3 Reasons to Take Social Security at Age 62
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Estate Planning with IRA Trusts after the SECURE Act
When the legislation known in Congress as the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law, the rules governing beneficiaries of IRAs inherited after January 1, 2020 were changed significantly. For owners of IRA accounts who implemented special trusts for the post-mortem preservation of their retirement plan assets, it is now essential … Continued
Rack named to “Best Lawyers in America”
Kevin Rack has been selected for recognition as one of The Best Lawyers in America in the law practice areas of Trusts and Estates and Litigation – Trusts and Estates for 2021. This distinction follows a rigorous peer-review survey conducted on an annual basis, and Mr. Rack has been recognized every year since 2009. According … Continued
Announcement of Position Available – Attorney – Estate & Trust Administration / Taxation
Rack Law, P.C. is seeking new attorney with experience in fiduciary administration and income tax compliance to manage our substantial probate and trust practice. The Firm is focused in the practice areas of advanced estate planning, administration of trusts and estates, preparation of fiduciary, estate and gift tax returns, and representation of both fiduciaries and … Continued
Virginia Lawmakers Act to Help the Good Guys
During the 2019 Session of the Virginia General Assembly, two legislative changes were made to Virginia’s versions of the Uniform Power of Attorney Act and the Uniform Transfers to Minors Act which will provide aid and comfort to those who seek to protect the financial interests of loved ones who are vulnerable, whether they are … Continued
Estate and Gift Tax Exemption Amounts (2019)
Estates: Decedents passing in 2019 may be subject to an estate tax, with an applicable exclusion amount of $11,400,000 and a marginal tax rate of 40%. Gifts: For gifts made during 2019, the lifetime gift tax exemption is $11,400,000 and the marginal tax rate remains at 40%. The gift tax annual … Continued
Rack Named to JMU Board
Kevin B. Rack was named to the Alumni Advisory Board for the School of Liberal Arts at James Madison University for a three-year term. Mr. Rack received his B.A. in English (’80) at JMU, and he later served as President of the Tidewater Chapter of the Alumni Association for several years. He is proud to … Continued
“Saving Our Racks”
“Saving Our Racks” – The attorneys and staff of Rack & Moccia, P.C. are so proud to recognize those who bravely participated in the fund-raising activities of the law firm team in the American Cancer Society’s 2017 “Making Strides Against Breast Cancer” campaign. As co-captains, Wanda Parsons and Tania Dilley organized a chili cookoff, hosted … Continued
Latest Firm News & Announcements
Kevin B. Rack recently presented “Client Confidentiality in a Digital World: New ABA Ethics Opinion #477” as a part of the 36th Annual Trusts and Estates continuing legal education program hosted in Fairfax, Roanoke and Williamsburg in October. Mr. Rack’s representation clarified for Virginia attorneys the implications of the “technology amendments” to the Rules of … Continued
Virginia Enacts Changes to Spousal Elective Share Rules (Effective 1/1/2017)
During its 2016 Session, the General Assembly of Virginia amended its elective share statutes (which allow a surviving spouse to claim a percentage of the augmented estate of the deceased spouse) to include new terms of the Revised Uniform Probate Code. While the previously enacted Code provisions for the determination of an elective share were … Continued