Estate Planning

Qualified Terminable Interest Property (QTIP) Trust

On behalf of Frost Law posted in on April 23, 2020.

A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as […]

Tags: Articles, Estate Planning, Tax Topics


Estate Planning Strategies for Charitable Giving

On behalf of Frost Law posted in on April 23, 2020.

When considering a large charitable gift, individual donors have many options at their disposal. Charitable trusts, donor‑advised funds, and private family foundations are three commonly used charitable giving options. Below is a summary of each option, as well as the advantages and disadvantages of each. Donor advised funds – A donor‑advised fund at a local […]

Tags: Articles, Estate Planning


5 Reasons Why You Need a Will

On behalf of Frost Law posted in on April 21, 2020.

Wills serve several functions, and nearly every adult should have one. If any of the below criteria apply to you, you should have a will: If you have minor children, and you want a say as to who will care for them upon passing, you need a will. A Will enables you to nominate a […]

Tags: Articles, Estate Planning


Virginia: Residency of Estates and Trusts No Longer Determined by Location of Administration

On behalf of Frost Law posted in on April 17, 2020.

Mary F. Lundstedt, Esq.,AssociateLeanne Broyles, Esq.,Senior Associate Resident estates and trusts are subject to Virginia state income tax on nearly all of their federal taxable income1. Effective July 1, 2019, recently enacted House Bill 2526 (HB2526) modifies the definition of a resident estate or trust for Virginia state income tax purposes2. HB2526 significantly impacts the […]

Tags: Articles, Estate Planning, Tax Topics


Charitable Giving: Not All Methods are Created Equal Part 2

On behalf of Frost Law posted in on July 6, 2017.

Leanne Fryer Broyles Part II In Part I of this post we reviewed the importance of discussing planned giving with your financial advisors. This month’s post focuses on just one way to give. The Charitable Remainder Trust is a popular planned giving tool that offers many benefits for philanthropists. If you are a good candidate, […]

Tags: Blog, Estate Planning


A Protected Inheritance: Spendthrift Trusts for Beneficiaries

On behalf of Frost Law posted in on May 10, 2017.

Leanne Fryer Broyles, Esq. Most people are familiar with the concept of a “spendthrift”- a person who is recklessly wasteful with his or her spending. While the spendthrift trust bears the name of the type of person for whom it was designed, its modern purpose is much broader. Anyone leaving substantial means to their beneficiaries […]

Tags: Blog, Estate Planning, Tax Topics


The Trust Fund Recovery Penalty, Part 2: The Importance of Notice

On behalf of Frost Law posted in on April 30, 2016.

In the first part of this post, we began discussing a powerful hammer in the IRS’s enforcement toolkit for payroll taxes. This hammer is the trust fund recovery penalty (TFRP). Last week, we discussed what it is and how the IRS can use it to go after individuals who willfully fail to collect or pay […]

Tags: Blog, Estate Planning, IRS


The Trust Fund Recovery Penalty, Part 1: What is it and When can The IRS use It?

On behalf of Frost Law posted in on April 20, 2016.

Uncle Sam is very serious about collecting income and employment taxes that are supposed to be withheld by businesses. To be sure, the IRS is serious about collecting other taxes too. But with employment taxes, the agency has an additional and potentially powerful tool: the trust fund recovery penalty (TFRP). In this two-part post, we […]

Tags: Blog, Estate Planning, IRS