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Articles by Hunter Glenn
Wills, Trusts, and Estates
This year’s legislative and judicial activity surrounding wills, trusts, and estates did not bring any radical shifts in the law, but rather expansions and clarifications. In the legislative realm, the bulk of the activity centered on expanding protections for parties under guardianship, with a sensitivity to safeguarding vulnerable parties from neglect or even predation.
2023 Key Developments Impacting Nonprofits and Donors
The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax expenditures (revenue losses due to tax-exempt status). Recognizing this large financial impact, governing authorities require nonprofits and their leaders to navigate complex tax rules to retain their federal tax-exempt status.
Recent Cases of Interest to Fiduciaries: May 2023 | JD Supra
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following... Please see full publication below for more information. Download PDF
Recent Cases of Interest to Fiduciaries
Recent Cases of Interest to Fiduciaries MEGHAN GEHR HUBBARD, PARTNER 804 775 4714 | [email protected] FARHAN N. ZAROU, ASSOCIATE 904 798 2615 | [email protected] DEREK A. FARRUGIA, ASSOCIATE 704 373 8929 | [email protected] STEVEN J. BONNIWELL 804 775 4787 | [email protected] STEPHEN W. MURPHY, PARTNER 434 977 2538 | [email protected] LAURA A. MEIS, ASSOCIATE 804 775 7682 | [email protected] HUNTER M.
Timing is critical for gift of appreciated stock to avoid capital gain from sale of company
Business owners contemplating selling their companies often look to their tax advisers for options to reduce the potential tax impact upon sale. One option routinely considered is having the owner contribute a portion of the appreciated stock to a charitable organization before the transaction closes to avoid income taxes on the donated shares. This leads to a critical question: How far in advance of the closing must the charitable contribution occur?
"Wills, Trusts, and Estates" by Hunter M. Glenn and Allison A. Tait
Abstract Between legislative and judicial activity, there have been a number of noteworthy developments and changes to the rules governing trusts and estates. Several of these developments turn on questions related to the role of fiduciaries, what responsibilities they have with respect to reporting as well as asset management, and when they can be removed. These questions concerning fiduciaries implicitly address the rights of beneficiaries and the protections available to them.
Recent Cases of Interest to Fiduciaries: July 2022 | JD Supra
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: Wellin v. Farace, 2021 WL 5445968 (4th Cir. Nov. 22, 2021) (unpublished).
Virginia Supreme Court: Arbitration Clauses in Trusts Are Not Enforceable Against Beneficiaries | JD Supra
In Boyle v. Anderson, No. 210382 (Va. April 14, 2022), the Supreme Court of Virginia addressed an emerging topic in trusts and estates: whether a settlor can require that trustees and beneficiaries submit any disputes to arbitration, rather than allow them to proceed through litigation. This type of clause could be referred to as a “donative arbitration clause,” because it exists in a will or trust agreement, as opposed to a more conventional contract between parties.
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