24 July

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Are My Trust’s Bank Accounts Fully Insured?

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the first in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. While this information is current at the time of writing, the rules for irrevocable trusts will be changing on April 1, 2024, to bring them into conformity with the revocable trust rules. The information in this series was derived from the FDIC’s website, as well as an email exchange between Insight Law and the FDIC. Federal Deposit Insurance Fundamentals The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate insurance coverage for funds depositors may have in different classes of legal ownership. The FDIC refers to these...

14 July

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Understanding IRS Notice 2023-30: Safe Harbor Deed Language for Conservation Easements

Posted by Bobby Feisee

in Bobby's Blog, News

If you have a conservation easement on your property or are in the process of putting a conservation easement on your property make sure your attorney includes Safe Harbor Language to protect the easement against future changes that could impact your easement. The Internal Revenue Service (IRS) has released Notice 2023-30 which outlines the safe harbor deed language for extinguishment and boundary line adjustment clauses. This language is required by Section 605(d)(1) of the SECURE 2.0 Act of 2022 and the notice explains how donors can amend an original eligible easement deed to incorporate the safe harbor language. Charitable contributions of qualified real property interests to qualified organizations for conservation purposes can be eligible for deductions. A qualified real property interest includes a restriction (granted in perpetuity) on the use that may be made of the real property. The SECURE 2.0 Act, necessitates the release of safe harbor deed language for extinguishment and...

14 July

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Breaking Down the SDNY Ruling in SEC v. Ripple Labs, Inc.

Posted by Bobby Feisee

in Bobby's Blog, News

On July 13, 2023, Judge Analisa Torres of the United States District Court for the Southern District of New York (SDNY) issued an important ruling in Securities and Exchange Commission (SEC) v. Ripple Labs, Inc., et al. that may signal a future loss for the SEC in the SEC v. Coinbase, Inc. case also currently pending in SDNY. The reason for this has to do with the court’s analysis of what it calls “programmatic sales” by Ripple Labs and the other Defendants. In order for me to describe this fully, I need to provide you with some background about the case. In 2011 and early 2012, Arthur Britto, Jed McCaleb, and David Schwartz developed source code for a cryptographically secured blockchain, which is now known as the XRP Ledger. The XRP ledger is run on the Ripple Network, known as RippleNet which is a decentralized global network of over 150 validators...

09 May

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Five Life Questions You Should Ask Your Parents Sooner Rather than Later

Posted by Bobby Feisee

in Bobby's Blog, News

One of the undeniable realities of life is that it is fleeting and we are not guaranteed tomorrow. With this realization in mind, ask your parents the following five questions sooner rather than later: [mkd_unordered_list style="circle" animate="yes" font_weight="bold"] Can you write my child's name in your handwriting? Can you write a letter to my child/children discussing what you love most about them and your future hopes for them? Can you share your favorite childhood memory? Can you share your favorite memory from when I was a child? What do you want to leave to your grandchild/grandchildren and why? [/mkd_unordered_list] Five Life Questions Go Viral These five questions received national attention when Courtney Lopez Gervais, a mother in Tennessee, posted a TikTok video revealing what she wished she asked her own mother before her unexpected passing. Gervais explained that she posted the video with the hopes of inspiring others to ask their parents those five questions while they...

28 March

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Estate Plan Lawyer in Ashburn Explains Intrafamily Loans

Posted by Bobby Feisee

in Bobby's Blog

Intrafamily loans can be an effective strategy for families to transfer wealth to the next generation, but they also have potential pitfalls and risks that must be considered and mitigated. Basically, intrafamily loans can be an incredibly effective tool to help create capital for families and successfully maintain and build wealth for future generations, but they must be completed with rigorous attention to detail. Navigating the IRS Tightrope Between a Loan and a Gift If you are contemplating an intrafamily loan, it is critically important to adhere to the requirements set forth by the Internal Revenue Service (IRS). Why? Because failing to follow the IRS guidelines when completing an intrafamily loan could result in the federal tax authority considering your loan to actually be a gift. Intrafamily Loan Requires Minimum Interest Rate One of the key requirements set forth by the IRS for intrafamily loans is a minimum interest rate. This base-level interest rate...

03 November

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Estate Tax Savings – Inflation’s Golden Lining?

Posted by Bobby Feisee

in Bobby's Blog

The inflation rate in the United States hit 8.2 percent year over year in the month of September meaning it is at a multi-decade high, according to NBC News. The spike in inflation has caused pain for many Americans due to the increase in food prices, housing prices, and medical care. However, there may be a golden lining to the ever-increasing inflation rate - reduced estate taxes. Reports indicate inflation could actually help save high-net-worth individuals close to $700,000 by reducing the estate tax bill that’s imposed on their assets when they pass on. How Inflation Impacts Estate Taxes Many people do not know that the estate tax is indexed to consumer costs. Since prices for food, clothing, housing, etc. have increased due to inflation, an adjustment will be made to the amount exempted from estate tax liability. Analysts predict the total amount couples will be able to shield from the estate tax...

01 November

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Does Virginia Recognize Wills from Another State? Ashburn Estate Planning Lawyer Provides the Answer

Posted by Bobby Feisee

in Bobby's Blog

[vc_row triangle_shape="no"][vc_column][vc_column_text] According to migration data tracked by the U.S. Census Bureau, more than 264,000 people relocated to the Commonwealth of Virginia from another state in recent years. This likely means thousands of people who drafted a Will in another state will need to get the answer to an important question: Does Virginia recognize a Will drafted and notarized in a different state? Here is the answer: A Last Will and Testament created and effectuated in a different state will generally be considered valid in Virginia if it meets the legal requirements. Requirements to Create Legally Enforceable Will in Virginia If you do not have a Will and recently relocated to Virginia, now is the time to take action and create a Will (or other estate planning instrument, such as a trust). In order to properly create a Will in Virginia, there are specific statutory requirements that must be met, including: You must be...

08 September

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Battle for Baltimore’s Professional Baseball Future Will Be Determined by Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

Whether the Orioles professional baseball franchise is going to remain in Baltimore, Maryland is now an open question in the wake of lawsuit filed by Louis “Lou” Angelos (son of beloved team owner Peter Angelos) against his mother and brother. Lou Angelos filed his complaint with a Baltimore County court on June 9, 2022 demanding recent amendments to a family trust be voided. In addition, the complaint demand that his aforementioned brother, John Angelos (current CEO of the Orioles) be held liable for fraud and intentionally interfering with Lou Angelos’ inheritance. Proverbial Dirty Laundry Aired in Public When an estate-related dispute arises and is allowed to escalate to litigation, the damage inflicted on the relationships of the surviving family members can be severe and even irrevocable. Unfortunately, the Angelos’ estate feud appears to be a prime example, particularly in light of the allegations levied by Lou Angelos against his mother and brother. For example, Lou Angelos...

14 April

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Which Trust is Best for Leaving a Portion of Your Estate to a Charity?

Posted by Bobby Feisee

in Bobby's Blog

When planning your estate, you may want to leave some money to a charity you support. If you are charitably inclined, there are two types of trusts you should consider utilizing to protect yourself from excessive taxation and maintaining the value of your future charitable donation. The two trust options include (i) the charitable lead trust and (ii) the charitable remainder trust. What is a Charitable Lead Trust? Compared to a charitable remainder trust, the roles are basically reversed when you set up a charitable lead trust. The charitable beneficiary will receive annual payments from the trust at the beginning of the term. At the end of the trust term, the assets remaining in the trust would be paid to your non-charitable beneficiaries (e.g., your children or other loved ones). You will receive a front loaded income tax deduction for the scheduled payments to the charity. These types of trust are favored...

02 March

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InSights from February 27, 2021 Annual Client Meeting

Posted by Bobby Feisee

in Bobby's Blog, News

The Annual Client Meeting is a key component of the Insight Law Maintenance Program. We are in the 13th year of hosting these meetings and have found them to be incredibly helpful to both the firm and our clients. The objective of the Annual Client Meeting is to ensure we stay connected with our clients and they stay educated on their estate plan. https://www.youtube.com/watch?v=LMOxNtQRDBk...