST WITH GST PROVISIONS

APPENDIX 5-4: AMENDMENT TO TRUST AGREEMENT

APPENDIX 5-5: LIFE INSURANCE TRUST

APPENDIX 5-6: GRANDCHILD’S TRUST

APPENDIX 5-7: I.R.C. § 2503(C) TRUST

APPENDIX 5-8: CHARITABLE REMAINDER UNITRUST

APPENDIX 5-9: INITIAL “PERPETUAL” WITHDRAWAL RIGHT
NOTIFICATION LETTER

APPENDIX 5-10: ANNUAL WITHDRAWAL RIGHT NOTIFICATION
LETTER

APPENDIX 5-11: CRUMMEY TRUST FOR THE BENEFIT OF A
CHILD OF THE GRANTOR

APPENDIX 5-12: ANNUAL WITHDRAWAL RIGHT
TRUSTEE/GUARDIAN NOTIFICATION LETTER FOR
CRUMMEY TRUST FOR THE BENEFIT OF A CHILD OF
THE GRANTOR

APPENDIX 5-13: ANNUAL WITHDRAWAL RIGHT DONEE
NOTIFICATION LETTER FOR CRUMMEY TRUST FOR THE
BENEFIT OF A CHILD OF THE GRANTOR


CHAPTER 6: TAX PLANNING

6.1 OVERVIEW OF THE UNIFIED TRANSFER TAX SYSTEM
    6.101 The American Taxpayer Relief Act of 2012
    6.102 Federal Estate Tax
    6.103 Federal Gift Tax
    6.104 Generation-Skipping Transfer Tax
    6.105 Unified Credit Against Federal Estate and Gift Tax
    6.106 Virginia Estate Tax
    
6.2 DETERMINING PROPERTY SUBJECT TO ESTATE TAX
    6.201 Property Owned at Death
    6.202 Other Property Included in the Gross Estate
    6.203 Valuation of Property Included in the Gross Estate
    
6.3 ESTATE TAX MARITAL DEDUCTION
    6.301 Background
    6.302 Requirements for the Marital Deduction
    6.303 General Power of Appointment Trust
    6.304 Estate Trust
    6.305 QTIP Trust
    6.306 Optimum Use of the Marital Deduction
    
6.4 SELECTING AND FUNDING MARITAL DEDUCTION
FORMULAS
    6.401 General Purpose of Formula
    6.402 Types of Formulas
    
6.5 OTHER DEDUCTIONS FROM THE GROSS ESTATE
    6.501 Charitable Deductions
    6.502 Funeral Expenses, Costs of Administration, and
    Claims Against the Estate
    6.503 Qualified Conservation Easements
    
6.6 TAXATION OF GIFTS
    6.601 Definition of Taxable Gift
    6.602 Concept of Completed Gifts
    6.603 Gifts Made Within Three Years of Death
    6.604 Gifts Made More Than Three Years Before Death
    6.605 Gift Tax Annual Exclusion
    6.606 Gift Tax Marital Deduction
    6.607 Valuation of Gifts
    6.608 Income Tax Considerations
    6.609 Benefits of Lifetime Transfers
    
6.7 GENERATION-SKIPPING TRANSFER TAX
    6.701 In General
    6.702 Definitions
    6.703 Tax Base
    6.704 Gift-Splitting
    6.705 Reverse QTIP Election
    6.706 Separate Share Rules
    6.707 Effective Dates
    6.708 Generation-Skipping Transfer Tax Planning
    Principles
    6.709 Postmortem Generation-Skipping Transfer Tax
    Planning
    
6.8 SPECIAL VALUATION RULES
    6.801 In General
    6.802 I.R.C. § 2702: Special Valuation Rules for Transfers of
    Interests in Trusts
    6.803 Private Remainder Trusts (GRATs and GRUTs)
    6.804 Personal Residence Trusts
    6.805 Proposed Treasury Regulations Affecting Valuation of
    Transferred Interests in Family-Owned Businesses
    and Partnerships
    
6.9 CONSISTENCY IN BASIS REPORTING
    6.901 Legislation
    6.902 Proposed Treasury Regulations
    6.903 Time for Filing
    6.904 Form 8971 and Instructions
    6.905 Fiduciary Duties
    
6.10 DISCLAIMERS
    6.1001 In General
    6.1002 What May Be Disclaimed?
    6.1003 Use of Disclaimers in Postmortem Estate Planning
    6.1004 Use of Disclaimers in Inter Vivos Estate Planning
    6.1005 Effect of State Law
    6.1006 Requirements of a Qualified Disclaimer
    6.1007 Writing Requirement
    6.1008 Delivery Requirement
    6.1009 Timing Requirement
    6.1010 Timing Requirement for QTIP Trusts
    6.1011 Timing Requirement for Joint Property
    6.1012 Disclaimant Must Not Have Accepted Any Benefits
    of the Disclaimed Property
    6.1013 Disclaimed Property Must Pass Without Direction by
    the Disclaimant
    6.1014 Disclaimer of Less Than an Entire Interest
    6.1015 Disclaimers That Reduce the Disclaimant’s Estate
    6.1016 Disclaimers That Increase the Marital Deduction
    6.1017 Disclaimers by a Fiduciary
    6.1018 Disclaimers Under the Generation-Skipping
    Transfer Tax
    6.1019 Drafting a Disclaimer Trust
    
6.11 SAVING TAXES WITH CHARITABLE GIFTS
    6.1101 Applicable Internal Revenue Code Sections
    6.1102 Income Tax Charitable Deduction
    6.1103 Estate and Gift Tax Rules
    6.1104 Valuation Tables
    6.1105 Methods of Giving and Tax Consequences
    6.1106 Bargain Sales
    6.1107 Bequests and Other Testamentary Transfers
    6.1108 Charitable Remainder Trusts
    6.1109 Pooled Income Funds
    6.1110 Charitable Gift Annuities
    6.1111 Remainder Interests in Personal Residences and
    Farms
    6.1112 Charitable Lead Trusts
    6.1113 Techniques for Special Assets
    6.1114 Private Foundations
    6.1115 Techniques for Special Situations


CHAPTER 7: PLANNING FOR CLOSELY HELD BUSINESSES

7.1 INTRODUCTION
    7.101 Importance of Estate Planning
    7.102 Lifetime Versus Postmortem Estate Planning
    
7.2 SELECTING A FORM OF OWNERSHIP
    7.201 In General
    7.202 Goals
    
7.3 SHAREHOLDER AGREEMENTS
    7.301 Purpose
    7.302 Types of Shareholder Agreements
    
7.4 VALUATION OF INTERESTS FOR ESTATE TAX PURPOSES
    7.401 In General
    7.402 Criteria for Valuation
    7.403 Tangible and Intangible Assets
    7.404 Making the Price Binding for Tax Purposes
    7.405 Selecting the Method of Determining the Price
    7.406 Paying the Purchase Price
    7.407 Disadvantages of Buy-Sell Agreements
    
7.5 USE OF THE I.R.C. SECTION 303 REDEMPTION
    7.501 In General
    7.502 Qualifying Under Section 303
    7.503 Unreasonable Accumulation of Surplus
    7.504 Using Section 303 Even If Liquidity Is Not Needed
    
7.6 ELECTION TO DEFER PAYMENT OF ESTATE TAX
    7.601 Introduction
    7.602 General Rules
    7.603 Pitfalls of Using Election
    
7.7 ESTATE TAX DEDUCTION FOR QUALIFIED FAMILYOWNED
BUSINESSES

7.8 DISPOSITION OF BUSINESS INTEREST BEFORE DEATH
    7.801 In General
    7.802 Outright Sale for Cash
    7.803 Installment Sale
    7.804 Tax-Free Merger
    7.805 Transfer on a “Discounted” Basis
    
7.9 ESTATE FREEZES

7.10 NON-TAX CONSIDERATIONS OF BUSINESS SUCCESSION
PLANNING
    7.1001 Family Businesses Are Different
    7.1002 Role of Family Members
    7.1003 Overcoming Obstacles to Planning
    7.1004 Formulating the Plan
    7.1005 Fair Versus Equal Distribution
    7.1006 Cash Flow
    7.1007 Control
    7.1008 Equity Ownership
    7.1009 Employment
    7.1010 Retention Versus Sale of Business
    
APPENDIX 7-1: SHAREHOLDER AGREEMENT DRAFTING
QUESTIONNAIRE

APPENDIX 7-2: SHAREHOLDER AGREEMENT

APPENDIX 7-3: BUSINESS SUCCESSION PLANNING
QUESTIONNAIRE RELATING TO THE BUSINESS, ITS
OPERATIONS, MANAGEMENT, AND OWNERSHIP
STRUCTURE

APPENDIX 7-4: BUSINESS SUCCESSION PLANNING
QUESTIONNAIRE RELATING TO NON-BUSINESS ASSETS


CHAPTER 8: POWERS OF ATTORNEY, MINOR CHILDREN, AND
ASSETS IN OTHER JURISDICTIONS


8.1 POWERS OF ATTORNEY
    8.101 In General
    8.102 General Versus Limited Powers of Attorney
    8.103 Capacity to Execute Power of Attorney; Breach of
    Duty; Presumption of Fraud; Actual Possession of
    Instrument
    8.104 The “Durable” Language
    8.105 Contingent or “Springing” Powers of Attorney Versus
    Delivery in Escrow
    8.106 Ending the Power of Attorney
    8.107 Relationship Between Other Fiduciaries and Agent
    Under Durable Power of Attorney
    8.108 Suggested Provisions of a Power of Attorney
    8.109 The Gifting Power of Attorney
    8.110 Health Care Decisions
    
8.2 MINOR CHILDREN
    8.201 Introduction
    8.202 Choosing a Guardian
    8.203 Property Transfers to Minors
    8.204 Tax-Advantaged Transfers to Minors
    
8.3 ASSETS OWNED IN OTHER JURISDICTIONS
    8.301 Introduction
    8.302 Domicile and Actual Residency
    8.303 Ancillary Administration
    
APPENDIX 8-1: MEMORANDUM OF UNDERSTANDING
ACCOMPANYING POWER OF ATTORNEY

APPENDIX 8-2: MEMORANDUM OF ESCROW DELIVERY OF
POWER OF ATTORNEY; AUTHORIZATION FOR RELEASE
OF CONFIDENTIAL AND PROTECTED HEALTH
INFORMATION

APPENDIX 8-3: DURABLE GENERAL POWER OF ATTORNEY

APPENDIX 8-4: DURABLE SPECIAL POWER OF ATTORNEY
GRANTING AUTHORITY TO AGENT TO MAKE GIFTS

APPENDIX 8-5: ADVANCE MEDICAL DIRECTIVE,
APPOINTMENT OF AGENT FOR HEALTH CARE
DECISIONS, APPOINTMENT OF PERSONAL
REPRESENTATIVE TO OBTAIN, HEALTH CARE
INFORMATION, APPOINTMENT OF AGENT TO MAKE
ANATOMICAL GIFTS

APPENDIX 8-6: DURABLE LIMITED POWER OF ATTORNEY FOR
TAX MATTERS

APPENDIX 8-7: DESIGNATION OF INDIVIDUAL TO MAKE
ARRANGEMENTS FOR FUNERAL AND DISPOSITION OF
REMAINS

APPENDIX 8-8: GENERAL DURABLE POWER OF ATTORNEY—
ALTERNATIVE FORM

APPENDIX 8-9: AGENT’S CERTIFICATION AS TO VALIDITY OF
POWER OF ATTORNEY AND AGENT’S AUTHORITY

APPENDIX 8-10: REVOCATION OF POWER OF ATTORNEY

APPENDIX 8-11: POWER OF ATTORNEY FOR MINOR
CHILD(REN)’S CARE

APPENDIX 8-12: CONSENT FOR MEDICAL TREATMENT OF
MINOR CHILD(REN)


CHAPTER 9: CHOOSING FIDUCIARIES

9.1 FIDUCIARIES GENERALLY
    9.101 Introduction
    9.102 Types of Fiduciaries
    9.103 Personal Representatives
    9.104 Testamentary Trustees and Trustees of Inter Vivos
    Trusts to Which a Devise or Bequest Is Made
    9.105 Guardians of Person and Estate of Minor Children
    9.106 Agents or Attorneys-in-Fact and Trustees of Inter
    Vivos Trusts to Which No Testamentary Transfer Is
    Made
    
9.2 STANDARDS OF JUDGMENT, DUTIES, AND
OBLIGATIONS
    9.201 Standards of Judgment for Fiduciaries Generally
    9.202 Specific Duties and Obligations
    
9.3 FIDUCIARY CHOICES AVAILABLE
    9.301 Individual
    9.302 Corporation
    9.303 Co-Fiduciaries
    
9.4 CONSIDERATIONS IN SELECTING PERSONAL
REPRESENTATIVES AND TRUSTEES
    9.401 Professional Versus Non-Professional Fiduciary
    9.402 Individual Versus Corporate Fiduciary
    9.403 Trustees of QDOTS
    9.404 Ethical Considerations: The Attorney-Draftsman as
    Fiduciary
    9.405 Tax Considerations
    9.406 Compliance With Uniform Trust Code Requirements
    and Powers
    
9.5 CONSIDERATIONS IN SELECTING GUARDIANS OF
MINOR CHILDREN
    9.501 In General
    9.502 Guardian as Trustee
    
9.6 CONSIDERATIONS IN SELECTING AGENT UNDER
POWER OF ATTORNEY
    9.601 In General
    9.602 Tax Consequences to Agent
    9.603 Conflicts of Interest
    
9.7 SELECTING AGENTS UNDER HEALTH CARE POWERS OF
ATTORNEY AND ADVANCE MEDICAL DIRECTIVES

9.8 SELECTION AND APPOINTMENT OF SUCCESSOR
FIDUCIARIES

9.9 COMPENSATION OF FIDUCIARIES
    9.901 Court-Supervised Fiduciaries
    9.902 Under Governing Instrument
    9.903 Timing of Payment of Commission
    9.904 Forfeiture of Commission
    9.905 Compensation of Fiduciary Serving Both as Executor
    and as Trustee
    9.906 Attorney Fees and Other Expenses
    
APPENDIX 9-1: ATTORNEY/FIDUCIARY DISCLOSURE AND
CLIENT CONSENT


CHAPTER 10: TRANSFERRING ASSETS OUTSIDE OF PROBATE

10.1 INTRODUCTION

10.2 NATURE OF NONPROBATE ASSETS
    10.201 Distinction Between Probate and Nonprobate Assets
    10.202 Common Examples of Nonprobate Assets
    10.203 Advantages of Nonprobate Assets
    10.204 Disadvantages of Nonprobate Assets
    
10.3 ESTATE PLAN INTEGRATION
    10.301 Will
    10.302 Tax Planning
    10.303 Asset-by-Asset Review
    10.304 Information-Gathering
    
10.4 JOINTLY OWNED PROPERTY
    10.401 Introduction
    10.402 Types of Joint Ownership
    10.403 How Created
    10.404 Multiple-Party Depository Accounts
    10.405 Advantages of Joint Ownership
    10.406 Federal Estate and Gift Tax
    10.407 Income Tax
    10.408 Estate Plan Coordination
    
10.5 POD AND TOD ACCOUNTS
    10.501 Payable on Death Accounts
    10.502 Transfer on Death Accounts
    10.503 Reasons to Use
    
    10.6 LIFE INSURANCE
    10.601 Introduction
    10.602 Types of Insurance
    10.603 Reasons to Use
    10.604 Taxation
    10.605 Estate Plan Coordination
    
10.7 QUALIFIED PLAN AND IRA RETIREMENT BENEFITS
    10.701 Introduction
    10.702 Types of Plans
    10.703 Plan Distributions
    10.704 Taxation
    10.705 Naming a Beneficiary
    
10.8 POWERS OF APPOINTMENT
    10.801 Introduction
    10.802 Reasons to Use Powers of Appointment
    10.803 Federal Estate and Gift Tax
    
10.9 AUGMENTED ESTATE
    10.901 Statutory Summary
    10.902 Planning
    
10.10 UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT
    10.1001 In General
    10.1002 Requirements for a Transfer on Death Deed
    10.1003 Revocation
    10.1004 Notice, Delivery, Acceptance, or Consideration Not
    Required
    10.1005 Effect of Deed During Transferor’s Life
    10.1006 Effect of Deed at Transferor’s Death
    10.1007 If Transferor Is a Joint Owner
    10.1008 No Covenant or Warranty of Title
    10.1009 Disclaimer
    10.1010 Liability for Creditor Claims and Statutory
    Allowances
    10.1011 Federal Electronic Signatures in Global and National
    Commerce Act
    
10.11 DESIGNATION OF BENEFICIARY ON MOTOR VEHICLE
CERTIFICATE OF TITLE

APPENDIX 10-1: REVOCABLE TRANSFER ON DEATH DEED
PURSUANT TO SECTION 64.2-635 OF THE VIRGINIA
CODE

APPENDIX 10-2: REVOCATION OF TRANSFER ON DEATH DEED
PURSUANT TO SECTION 64.2-635 OF THE VIRGINIA
CODE


CHAPTER 11: EXECUTION AND SAFEKEEPING OF
DOCUMENTS


11.1 OVERVIEW

11.2 REVIEW OF DOCUMENTS BEFORE EXECUTION
    11.201 By Client
    11.202 By Corporate or Professional Fiduciary
    11.203 By Attorney
    
11.3 LEGAL REQUIREMENTS FOR EXECUTION OF A WILL
    11.301 Legal Capacity of the Testator
    11.302 Statutory Requirements for Execution of Will
    
11.4 PROOF OF EXECUTION OF WILLS
    11.401 In General
    11.402 Self-Proving Wills
    11.403 Persons in Military Service
    11.404 Holographic Wills
    11.405 International Wills
    
11.5 DOCUMENT EXECUTION CEREMONY
    11.501 In General
    11.502 Place of Execution
    11.503 Redetermination of Legal Capacity
    11.504 Execution Procedure
    
11.6 EXECUTION OF OTHER ESTATE PLANNING
DOCUMENTS
    11.601 Trusts
    11.602 Powers of Attorney
    11.603 Advance Medical Directives
    11.604 Anatomical Gift Forms
    
11.7 SAFEKEEPING OF DOCUMENTS
    11.701 In General
    11.702 Originals of Documents
    11.703 Copies of Documents
    11.704 Documentation of Location of Originals and Copies
    11.705 Disposition of Prior Documents
    
APPENDIX 11-1: SAMPLE LETTER SENDING NON-TAX
DOCUMENT DRAFTS TO CLIENTS

APPENDIX 11-2: SAMPLE LETTER SENDING TAX-ORIENTED
DOCUMENT DRAFTS TO CLIENTS

APPENDIX 11-3: SAMPLE LETTER TO CORPORATE OR OTHER
PROFESSIONAL FIDUCIARY SENDING DOCUMENT
DRAFTS FOR REVIEW

APPENDIX 11-4: SIGNING FOR TESTATOR FORM

APPENDIX 11-5: PROCEDURE FOR NOTARIES IN THE USE OF
SELF-PROVING CERTIFICATES

APPENDIX 11-6: SELF-PROVING CERTIFICATE WITH
TESTATOR AND WITNESS SIGNATURES

APPENDIX 11-7: SELF-PROVING CERTIFICATE WITHOUT
TESTATOR AND WITNESS SIGNATURES

APPENDIX 11-8: LEGAL ETHICS OPINION

APPENDIX 11-9: CLIENT DOCUMENT EXECUTION
MEMORANDUM

APPENDIX 11-10: LOG FOR ORIGINAL CLIENT DOCUMENTS
RETAINED BY LAW FIRM

APPENDIX 11-11: SAMPLE LETTER TO PRIOR ATTORNEY OR
CORPORATE FIDUCIARY REQUESTING RETURN OF
PRIOR ORIGINALS TO CLIENT


CHAPTER 12: TERMINATING THE REPRESENTATION

12.1 OVERVIEW

12.2 COMPLETION OF WORK

12.3 IMPORTANCE OF TERMINATING THE REPRESENTATION

12.4 HOW TO TERMINATE THE REPRESENTATION
    12.401 Termination at Completion
    12.402 Termination of an Incomplete Matter
    
12.5 RETRIEVAL SYSTEM
    12.501 Importance of Access to Closed Files
    12.502 Importance of Being Able to Contact Clients in the
    Future
    
12.6 ETHICAL ISSUES REGARDING CONTACTING FORMER
CLIENTS
    12.601 Solicitation
    12.602 Affirmative Duty to Contact Former Clients
    
12.7 ETHICAL ISSUES REGARDING CLOSED ESTATE
PLANNING FILES

APPENDIX 12-1: LEGAL ETHICS OPINIONS

APPENDIX 12-2: SAMPLE LETTER TERMINATING
REPRESENTATION WITH ESTATE PLANNING CLIENT
UPON COMPLETION

APPENDIX 12-3: SAMPLE LETTER TO CORPORATE OR OTHER
PROFESSIONAL FIDUCIARY SENDING EXECUTED
DOCUMENTS FOR SAFEKEEPING

APPENDIX 12-4: SAMPLE FIRST LETTER TO CLIENT WHO
FAILS TO RE-CONTACT ATTORNEY

APPENDIX 12-5: SAMPLE LETTER TERMINATING
RELATIONSHIP WITH CLIENT WHO FAILS TO RECONTACT
ATTORNEY

TABLE OF AUTHORITIES

INDEX


Authors

Editor

Marie McKenney Tavernini, Marie McKenney Tavernini, P.C. / Alexandria (Expand/Collapse Bio)

Marie McKenney Tavernini is a shareholder in the law firm of Marie McKenney Tavernini, P.C., where she concentrates her practice in the areas of estate planning and estate and trust administration. Ms. Tavernini has written and lectured for Virginia CLE, local bar associations, and various other professional, civic, and community organizations. Ms. Tavernini was awarded her B.A. from Bennington College in 1968 and her J.D., magna cum laude, from Boston College Law School in 1987. She is a member of the Massachusetts, Virginia, District of Columbia, and United States Supreme Court Bars and is admitted to practice before the United States Court of Appeals for the Fourth Circuit. She has served on the Board of Governors of the Trusts and Estates Section of the Virginia State Bar and is a Fellow of the American College of Trust and Estate Counsel.

Authors

Farhad Aghdami, Williams Mullen / Richmond (Expand/Collapse Bio)

Farhad Aghdami, author of Chapter 7, is Managing Partner of the Richmond Office of Williams Mullen and is a member of the firm’s Tax Section. He focuses on wealth transfer tax planning, business succession planning, and general corporate matters. He is a past Chair of the Virginia Bar Association’s Wills, Trusts, and Estates Section and a past President of the Estate Planning Council of Richmond. Mr. Aghdami is a Fellow of the American College of Trust and Estate Counsel and is listed in Best Lawyers in America in the Tax and Trust and Estate categories. He is the Immediate Past Chairman of the Board of Governors of The Community Foundation Serving Richmond and Central Virginia and serves on the Board of Directors of the Boys and Girls Club of Metro Richmond, St. Christopher’s School, Venture Richmond, and Richmond’s Future. Mr. Aghdami received his bachelor’s degree from the University of Virginia, his law degree from Wake Forest University School of Law, and a Masters of Tax Law from Georgetown University Law Center.

George F. Albright, Jr., JP Morgan / Washington, D.C. (Expand/Collapse Bio)

George Albright, co-author of Chapters 4 and 5, is a Managing Director and the Virginia Business Head for the J.P. Morgan Private Bank. Prior to joining J.P. Morgan, he practiced law as a partner in the law firm of what is now known as Pillsbury Winthrop Shaw Pittman and was listed in Best Lawyers in America while in private practice. Mr. Albright is a Fellow of the American College of Trust and Estate Counsel and is a past Chairman of the Virginia State Bar’s Trusts and Estates Section and the Fairfax Bar Association Wills, Trusts and Estates Section.

A frequent speaker, Mr. Albright has been selected as a faculty member by such organizations as the University of Miami Law School’s Heckerling Institute on Estate Planning and the American College of Trust and Estate Counsel. He has been named one of the top wealth advisors in the DC metro area by Washingtonian Magazine.

Mr. Albright serves as a Trustee of the Virginia Foundation for Independent Colleges and is a former trustee of the Virginia Historical Society. He is a past Chairman of the Board of Directors of the Northern Virginia Community Foundation and also has served on the Board of the Fairfax County Chamber of Commerce. In addition, he has been a member of the Virginia State Bar Faculty on Professionalism and of the Executive Council and Legislative Committee of the Virginia Bar Association’s Wills, Trusts and Estate Section.

Mr. Albright has served as an adjunct professor of law at the George Mason University School of Law, where he also received his J.D. degree after earning a B.A. degree from Hampden-Sydney College. In addition to his law license, he also holds both the Series 7 and 63 securities licenses.

Michael H. Barker, McGuireWoods LLP / Richmond (Expand/Collapse Bio)

Michael H. Barker, co-author of Chapter 6, practices in the Richmond office of McGuireWoods LLP. Mr. Barker received a B.A. degree in 2003 from California Lutheran University, a J.D. degree, cum laude, from Georgetown University Law Center in 2008, and an M.P.P. degree from Georgetown Public Policy Institute in 2008. Mr. Barker’s practice focuses primarily on the representation of high net worth individuals and families as well as closely held businesses with respect to a variety of tax, estate planning, and trust and estate administration matters. Mr. Barker is member of the American Bar Association’s Real Property, Trust and Estate Law Section and a member of the Virginia Bar Association’s Wills, Trusts and Estates Section.

Dennis I. Belcher, McGuireWoods LLP / Richmond (Expand/Collapse Bio)

Dennis I. Belcher, co-author of Chapter 6, is a partner in the Richmond office of McGuireWoods LLP, having practiced with the firm since graduating from law school. Mr. Belcher received his B.A. from the College of William & Mary in 1973 and his J.D. from the T.C. Williams School of Law, University of Richmond, in 1976. Mr. Belcher concentrates in representing individuals with wealth and family businesses. Active in the American Bar Association, Mr. Belcher is the past Chair of the ABA Section on Real Property, Trust and Estate Law. He is a Fellow and past President of the American College of Trust and Estate Counsel and has lectured at numerous tax and estate planning seminars. Mr. Belcher has been listed in Best Lawyers in America for the last several editions of this book. His proudest achievement is that he is the father of three wonderful children: Sarah, Matthew, and Benjamin, and the husband of a beautiful and charming wife, Vickie.

Neal P. Brodsky, LeClair Ryan / Norfolk (Expand/Collapse Bio)

Neal P. Brodsky, co-author of Chapter 8, is a shareholder in the Norfolk office of the LeClair Ryan law firm. He received his B.A. and J.D. degrees from the University of Virginia and his Master of Laws in Taxation from the Marshall-Wythe School of Law at the College of William and Mary. Mr. Brodsky is a Past President of the Board of Governors of the Trusts and Estates Section of the Virginia State Bar and is a past President of the Hampton Roads Estate Planning Council. Mr. Brodsky concentrates his practice in estate and business planning, trust and estate administration, charitable planning, and tax-exempt organizations.

Nan L. Coleman, Coleman & Massey, P.C. / Roanoke (Expand/Collapse Bio)

Nan L. Coleman, author of Chapter 1, practices law in Roanoke as a member of the firm Coleman & Massey, P.C. She practices in the areas of estate planning, wills, trusts and estate administration, tax-exempt organizations, and charitable giving. She is a past member of the Board of Governors of the Wills and Trusts Section of the Virginia State Bar and currently serves on the Legislative Committee of the Wills, Trusts and Estates Section of the Virginia Bar Association. She served as a member of the Standing Committee on Commissioners of Accounts from 2005 to 2016. She is a Fellow of the American College of Trust and Estate Counsel. Ms. Coleman is a graduate of Duke University, magna cum laude, and the T.C. Williams School of Law of the University of Richmond.

Suzanne W. Doggett, Suzanne W. Doggett, P.C. / Alexandria (Expand/Collapse Bio)

Suzanne Doggett, co-author of Chapter 2, is a solo practitioner at Suzanne W. Doggett, P.C., where she concentrates her practice in the areas of estate planning and administration. Ms. Doggett is a graduate of the College of William & Mary and the University of Virginia School of Law. She is a member of the Legislative Committee of the Wills, Trusts and Estates Section of the Virginia Bar Association and a fellow of the American College of Trusts and Estates Counsel.

Mary D. Ellis, Bourdow, Bowen & Ellis / Midlothian (Expand/Collapse Bio)

Mary D. Ellis, author of Chapters 11 and 12, has been engaged in private practice since 1997. She concentrates her practice in the areas of estate planning, adult guardianship and conservatorship, and the administration of trusts and estates. She received her B.A., cum laude, from Roanoke College in 1992, and her J.D. from the Dickinson School of Law of Pennsylvania State University in 1995. She currently serves on the Board of Directors of Commonwealth Community Trust, a nonprofit and multistate special needs trust for persons with disabilities.

Adam L. Farnsworth, Williams Mullen / Richmond (Expand/Collapse Bio)

Adam Farnsworth, co-author of Chapter 9, is an associate in Williams Mullen’s Tax Section, where he focuses on Private Client & Fiduciary Services. He deals with a wide array of tax issues involving the estate tax, gift tax, and generation-skipping transfer tax, while also assisting clients in the formation of partnerships and limited liability companies. Mr. Farnsworth is licensed to practice in Virginia and New York. Adam holds an LL.M. in Taxation from New York University School of Law and a Juris Doctor from Michigan State University College of Law, where he was editor-in-chief of the International Law Review. He received a B.A. in International Affairs from Wagner College.

Timothy H. Guare, Timothy H. Guare, PLC / Richmond (Expand/Collapse Bio)

Timothy H. Guare, author of Chapter 3, is a member of the firm of Timothy H. Guare, PLC. He practices in the areas of estate planning, estate administration, and corporate law. Mr. Guare graduated from the University of Virginia (with distinction) in 1988 and from Harvard Law School (cum laude) in 1991. He served as Law Clerk to the Honorable James C. Turk, Chief United States District Judge for the Western District of Virginia. Mr. Guare is a former chair of the Board of Governors of the Trusts and Estates Section of the Virginia State Bar. He is an adjunct professor at the T.C. Williams School of Law at the University of Richmond, a member of the Board of Trustees of the New Community School in Richmond, and a Fellow of the American College of Trust and Estate Counsel.

Andrew H. Hook, Hook Law Center / Virginia Beach (Expand/Collapse Bio)

Andrew H. Hook, co-author of Chapter 8, is the President of the Hook Law Center. He practices in the areas of estate planning, elder law, estate and trust administration, Medicaid asset protection planning, and special needs trusts. Mr. Hook is certified as an Elder Law Attorney by the National Elder Law Foundation. He is a Fellow of the American College of Trust and Estate Counsel and a Fellow of the National Academy of Elder Law Attorneys. Mr. Hook is also the co-author of “Representing the Elderly or Disabled Client,” published by Thomson Reuters. He is a former President of the Special Needs Alliance, an organization of attorneys serving the needs of persons with disabilities. Mr. Hook is also a Certified Financial Planner™ professional. He is listed in the Best Lawyers of America registry. Mr. Hook received a B.A. degree in nuclear engineering from the University of Virginia in 1972 and his J.D. degree from the University of Virginia School of Law in 1975.

Michele A. W. McKinnon, McGuireWoods LLP / Richmond (Expand/Collapse Bio)

Michele A. W. McKinnon, co-author of Chapter 6, is a partner in the Richmond office of McGuireWoods LLP. Ms. McKinnon received a B.A. degree in 1982 from the University of Virginia, a J.D. degree (magna cum laude) from the University of Richmond in 1985, and an LL.M. degree in Taxation from the College of William & Mary in 1992. She practices trusts and estates law and has extensive experience in estate planning and administration, charitable gift planning and administration, tax-exempt organizations, private foundations, and fiduciary income taxes. She is a Fellow and past Virginia State Chair of the American College of Trust and Estate Counsel and is a member of its Charitable Planning and Exempt Organizations Committee. Ms. McKinnon is a frequent lecturer on estate planning and administration and on charitable giving and tax-exempt organization issues.

Amy G. Pesesky, Amy G. Pesesky, P.L.C. / Norfolk (Expand/Collapse Bio)

Amy G. Pesesky, co-author of Chapter 9, practices primarily in the areas of estate tax planning and estate and trust taxation and administration. She received her law degree from Marshall-Wythe School of Law, College of William & Mary, in 1990, and her undergraduate degree from St. Bonaventure University. Ms. Pesesky is a past Chair of the Board of Governors of the Trusts and Estates Section of the Virginia State Bar. She is a member of the Virginia State Bar, the Virginia Bar Association, the Norfolk and Portsmouth Bar Association, and the American Bar Association’s Section of Taxation.

Victoria J. Roberson, Roberson, Shepard & Turner, PLC / Chesterfield (Expand/Collapse Bio)

Victoria J. Roberson, co-author of Chapters 4 and 5, is a founding partner of the law firm of Roberson, Shepard & Turner, PLC. Her practice focuses on individual estate and tax planning and administration of estates. Ms. Roberson graduated magna cum laude from Westminster College in New Wilmington, Pennsylvania in 1981. She received her law degree from Wake Forest University School of Law in 1992 and graduated with honors. She previously practiced with the law firms of Buchanan Ingersoll, P.C., in Pittsburgh, and McGuire Woods and LeClair Ryan, in Richmond. She served as Senior Counsel in the area of Private Wealth Management at SunTrust Bank until returning to private practice in Chesterfield County. Ms. Roberson currently serves on the Legislative Committee for the Trusts and Estates Section of the Virginia Bar Association. She is a member of the Virginia State Bar and served on the Board of Governors of its Trust and Estate Section (2002-2008). Ms. Roberson retains an “AV” rating from Martindale Hubbell and has been listed in its Bar Register of Preeminent Lawyers since 2008. She was named to the list of Virginia “Super Lawyers” in 2008. The firm is listed as a Best Law Firm for Estate Planning in U.S. News & World Report for 2014, 2015, and 2016.

Nancy Newton Rogers, Virginia Estate & Trust Law, PLC / Richmond (Expand/Collapse Bio)

Nancy Newton Rogers, author of Chapter 10, is a member of Virginia Estate & Trust Law, PLC. She graduated magna cum laude from Hollins College in 1982 and from the University of Virginia School of Law in 1985. She concentrates her practice in the areas of estate planning, estate and trust administration, and charitable planning. She is a member of the Legislative Committee of the Virginia Bar Association’s Wills, Trusts and Estates Section and a member of the Trusts and Estates Section of the Virginia State Bar. She is also a member of the American College of Trust and Estate Counsel, the Richmond Estate Planning Council, and the Virginia Gift Planning Council.

William I. “Bill” Sanderson, McGuireWoods LLP / Richmond (Expand/Collapse Bio)

William I. “Bill” Sanderson, co-author of Chapter 6, practices in the Richmond office of McGuireWoods LLP. Mr. Sanderson received a B.A. degree in 1998 from the University of Virginia and his J.D. from the University of Virginia School of Law in 2006. His practice focuses on the areas of estate planning and estate and trust administration. He represents high net worth individuals and families in a variety of sensitive and complex estate and business planning matters. Active in the American Bar Association, he is the Chair of the Committee on Planning and Administration for Business Owners, Farmers, and Ranchers in the ABA’s Section of Real Property, Trusts and Estate Law. Mr. Sanderson is also a member of the Trust & Estates Legislative Committee for the Young Lawyers Division of the Virginia Bar Association. He is a frequent lecturer at tax and estate planning seminars.

Charles E. Taylor, Charles E. Taylor, P.C. / McLean (Expand/Collapse Bio)

Charles Taylor, co-author of Chapter 2, is a tax attorney who practices law in McLean. He concentrates in the areas of estate and trust administration and estate, charitable, and small business planning. Mr. Taylor has counseled numerous families and individuals in the Washington, D.C. area on planning for estate taxation and estate distribution. He also serves as counsel to several nonprofit institutions in the area of planned gifts. Before establishing his own practice, he was a member of Merrell, Ferguson & Taylor, P.C., in McLean and Silverstein & Mullens, in Washington, D.C. He is a member of the Virginia State Bar, the District of Columbia Bar, the Maryland State Bar Association, the American Bar Association, and the McLean Bar Association. He is also a member of the Washington, D.C. Estate Planning Council and the National Capital Gift Planning Council. Mr. Taylor received a B.S., magna cum laude, from Washington and Lee University and a J.D. from the University of Virginia School of Law.

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