Index

• Library: Estate Planning in Virginia (Virginia CLE) (2018 Ed.)

INDEX|

References are to pages

ACCOUNTS. See BANK ACCOUNTS, BROKERAGE ACCOUNTS, SAVINGS BONDS
ADMINISTRATION OF ESTATE. See PROBATE PROCESS AND ESTATE ADMINISTRATION
ADVANCE DIRECTIVES. See DO NOT RESUSCITATE ORDER; POWERS OF ATTORNEY, Health care
AMERICAN BAR ASSOCIATION. See PROFESSIONAL CONDUCT
AMERICAN COLLEGE OF TRUST AND ESTATE COUNSEL (ACTEC). See PROFESSIONAL CONDUCT
AMERICAN TAXPAYER RELIEF ACT OF 2012	319, 473, 474
ANATOMICAL GIFTS	176
Execution of donor form	1050
Uniform Donors Act	198
ANCILLARY ADMINISTRATION	738
ANNUITIES
Charitable tax deductions	572
Grantor-retained	313
Retirement benefits and plans	949, 964
Subject to federal estate tax	486
APPLICABLE FEDERAL RATE (AFR) TABLES	567
ASSETS. See also INSURANCE; PERSONAL RESIDENCE; PROPERTY; RETIREMENT BENEFITS AND PLANS
Generally. See PROPERTY
Augmented estate. See AUGMENTED ESTATE
Nonprobate	1086
Advantages	880
Augmented estate. See AUGMENTED ESTATE
Beneficiaries predeceasing	885
Control of	880
Creation	880
Creditors	881
Disadvantages	883
Effect of 2010 and 2012 Tax Acts	200, 319
Examples of	879
GST. See TAX, GENERATION-SKIPPING TRANSFER (GST)
Life estate as	880
Life insurance. See INSURANCE

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Lifetime gifts	879
Minors	885
Probate assets distinguished	877
Situs election	881
Spouses. See also SPOUSES	882
Statute of limitations on bequests and legacies	304
Tax planning considerations	886
Taxes generally. See also TAX headings	878, 880
Trusts. See CREDIT SHELTER TRUSTS; TRUSTS
Wills	194, 883, 886, 906
Omitted	886
Protection from creditors	60
Typical spousal plan	908
Valuation. See VALUATION
ATTORNEYS. See LAWYERS
ATTORNEYS-IN-FACT. See POWERS OF ATTORNEY
AUGMENTED ESTATE
RUPC version of Virginia Code	150
Valuation. See also VALUATION
Assets
Excluded	1012
Included	882
Bona fide purchaser	1014
Claiming	1010
Definitions	153
Disclaimers	153
Domicile requirements	727
Dower and curtesy abolished	150
Elective share	1009
Exclusions	305
Fiduciaries	153
Five-year look-back	1013
Follows the RUPC	1008
Gift-splitting	896
How satisfied	153
Insurance, spousal rights in	153, 882
Marital and premarital agreements	153, 1012
Marshaling assets	1013
Non-probate assets	882
Planning considerations	187
Property excluded	152

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Property included	151
Statutory provisions	150
Taxes	155, 473
Timing of claim	150
Transfers	1012
Premarital	1012
Valuation	153, 305, 1012
Waiver of	153
BANK ACCOUNTS, BROKERAGE ACCOUNTS, SAVINGS BONDS
Account card as nonprobate asset	880
Bonds, joint ownership of	892
Creation of	892
Gift tax	898
Multiple-party accounts	893
Unilateral and oral changes	895
Ownership of real estate	146, 173
Payable on death (POD)	145, 173
Advantages	912
Definitions and operation	909
Transfer on death (TOD)	146, 173, 1014
Advantages	912
Definitions and operation	911
BARGAIN SALES	570, 572
BENEFICIARIES
Augmented estate	153
Contingent	296
Fiduciaries as
Generally	851
Tax considerations	860, 861
Traps	1005
Life insurance	913, 964
Obligations to under Virginia Uniform Trust Code	286
POD accounts	145
Removal powers	860
Retirement benefits	978
TOD securities	146
BONDS AND SURETY
Administrators	814
Executors	810
Fiduciary	148, 159

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Guardians	685, 687, 691, 819
Investment bonds. See BANK ACCOUNTS, BROKERAGE ACCOUNTS, SAVINGS BONDS
Personal representatives	148, 810
Residency requirements	148
U.S. savings bonds. See SAVINGS BONDS
BROKERAGE ACCOUNTS. See BANK ACCOUNTS
BURIAL INSTRUCTIONS	176
BUSINESS PLANNING. See CLOSELY HELD BUSINESSES	1086
BUY-SELL AGREEMENTS. See CLOSELY HELD BUSINESSES, Shareholder agreements
BYPASS TRUSTS. See CREDIT SHELTER TRUSTS
CHARITIES
As beneficiaries. See BENEFICIARIES, Retirement benefits
Deductions. See TAX DEDUCTIONS
Trusts. See TAX DEDUCTIONS
CHECKLISTS
Plan	188
Wills	213
CLIENTS. See also LAWYERS, Confidences; Communications
Communication	62
Confidences of. See LAWYERS, Confidences
Confidentiality	11
Conflicts of interest. See LAWYERS
Contacting and solicitation. See PROFESSIONAL CONDUCT
Correspondence with	4, 63
Cyber security for client information	11, 55
Dependence on others	111
Documents. See DOCUMENTS
"Dormant" representation	64
Educating	6, 11
Ethical dilemmas	10
Family members	191
Fees	65
Follow-ups	191
General duties	53
Identifying	111
Impaired	110
Incapacity as testator	199, 1033

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Interviewing
Initial contact	2
Methods of	11
Scheduling	7
Seeking information	7, 141
Loyalty to	85
Multiple	75
Objectives of	3
Questionnaires	7, 11
Refusal to reveal information	8
Relationship with	55
Testamentary capacity	199, 1029
CLOSELY HELD BUSINESSES
Bargain sales and charitable tax deductions	570
Buy-sell agreements. See under this heading "Shareholder agreements"
C corporations	585
Capitalization	597
Degree of ownership	599
Disposition before death
Generally	612
Cash sale	612
"Discounted" transfer	613
Installment sale	612
Merger	612
Estate freezes	613
Family business succession. See under this heading
"Succession planning"	585
I.R.C. Section 303 redemption. See INTERNAL REVENUE
CODE, Section 303
Limited liability	585
Limited liability companies (LLCs)	174, 586
Management considerations	585
Methods of determining price	601
Partnerships	587
Planning principles	581
Lifetime planning	582
Non-tax considerations	581
Postmortem techniques	584
Succession planning	581
Recapitalization	613

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Redemption. See INTERNAL REVENUE CODE, Section 303
S corporations
Generally	585
Charitable tax deductions	525, 575
Electing Small Business Trust (ESBT)	312
Living trusts	312
Planning considerations	582
Qualified subchapter S trust (QSST)	312
Shareholder agreements
Binding price	600
Cross-purchase	588
Disadvantages	605
Entity redemption	604
Life insurance	588, 603
Paying purchase price	601
Price determination	604
Promissory notes	604
Purpose	587
Sinking fund	604
Valuation of	595
"Wait-and-see"	587
Sole proprietorship	606, 608
Succession planning, non-tax considerations in	581
Equity ownership	623
Fair versus equal distribution	620
Family business characteristics	616
Family member involvement	617, 620
Sale of business	581
Tax Cuts and Jobs Act of 2017	590
Tax rates	590
Valuation for estate tax purposes	595
CODE OF PROFESSIONAL CONDUCT. See PROFESSIONAL CONDUCT
CODICILS
Generally	193, 200
Inadvertent	217
Self-proving	200, 1040
COMMUNICATE, DUTY TO. See LAWYERS; PROFESSIONAL CONDUCT
COMMUNITY PROPERTY. See PROPERTY

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COMPETENCE, DUTY OF. See LAWYERS; PROFESSIONAL CONDUCT
CONFIDENCES, DUTY TO MAINTAIN. See LAWYERS
CORPORATIONS. See CLOSELY HELD BUSINESSES
COVERDELL EDUCATION SAVINGS ACCOUNTS (ESAs)	946
CREDIT SHELTER TRUSTS
2010 and 2012 Tax Act changes	165, 319
Administration expenses, effect of	219
Basic credit amount,	165
Contingent marital trusts	326
Disclaimers	907
Divorce and remarriage	327
Fractional formulas for funding	503
Funding	208, 502, 907
Life insurance	321, 920
Marital deduction	499
"Overfunding"	883
Pecuniary formulas for funding	506
Planning considerations	165, 183
Portability	500
Portability versus bypass planning	205, 501, 907
QTIP election by personal representative	304
Residuary estate clause	195
Retirement benefits	984
Spendthrift provisions	327
CREDITORS
Claims of, advising client to evade	60
Estate trusts	496
Gross estate	510
Joint ownership of assets	897
Joint tenancy	144
Life insurance	588, 917
Living trusts	301
Nonprobate assets	881
Personal representatives, qualifying as	147
POD accounts	173
Powers of appointment	1000
Priority of	149
Survivorship	173
Tenants by the entirety	144
TOD accounts	173, 912
Trust accounts	163

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CRUMMEY TRUSTS AND POWERS	167, 314, 717
Annual gift exclusion	512
Avoiding gift tax,	322
Demand powers	717
Drafting	720
Hanging powers	324
Irrevocable	314
Life insurance	929
Notification letters	1049

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