Resources

Beginning January 1, 2024, certain types of entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is part of federal legislation known as the Corporate Transparency Act (CTA).

Linked here are Resources to assist Flora Pettit clients in understanding and meeting their CTA reporting obligations, if any. Flora Pettit is happy to assist clients with understanding and meeting their obligations under the CTA and its beneficial ownership information (BOI) reporting requirements, however, Flora Pettit will not submit client BOI reports to FinCEN, whether an initial filing or required updates. Clients must do so either themselves, with or without Flora Pettit’s assistance, or through a third-party vendor such as CT Corporation.

The federal estate tax exemption for 2021 is $11.7 million per decedent. Without legislation, current law reduces it to $5 million in 2026 (about $6 million after expected inflation adjustments). Married couples can generally combine their exemptions. Legislation should be anticipated this year or next since revenue may be needed to cover COVID-19 costs. Please monitor the financial press for tax news and keep your balance sheet up to date.

Related Professionals: John W. Flora, Richard H. Howard-Smith, Dean (Mac) Nichols, George (Skip) Roberts, Jr., Jennifer E. Shirkey, Matthew Von Schuch, J. Page Williams

Trial lawyers around the country are familiar with John Henry Wigmore’s maxim that cross-examination is “beyond any doubt the greatest legal engine ever invented for the discovery of truth.” The accuracy of Professor Wigmore’s assertion is itself a matter of debate. Nevertheless, that “legal engine,” a bedrock of courtrooms for centuries, will soon be a central feature of sexual harassment grievance hearings at American colleges and universities.

Related Professionals: Christopher R. Tate

In this article Richard Howard-Smith offers his initial review and analysis of this brand new LLC variant that becomes effective in July, 2020.

Richard enjoys the myriad of issues that are involved with choosing the most appropriate type of entity for business, estate planning and charitable purposes, and also custom drafting for unique, specialized and forward-looking planning that is so often ignored.

Related Professionals: Richard H. Howard-Smith

Brand Protection and Trademark Law Basics

Previous versions of this article by Andrew Stockment have been published by the American Bar Association, the Virginia State Bar, and The Virginia Bar Association.

Practically every business has a brand—a name, a logo, or some other mark used to identify its products or services. Trademarks allow businesses to develop brand reputation and public goodwill in connection with the associated goods or services, and consumers rely upon trademarks and the reputation of the products sold under those marks to inform their buying decisions. As a result, trademarks are often among the most valuable and important assets owned by a business.

Because trademarks allow businesses to develop brand reputation and public goodwill in connection with their products and services, trademarks are often highly valuable assets and should be protected. Although unregistered trademarks receive some protection under the common law and under the federal Lanham Act, trademarks can be further protected through registration under both Virginia and federal laws, and federal trademark registration provides significant additional substantive and procedural rights.

Related Professionals: Andrew B. Stockment

Previous versions of this article by Andrew Stockment have been published by the American Bar Association, the Virginia State Bar, and The Virginia Bar Association.

Copyrights are unique among the various types of intellectual property rights because they are the most easily obtained but, arguably, the most misunderstood. And within the sphere of copyrights, the concept of “works made for hire” is particularly counterintuitive. This article gives an overview of some copyright law fundamentals and then unpacks the law regarding the requirements for a work to qualify as a “work made for hire.”

Related Professionals: Andrew B. Stockment

This article by Richard Howard-Smith was published in the Fall Newsletter of the Virginia State Bar’s Trusts and Estates Section (Fall 2017, Volume 23, No. 2).

In the article Richard Howard-Smith offers an insightful look at Virginia Business Trusts, an underused entity option that planners rarely consider; comparing and contrasting Virginia Business Trusts with more commonly used entities, and suggesting some creative uses of them.

Related Professionals: Richard H. Howard-Smith

This article by Andrew Stockment was published in the Fall 2015 issue of Opening Statement, the VBA Young Lawyers Division newsletter.

On July 1, 2015, a new Virginia law (Va. Code § 40.1-28.7:5) that address employee privacy for "social media accounts" became effective. "Social media account" is defined very broadly and includes virtually every personal Internet-based account. The law applies to all government and private employers, regardless of the organization's size or revenue. This article gives an overview of the new law, addresses two exceptions that may undermine protections for employees, and also cautions businesses about pitfalls associated with accessing employee social media accounts.

Related Professionals: Andrew B. Stockment

This article by Andrew Stockment was published in the Winter 2014-15 issue of Opening Statement, the VBA Young Lawyers Division newsletter.

This article provides an overview of the benefits of two-factor authentication and discusses some general password best practices.

Related Professionals: Andrew B. Stockment

This article was presented by Richard H. Howard-Smith at the Continuing Legal Education seminar sponsored by the Wills, Trusts & Estates Committee of the Charlottesville-Albemarle Bar Association.

This Article is a concise summary and explanation of the most significant tax changes made by the American Taxpayer Relief Act of 2012 ("ATRA 2012"), with an emphasis on the changes affecting estates and trusts. ATRA 2012 was particularly profound in its changes to the federal estate and gift tax regime that for over a decade had been in a state of near constant flux. Now there is a sense of repose in those tax rules, so more permanent and reliable planning choices can and should be made. In addition, and likely unintentionally, the income tax aspects of ATRA 2012 severely impact estates and trusts, complicating the tax-efficient administration of the same.

Related Professionals: Richard H. Howard-Smith