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Thursday, October 15, 2020

Installment Sales Trusts (IST): A 1031 Exchange Alternative


Paying capital gains taxes upon the sale of secondary residential or commercial real estate can be a difficult tax bill to swallow. Yes. There are the traditional 1031 like-kind exchange options but often the reason you are selling your property in the first place is to diminish your overall real estate holdings. Enter the Installment Sales Trust (IST)tm, which allows for the sale of highly appreciated real estate where the capital gains tax liabilities are paid over time not all at once. Similar in nature to a typical §453 installment sale, the IST can provide greater stability and flexibility in managing installment distributions to the seller.
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Sunday, October 4, 2020

Does Your Adult Child Need A Trust?


Increasingly more clients are asking about creating a trust for their adult children after they are gone. Reasons can range anywhere from disabilities to financial irresponsibility, substance abuse problems, creditor liabilities or just poor decisions in relationships overall. It is routine for estate planning attorneys to establish trusts for minor children, allowing an independent Trustee to oversee the inheritance for the minors’ support until a designated age. Trusts for adult children can be designed to protect the inheritance you bequest to a child against bankruptcy, divorce, creditor claims and their own bad decisions. In fact, modern trusts will even allow a mature child to have more say so in how the trust is managed and invested.
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Friday, October 2, 2020

Planning For Personal Property In Your Estate Plan


You would be surprised what children fight over when mom, dad or both pass away. Your estate plan may have your overall shares or percentages laid out with clarity, but what kids can disagree on could be the heirlooms or personal sentimental items which may not have any real value. As hard as it is to believe, your children might fight over your Hummel collection, a favorite piece of jewelry or a sentimental painting. These disagreements could ultimately lead to lawsuits. In Virginia, you can add personal items to your will or trust and specify to whom you want to leave it; even a handwritten list, signed and dated by you can be legally effective.
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Friday, September 18, 2020

Should A Charitable Trust - Not Your Kids - Be The Beneficiary Of Your IRA?


The recent passage of the SECURE Act eliminated the ability to "stretch" your taxable distributions and related tax payments over your life expectancy if you inherit IRAs from a family member. With a few exceptions, if you inherit an IRA on or after January 1, 2020, you must now withdraw all assets from the inherited account within 10 years. The shorter amount of time you now have as a beneficiary to hold on to an inherited IRA can cause major tax burdens which can severely diminish what you ultimately have at the end of the ten year period. Moreover, the compressed withdrawal time frame will also cause personal income tax increases on many beneficiaries based upon the size of the IRA they inherited and what their own income rates are in the future. What is a possible tax savings alternative? Instead of having your family members as beneficiaries on your IRA when you pass you can name a Charitable Remainder Trust (CRT) as the sole beneficiary.
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Monday, August 31, 2020

Death is not an ending: the profitable word of literary estates


When the famed author of Jurassic Park, Micheal Crichton, died in 2008, he left two unfinished books and a wealth of publishing and media royalties for his estate to earn in practical endless perpetuity. While much of the publishing industry is primarily concerned on new writers and the living, the estates of deceased famous authors can be immensely lucrative to publishing, film and media companies. For instance, the books of Agatha Christie still earn millions of dollars annually. A few of my clients have royalty contracts with traditional publishers, as well as modern publishers, like Amazon. Your book or media royalties may only be earning a few thousand dollars a year, but they still require planning in the event you become incapacitated or pass away.
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Wednesday, August 26, 2020

Olivia Lee Joins Firm as Partner.


The law firm of J.S. Burton, P.L.C.
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Wednesday, August 12, 2020

Patrick Mahomes Signed A $500 Million Dollar Contract. Five Estate Planning Strategies Patrick Needs To Do Now.


NFL quarterback, Patrick Mahomes, II recently signed a 10 year, $500 million dollar contract; the highest in league history. Although it is not uncommon for elite football players to sign multi-million dollar deals, Mr Mahome’s deal provides him with the type of wealth which requires a multi-generational estate plan. Here are some of the top 5 estate planning strategies Mr. Mahomes needs to do now: 1) Implement advance estate planning utilizing trusts. Trusts can pass on his wealth without public knowledge and save in his case millions of dollars in court fees, taxes and professional service costs.
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Tuesday, August 4, 2020

Do You Need A Gun Trust?

Almost half of all American households own a gun. Many of you own guns. Perhaps you are just a weekend plinker with your local gun club, have one for self defense or, like the 1918 Broom Handle Mauser featured, inherited an antique curio weapon. A gun trust can often be the best way to legally ensure your firearms transfer to your chosen beneficiaries in an efficient and convenient way. A gun trust also can be conveniently setup alongside your existing estate plan, easier and less costly than you might think. 

 


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Monday, March 23, 2020

Latest Firm News - The Impact Of The Coronavirus On Your Important Legal Needs

During the COVID-19 situation, we are available to help! The law firm of J.S. Burton, P.L.C. remains fully operational and has implemented the following measures


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Friday, March 6, 2020

Latest Firm News - March 2020

Melissa N. Moser joins the firm, what you need to know about...


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Wednesday, September 25, 2019

Considerations When Selling Your Business

Finding yourself in a position to sell your business is a monumental achievement. Establishing a business is hard work, and preparing to sell your business is no different. There are many reasons to sell your business: you may be looking to retire, take a less involved role, resolve an ownership dispute, or perhaps your business is now struggling and you are looking for a buyer to try to turn it around. Regardless of the reason that you’re selling, there are some key considerations that you need to be aware of.

Establishing a Strong Team

Selling a small business has many moving parts that will be discussed further below. As a result, it is essential that you establish a strong team to help you through the sale. The three team members that you will want to identify early on are an attorney well-versed in the sale of a company, an appraiser who can accurately value the business, and potentially a broker who will work hard to identify potential buyers. Your choice on these team members, and whether to include all three, will depend upon the complexity of the business and its potential valuation.

Timing

Timing the sale of your business is crucial, as is identifying that you intend to sell the business well in advance. Ideally, you will want to have identified an intent to sell two years prior to the anticipated sale date. By beginning the process two years ahead, you can ensure that you’ve established a strong team that you trust that will help you through the process. Additionally, there is tremendous due diligence that will need to be completed to value the business and ensure all legalities are sorted.

However, while planning two years in advance is ideal, it isn’t always possible. When an unforeseen event occurs that forces you to sell the business sooner than anticipated, you will still follow the same process but will do so on a more compressed timeline.

Valuing the Business

Your business appraiser should work diligently with you to ensure that the business is accurately valued. To value the business, the appraiser will analyze market conditions, the business’ operating history, and the business’ future potential. Ultimately, the appraiser will present a formal valuation of the business that can then be utilized when pricing the business for sale.

Using a Broker or Selling Yourself

A final consideration when selling your business is whether you want to sell the business yourself or go through a broker. The decision to use a broker should depend on a number of factors including your availability, who you intend to sell to, and the timeline for which you need to sell. If you’re selling to someone you know, then a broker will likely not be necessary as a knowledgeable business attorney will be able to handle the sale. However, if you’re selling on the open market, then a broker may be ideal as he or she is highly experienced in selling small businesses and will know how to command the highest price in the shortest time possible.


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| Phone: 757.301.9500
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477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, Mclean, VA 22102 (By Appointment Only) | Phone: 757.301.9500