The VBA Journal is the official publication of The Virginia Bar Association.
Issue link: http://vba.epubxp.com/i/436865
WINTER 2014 - 2015 • 19 WINTER 2014 - 2015 • 19 The General Assembly convenes Jan. 14. Follow the progress of VBA-supported bills online: www.vba.org/legislation Jefrey S. Palmore joined Reed Smith LLP in Richmond as an associate in 2013. Before that, he was director of policy development and deputy counselor to the governor of Virginia. He also served on the Virginia Code Commission from 2011-2013. Palmore frst joined the VBA in 2010 and is a member of the Administrative Law Section. Uniformity of Recording Tax Provisions Tis proposed legislation would address a number of incon- sistencies in the application of Virginia's recording tax stat- utes across jurisdictions and provide for uniform application of these laws. Te legislation would allow for the use of ap- praisals to determine a property's value for tax purposes and would address the calculation of taxes due in refnancing transactions to avoid double taxation. Revisions to Tenancy by the Entirety in Trusts Virginia currently allows for married individuals who own property as tenants by the entirety to transfer the property into trust and continue to enjoy the same creditor protec- tions. In the years since this statute was enacted, practi- tioners have identifed a number of ambiguities and uncer- tainties that could be clarifed in law. Tis legislation would help provide certainty by providing a safe harbor for certain types of trusts and by addressing the protections aforded to the proceeds of the sale of trust assets. Te legislation also would make clear that the creditor protections of ten- ancy by the entirety may be waived with respect to specifc trust assets. Augmented Estate Virginia's augmented estate statutes were enacted in 1991 and address the process for calculating a surviving spouse's share of the decedent spouse's estate when the provisions in a will are insufcient. Te VBA is beginning inital discussions of a proposal to modify Virginia's statute to more closely mirror the Revised Uniform Probate Code. Tis more mod- ern approach would enact a more equitable distribution of property through consideration of both spouses' assets and the length of the marriage. Any legislation that results from these discussions will not be introduced until 2016. Uniform Fiduciary Access to Digital Assets Act Te Uniform Law Commission has adopted the Uniform Fi- duciary Access to Digital Assets Act, which addresses disposi- tion of digital assets such as email and social media accounts after one's death. Te statute would grant certain fduciaries access to a deceased individual's digital assets in specifc cir- cumstances, unless the deceased had expressly declined to grant the authority or revoked authority during his or her lifetime. Tis proposal seeks to support such legislation if it is introduced in the 2015 General Assembly session. Grand Larceny Treshold Larceny of items valued at $200 or more is grand larceny punishable as a felony. Tis limit has not been modifed since 1980 and is one of the lowest in the country. Te commission proposed, and the board approved, continuing to support leg- islation to increase this threshold. Allocation of Health Insurance Costs in Child Support Te proposed legislation would allow a court to apportion the cost of health insurance among family members for purposes of child support obligations. Currently, the statute does not provide for allocation of additional costs for family health in- surance coverage among family members. ■ REAL ESTATE SECTION WILLS, TRUSTS & ESTATES SECTION COMMISSION ON THE NEEDS OF CHILDREN VIRGINIA FAMILY LAW COALITION