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HTMLObama Administration Announces Gift Tax Annual Exclusion Proposal
Farhad Aghdami; Williams Mullen;
Legal Alert/Article
March 12, 2014, previously published on March 5, 2014
On Tuesday, March 4, 2014, the Obama administration released its FY15 Budget. At the same time, the Treasury Department issued its accompanying “Green Book” that describes various changes in tax law and the resulting revenue impact. The Green Book often represents a mix of the White...

 

HTMLAll Same-Sex Marriages Valid for Federal Tax Purposes
Farhad Aghdami; Williams Mullen;
Legal Alert/Article
August 30, 2013, previously published on August 30, 2013
Same-sex marriages that are valid where celebrated are valid for all Federal tax purposes, according to a U.S. Department of the Treasury and Internal Revenue Service ruling issued on August 29, 2013. Revenue Ruling 2013-17 implements the U.S. Supreme Court decision in United States v. Windsor...

 

HTMLNew Year: New Taxes, New Rates and (Some) Taxpayer Relief
Farhad Aghdami, Maria S. Stefanis; Williams Mullen;
Legal Alert/Article
January 15, 2013, previously published on January 11, 2013
On January 2, 2013, President Barack Obama signed The American Taxpayer Relief Act of 2012 that retains the Bush era tax rates for most taxpayers, except for those in the highest marginal brackets, and extends many credits, deductions and exclusions. Also, in 2013, there is a 0.9% increase in the...

 

HTMLVirginia Enacts Trust Decanting Statute
Farhad Aghdami, Jeffrey D. Chadwick; Williams Mullen;
Legal Alert/Article
May 25, 2012, previously published on May 23, 2012
On April 4, 2012, Governor McDonnell signed Senate Bill 110 into law, which allows trustees to exercise the power to distribute trust income or principal to or for the benefit of a beneficiary by distributing the assets to a new trust. The act of distributing trust assets to a new trust is...

 

HTMLGift and Creditor Protection Planning with Virginia’s New Self-Settled Spendthrift Trust Statute
Farhad Aghdami, Jeffrey D. Chadwick; Williams Mullen;
Legal Alert/Article
May 21, 2012, previously published on May 21, 2012
On April 4, 2012, Governor McDonnell signed Senate Bill 11 into law, which permits the creation of “self-settled spendthrift trusts” in Virginia. A self-settled spendthrift trust is an irrevocable trust in which the grantor retains a beneficial interest, with such interest being...

 

HTMLWhite House Proposal for Business Tax Reform
Farhad Aghdami, Julie Layne; Williams Mullen;
Legal Alert/Article
March 2, 2012, previously published on February 29, 2012
On February 22, 2012, the Obama administration issued The President’s Framework for Business Tax Reform (the “Proposal”), an outline for what would be the first major overhaul of the U.S. Tax Code since 1986. In broad form, the Proposal would reduce the top income tax rate for...

 

HTMLHappy Holidays: Historic Wealth Transfer Tax Changes
Farhad Aghdami, Jeffrey D. Chadwick, John H. Turner; Williams Mullen;
Legal Alert/Article
December 28, 2010, previously published on December 20, 2010
The Holiday Season brought an extra special gift to our clients -historic (and quite generous) wealth transfer tax relief. Today, President Obama signed the Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 (the “Tax Relief Act”) which broadly extends the...