Estate Planning in Virginia

“The depth and breadth of information provided in a well-organized format make this book an indispensable reference for every Virginia lawyer who counsels clients with regard to any aspect of estate planning. The authors are experienced and respected Virginia estate planning lawyers, whose advice and commentary reflect their expertise. Your malpractice carrier will be happy to know that you own this resource!”
– Marie McKenney Tavernini, Editor

Creating estate plans is increasingly a challenge. You need practical, real-world information on planning, drafting documents, and administering estates—something you can put to use every day. This essential reference guides practitioners through the entire estate planning process from initial client contact to finalizing a complete estate plan that accomplishes the client’s goals. It clearly lays out estate planning options, their benefits and limitations, and the federal tax consequences to best implement the client’s wishes. It also includes 61 ready-to-use electronic forms to create estate plans for your clients.

This 2022 edition of Estate Planning in Virginia addresses changes to Virginia law that present new planning opportunities and challenges. The Uniform Transfer to Minors Act now permits the custodian of property to hold this until the minor reaches the age of 25. Virginia also passed the Uniform Fiduciary Income and Principal Act which replaces the prior uniform act and gives more flexibility to trustees.

ABOUT THE EDITOR AND AUTHORS

Editor

Marie McKenney Tavernini, Marie McKenney Tavernini, P.C., Alex­andria.

Marie McKenney Tavernini is a shareholder in the law firm of Marie McKenney Tavernini, P.C., where she concentrates her practice in the areas of estate planning and estate and trust administration. Ms. Tavernini has written and lectured for Virginia CLE, local bar associations, and various other professional, civic, and community organizations. Ms. Tavernini was awarded her B.A. from Bennington College in 1968 and her J.D., magna cum laude, from Boston College Law School in 1987. She is a member of the Massachusetts, Virginia, District of Columbia, and United States Supreme Court Bars and is admitted to practice before the United States Court of Appeals for the Fourth Circuit. She has served on the Board of Governors of the Trusts and Estates Section of the Virginia State Bar and is a Fellow of the American College of Trust and Estate Counsel.

Authors

Farhad Aghdami, Williams Mullen, Richmond.

Farhad Aghdami, author of Chapter 7, is Managing Partner of the Richmond Office of Williams Mullen and is a member of the firm’s Tax Section. He focuses his practice on wealth transfer planning and preservation, business succession planning, and general tax matters. He counsels a wide variety of clients, including high net worth individuals and families, institutional fiduciaries, family businesses, and charitable entities.

Mr. Aghdami is a fellow in the American College of Trust and Estate Counsel (ACTEC) and is a member of the Board of Regents of ACTEC. He also serves as Chair of the Fiduciary Income Tax Committee of ACTEC and is the Virginia State Chair and Southeast Region Chair of ACTEC. He is a past Chair of The Virginia Bar Association’s Wills, Trusts & Estates Section. During his tenure in that position, he led efforts to enact the Virginia decanting statute, the Virginia self-settled spendthrift trust statute, the Virginia grantor trust tax reimbursement statute, and the Virginia directed trust statute. Mr. Aghdami is listed in Best Lawyers in America in the Tax and Trust and Estate categories and was named Tax Lawyer of the Year in 2015 and 2018 and the Trust and Estate Lawyer of the Year in 2016 and 2019 by that publication. He is a co-author of Structuring Buy-Sell Agreements, Tax Planning for Family Wealth Transfers at Death, and Tax Planning for Family Wealth Transfers During Life (all published by Thomson Reuters) and is the author of numerous articles that have appeared in tax journals, including The Tax Lawyer and The Journal of Taxation. He is also a regular speaker at advanced planning conferences and seminars.

Mr. Aghdami is a 1989 graduate of the University of Virginia and a 1992 graduate of the Wake Forest University School of Law. He received his LL.M. in taxation from Georgetown University Law Center in 1995. He previously taught estate planning and estate and gift taxation at the University of Richmond School of Law and at Washington & Lee’s School of Law.

Michael H. Barker, McGuireWoods LLP, Richmond.

Michael H. Barker, co-author of Chapter 6, is a partner in the Richmond office of McGuireWoods LLP. Mr. Barker received a B.A. degree in 2003 from California Lutheran University, a J.D. degree, cum laude, from Georgetown University Law Center in 2008, and an M.P.P. degree from Georgetown Public Policy Institute in 2008. Mr. Barker’s practice focuses primarily on the representation of high net worth individuals and families as well as closely held businesses with respect to a variety of tax, estate planning, and trust and estate administration matters. As a member of McGuireWoods’ fiduciary advisory services practice group and fiduciary litigation team, Mr. Barker also frequently advises corporate and individual fiduciaries regarding tax and administration matters related to the fiduciary’s diverse duties and broad-ranging discretionary decisions. He is a Fellow of the American College of Trust and Estate Counsel; a member of the American Bar Association’s Real Property, Trust, and Estate Law Section (Co-Chairing the Committee on Estate Planning and Administration for Business Owners, Farmers, and Ranchers); and a member of The Virginia Bar Association’s Wills, Trusts & Estates Section.

Kevin G. Bender, Williams Mullen, Richmond.

Kevin G. Bender, author of chapter 9, is an associate at Williams Mullen. Mr. Bender is a tax attorney with experience in a vast range of federal tax matters. His clients include businesses, tax exempt organizations, and high net worth individuals. He advises partnerships and closely held corporations and their owners on a variety of transactions including formations, reorganizations, recapitalizations, mergers, asset sales, entity selection, and specialized tax planning opportunities, such as taking advantage of qualified small business stock. Additionally, he advises on the formation and operation of a variety of tax-exempt organizations, including private foundations, public charities, social welfare organizations, fraternal lodge organizations, and many others. He also provides tax planning and advice to existing exempt organizations. Mr. Bender advises high net worth individuals and fiduciaries with income and transfer tax planning, including the creation and administration of trusts and the administration of large estates. He also represents clients in tax disputes before the IRS and the United States Tax Court.

Mr. Bender received his B.A. from the University of Virginia and his J.D. from William & Mary School of Law, summa cum laude. He is a member of the Virginia State Bar.

Neal P. Brodsky, NB Law Group, PLLC, Norfolk.

Neal P. Brodsky, co-author of Chapter 8, is the principal of NB Law Group, PLLC. He received his B.A. and J.D. degrees from the University of Virginia and his Master of Laws in Taxation from the Marshall-Wythe School of Law at the College of William and Mary. Mr. Brodsky is a Past President of the Board of Governors of the Trusts and Estates Section of the Virginia State Bar and is a past President of the Hampton Roads Estate Planning Council. Mr. Brodsky concentrates his practice in estate and business planning, trust and estate administration, charitable planning, and tax-exempt organizations.

Kay Cross, H. Kay Cross, PLC, Charlottesville.

Kay Cross, author of Chapter 1, is an attorney with 26 years of practical experience in the specialties of wills, trusts, and estates. She enjoys creating comprehensive estate plans for her clients that take into account her clients’ particular family, social, and financial situations. Her practice entails the drafting of wills and various types of revocable and irrevocable trusts; assistance with estate and trust administration; gift, estate, and generation-skipping transfer tax planning and counseling; drafting of premarital agree­ments; small business planning and counseling; and elder law. She is a frequent attendee at legal education seminars and engages in regular study activities with a group of colleagues to enhance and expand her legal practice. Ms. Cross is admitted to practice in Virginia and the District of Columbia as well as the Fourth Circuit Court of Appeals. She is a member of the Virginia Bar Trusts and Estates Sections and the Charlottesville-Albemarle Bar Association, and she serves on the Board of the Charlottesville-Albemarle SPCA. Ms. Cross resides in beautiful White Hall, Virginia.

Aejaz A. Dar, Yates Campbell & Hoeg LLP, Fairfax.

Aejaz A. Dar, co-author of Chapter 5, is an attorney with Yates Campbell & Hoeg LLP, which is a boutique trusts and estates law firm located in Fairfax. He concentrates his practice on estate planning and estate and trust administration matters. He received his B.A. from the University of Michigan and his J.D. from NYU School of Law.

Suzanne W. Doggett, Suzanne W. Doggett, P.C., Alexandria.

Suzanne W. Doggett, author of Chapter 2, is a solo practitioner at Suzanne W. Doggett, P.C., in the city of Alexandria, where she concentrates her practice in the areas of estate planning and administration. Ms. Doggett is a graduate of the College of William & Mary and the University of Virginia School of Law.

Mary D. Ellis, Bourdow, Bowen & Ellis, P.C., Midlothian.

Mary D. Ellis, author of Chapters 11 and 12, has been engaged in private practice since 1997. She concentrates her practice in the areas of estate planning, adult guardianship and conservatorship, and the administration of trusts and estates. She received her B.A., cum laude, from Roanoke College in 1992, and her J.D. from the Dickinson School of Law of Pennsylvania State University in 1995. Ms. Ellis was a visiting student at the T. C. Williams School of Law, University of Richmond, for the 1994-1995 academic year. She is a former member of the Board of Directors of Commonwealth Community Trust, a nonprofit and multistate special needs trust for persons with disabilities.

Andrew H. Hook, Hook Law Center, Virginia Beach.

Andrew H. Hook, co-author of Chapter 8, is the President of the Hook Law Center. He practices in the areas of estate planning, elder law, estate and trust administration, Medicaid asset protection planning, and special needs trusts. Mr. Hook is certified as an Elder Law Attorney by the National Elder Law Foundation. He is a Fellow of the American College of Trust and Estate Counsel and a Fellow of the National Academy of Elder Law Attorneys. Mr. Hook is the author of the BNA Tax Portfolio on Durable Powers of Attorney. He is also a co-author of “Representing the Elderly or Disabled Client,” published by Thomson Reuters, and the “Special Needs Trusts Handbook,” published by Wolters Kluwer. He is a former President of the Special Needs Alliance, an organization of attorneys serving the needs of persons with disabilities. Mr. Hook is also a Certified Financial Planner™ professional. He is listed in the Best Lawyers of America registry. Mr. Hook received a B.A. degree in nuclear engineering from the University of Virginia in 1972 and his J.D. degree from the University of Virginia School of Law in 1975.

Lauren A. Jenkins, Offit Kurman, P.C., Tysons Corner.

Lauren A. Jenkins, author of Chapter 3, is a partner at Offit Kurman, P.C., where she focuses her practice on tax and estate planning, trust and estate administration, tax compliance, and premarital agreements in Virginia, Mary­land, and the District of Columbia. She was awarded her B.A., summa cum laude, from University of Massachusetts Boston; her J.D., with honors, from Emory University School of Law; and her LL.M. in Taxation and Estate Planning Certificate from Georgetown University. Ms. Jenkins currently serves as Secretary of the Wills, Trusts & Estates Section of The Virginia Bar Association. She is also a Fellow of The American College of Trust and Estate Counsel.

Michele A. W. McKinnon, McGuireWoods LLP, Richmond.

Michele A. W. McKinnon, co-author of Chapter 6, is a partner in the Richmond office of McGuireWoods LLP. Ms. McKinnon received a B.A. degree in 1982 from the University of Virginia, a J.D. degree (magna cum laude) from the University of Richmond in 1985, and an LL.M. degree in Taxation from the College of William & Mary in 1992. She practices trusts and estates law and has extensive experience in estate planning and administration, charitable gift planning and administration, tax-exempt organizations, private foundations, and fiduciary income taxes. She is a Fellow and past Virginia State Chair of the American College of Trust and Estate Counsel and is the Chair of its Charitable Planning and Exempt Organizations Committee. Ms. McKinnon is a frequent lecturer on estate planning and administration and on charitable giving and tax-exempt organization issues.

Nathan R. Olansen, Midgett Preti Olansen PC, Virginia Beach.

Nathan R. Olansen, author of Chapter 10, is a Shareholder in the law firm of Midgett Preti Olansen PC. His practice is focused on estate planning, including probate and trust administration. He represents clients in federal, state, and local tax audit and tax collection cases as well as business succession, individ­ual and entity tax planning, asset protection, and a variety of related transac­tional matters. Mr. Olansen also has extensive experience in individual, gift, estate and trust income tax compliance and preparation (Forms 1040, 1041, 706, and 709), and trust and estate fiduciary accounting preparation.

In addition to being licensed to practice law in Virginia and North Carolina, Mr. Olansen is a certified public accountant and served in the U.S. Marine Corps as a member of Delta Co., 4th Light Armored Reconnaissance Battalion.

Victoria J. Roberson, Victoria J. Roberson, PLC, North Chesterfield.

Victoria J. Roberson, author of Chapter 4, is a sole practitioner in North Chesterfield. Her practice focuses on individual estate and tax planning and administration of estates. Ms. Roberson graduated magna cum laude from Westminster College in New Wilmington, Pennsylvania in 1981. She received her law degree from Wake Forest University School of Law in 1992 and graduated with honors. She previously practiced with the law firms of Buchanan Ingersoll, P.C., in Pittsburgh, and McGuire Woods LLP and LeClair Ryan PLLC, in Richmond. She served as Senior Counsel in the area of Private Wealth Management at SunTrust Bank until returning to private practice in Chesterfield County. She is a member of the Virginia State Bar and served on the Board of Governors of its Trust and Estate Section (2002-2008). Ms. Roberson retains an “AV” rating from Martindale Hubbell and has been listed in its Bar Register of Preeminent Lawyers since 2008. She was named to the list of Virginia “Super Lawyers” in 2008 and has been named to “Best Lawyers” each year since 2017.

William I. “Bill” Sanderson, McGuireWoods LLP, Washington D.C. and Richmond.

William I. “Bill” Sanderson, co-author of Chapter 6, is the co-chair of the McGuireWoods LLP private wealth services group. Mr. Sanderson received a B.A. degree in 1998 from the University of Virginia, and after completing his first year of law school at the University of South Carolina earned his J.D. from the University of Virginia School of Law in 2006. His practice focuses on the areas of estate planning and estate and trust administration. He represents high net worth individuals and families in a variety of sensitive and complex estate and business planning matters. Active in the American Bar Association, he is the Chair of the Business Planning Group for the ABA’s Section of Real Property, Trusts and Estate Law. Mr. Sanderson is also a fellow in the American College of Trust and Estate Counsel and is a member of the Wills, Trusts & Estates Legislative Committee for The Virginia Bar Association. He is a frequent lecturer at tax and estate planning seminars.

Thomas D. Yates, Yates Campbell & Hoeg LLP, Fairfax.

Thomas D. Yates, co-author of Chapter 5, is an attorney at Yates Campbell & Hoeg LLP. His practice concentrates on sophisticated estate planning and the administration of complex estates and trusts. Mr. Yates formerly served as Chair of The Virginia Bar Association’s Wills, Trusts & Estates Section (includ­ing the Legislative Committee), and he was formerly on the Board of the Trusts and Estates Section of the Virginia State Bar. He is currently a member of the Legislative Committee of The Virginia Bar Association’s Wills, Trusts & Estates Section. He has been honored by his peers as a member of the Legal Elite by Virginia Business magazine, as a Virginia Super Lawyer, and as a Best Lawyer in America in the area of Trusts and Estates. He is a fellow of the American College of Trust and Estate Counsel. Mr. Yates has spoken at numerous continuing legal education seminars for Virginia CLE, the Fairfax Bar Association, and the Arlington Bar Association on various topics concern­ing estate planning and estate and trust administration.