Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 4 of 4
Full-Text Articles in Law
Estate, Gift And Income Tax Aspects Of Virginia's Transplanted Community Property - A Primer, J. Rodney Johnson
Estate, Gift And Income Tax Aspects Of Virginia's Transplanted Community Property - A Primer, J. Rodney Johnson
Law Faculty Publications
Almost a quarter of a century has now passed since the Virginia Supreme Court officially recognized the existence of transplanted community property in this state in the landmark case of Commonwealth v. Terjen, 197 Va. 596, 90 S.E. 2d 801 (1956). In this case, involving a California couple who sold their community-property owned residence in California and brought the proceeds along with them when moved to Virginia, the court held: "A change of domicile from a state where the community property law prevails to a common-law state does not affect the community property character of property previously acquired." Thus community …
The Optimum Marital Deduction Survives The Tax Reform Act, J. Rodney Johnson
The Optimum Marital Deduction Survives The Tax Reform Act, J. Rodney Johnson
Law Faculty Publications
Several years ago an article appeared in the pages of this journal which suggested that those attorneys who regularly focused on obtaining the maximum marital deduction in the wills they were drafting for their clients might be suffering from a form of estate planner's myopia. That is, they were losing sight of their ultimate goal of minimizing the total estate tax burden imposed on the husband's assets as they pass from him, through the wife, on to the ultimate beneficiaries. The danger foreseen was that, as an attorney employed one of the various formula clauses designed to obtain every possible …
An Attack On The Optimum Marital Deduction: Revenue Ruling 76-176, J. Rodney Johnson
An Attack On The Optimum Marital Deduction: Revenue Ruling 76-176, J. Rodney Johnson
Law Faculty Publications
A recent development in the field of estate and gift taxation-the issuance of Revenue Ruling 76-156 may be an indication of a policy decision on the part of the Internal Revenue Service to clamp down on the increasing utilization of the estate planner's most flexible tool in the ·area of post-mortem estate planning-the disclaimer. Due to the potential importance of this ruling, it seems desirable ( 1 ) to deal with the ruling, itself, in some detail, ( 2) to see how the ruling might affect an estate planning concept suggested in these pages last year, and ( 3) to …
Drafting For The Optimum Marital Deduction, J. Rodney Johnson
Drafting For The Optimum Marital Deduction, J. Rodney Johnson
Law Faculty Publications
While the marital deduction provided for by federal estate tax law may not necessarily be the controlling factor in planning the will of a married person, it is certainly one of the most important factors because of the sheer magnitude of this deduction up to 50% of the adjusted gross estate. A direct consequence of this importance is reflected in the fact that the marital deduction has become the most written-about topic in the estate planning area. Most of what has been written about this subject can be divided into the two following categories: ( 1 ) an explanation of …