Estate Planning Update – Spring 2013

Estate Planning
At the beginning of the year, as a part of the deal to address the so-called “fiscal cliff,” Congress and the President made changes to the federal estate tax (aka “death tax”),
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New Revisions to Virginia Trust Law Allow for Asset Protection Trusts

Estate Planning
As of July 1, 2012, revisions to Virginia state trust law now permit the use of Asset Protection Trusts, otherwise known as Self-Settled Spendthrift Trusts (SSST). A Spendthrift Trust is a trust
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Virginia Small Estates Act Amended

Probate
The Virginia General Assembly made amendments (effective July 1, 2010) to the Small Estates Act, which provides streamlined procedures for the handling of smaller estates.  Importantly, probate
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Uniform Power of Attorney Act Goes Into Effect in Virginia

Estate Planning
In Virginia, on July 1, 2010, the Uniform Power of Attorney Act (UPOAA) went into effect. The UPOAA changes and codifies the rules and requirements governing powers of attorney in Virginia and is
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