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


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


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


Department of Justice fights ethics training order from Federal Court

The Justice Department moved Tuesday to fight a federal judge’s order that its lawyers undergo mandatory ethics training, digging in after the DOJ was accused of misleading the courts over President Obama’s immigration executive actions. In filings Tuesday, the department said the order would “far exceed the bounds of appropriate remedies” and would cost the … Continued


Render to Caesar Before Yourself – United States v. Read, T.C.

In 1999, Randy Read established an irrevocable trust for his children, naming himself as Trustee, and contributed stock options (earned by his wife) worth well over $700,000. Two years later, the trust assets had a value of just over $160,000 and a tax liability of about $122,000. Thereafter, he made distributions from the trust for … Continued