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
Estate Tax Advisory Alert When the estate tax exemption amount was doubled to $11.2 million beginning this year, the estate planning strategies implemented in many of the trust documents prepared over the last 30 years became unnecessary. While this tax relief is welcome news, it also presents the challenge to amend and restate those … Continued
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
We are pleased to announce both shareholders, Kevin B. Rack and Jennifer L. Moccia, have made the 2018 “Top Lawyers” list for Coastal Virginia Magazine and CoVa BIZ Magazine. Look for their “Top Lawyers” listings in the upcoming year-end issues of CoVa BIZ and Coastal Virginia Magazine to see how their peers recognized them in … Continued
“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
Congratulations to one of our shareholders, Jennifer L. Moccia, who has once again been selected by her peers to be included in the combined category of “Taxes, Estates, Trusts, Elder Law” category of “Virginia’s Legal Elite” for 2017.
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
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
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
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
