Virginia Code §20-111.1(A) and (D) revokes a beneficiary designation in any contract naming a former spouse as the beneficiary of death benefit proceeds. If the revocation is preempted by federal law, the statute stipulates that the former spouse is personally liable to the person who would have received the death benefit. This law was intended to prevent divorced individuals from inadvertently granting a windfall to an ex-spouse.Read More
The Paley Rothman Blog
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.
Virginia recently enacted legislation (§ 55-548.16:1 of the Virginia Code) which allows a trustee granted discretionary power to appoint trust principal or income, with the ability to appoint trust assets into a second trust, even if the second trust was created by the trustee of the first trust. This process is commonly known as decanting.Read More
On April 4, 2012, Governor Bob McDonnell signed into law new trust legislation which provides additional opportunities for Virginia and non-Virginia residents to achieve creditor protection. Effective July 1 of this year, a person may create a self-settled spendthrift trust into which the settlor (otherwise known as the person creating the trust) irrevocably transfers assets to a trust, and the assets are protected from claims of the settlor’s creditors, provided the settlor is a discretionary beneficiary and there is at least one other beneficiary of the trust.Read More
The Obama Administration recently released its 2013 Revenue Proposals (the “Green Book”), a number of which are designed to limit certain gift and estate planning opportunities that are currently available. Here is a brief overview of some of the relevant proposals:Read More