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. The information in the blogs and articles is not a substitute for legal advice and should not be relied on as such. Should you have any questions or want legal advice, please contact the attorney who wrote the blog or article.
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.
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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.
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More and more, estate planning includes the drafting of special provisions tailored to non-traditional - but increasingly common - family arrangements. Of the many couples and individuals who have recently adopted children or are considering it, a certain number have taken - and are now taking - advantage of modern reproductive technology in order to conceive a child. Many of these people come to us with legitimate concerns about how best to provide for the future care and needs of their child (or children) in their estate plan, especially when the development of new reproductive technology seems to be outpacing the development of Maryland (and other state’s) law.
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In a decision issued on May 18, 2012 (Port v. Cowan), Maryland’s highest court, the Court of Appeals, held that Maryland courts must grant a divorce to two people of the same sex who were validly married in another jurisdiction and who otherwise meet the criteria for divorce under Maryland law. Since many states still fail to recognize out-of-jurisdiction same-sex marriages, it will be interesting to see if Maryland (at least temporarily) becomes a legal haven for same-sex couples seeking a divorce.
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A parent of a child with special needs lives with very real obstacles and challenges. Thoughtful deliberation and extensive research, combined with insight and guidance from trusted professionals and advisors, are essential to developing an effective estate plan that provides adequately for the future of a special needs child.
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