Blogs

Estate Planning

Top Five Reasons to Update Your Power of Attorney

Outdated powers of attorney can create serious problems if they no longer comply with current law or reflect a person’s actual wishes. In this Bean, Kinney & Korman article, the analysis explains that one major reason to update a power of attorney is the adoption of newer laws such as HIPAA, the Uniform Health Care Decisions Act, and the Uniform Power of Attorney Act, all of which changed what authority an agent may need in order to act effectively. The article also notes that changes in…

May 1, 2012

Mergers and Acquisitions

10 Common Mistakes That Can Doom an Acquisition Buyer’s Prospective

Acquisition buyers often become so focused on closing a deal that they overlook issues that can dramatically reduce the value of the transaction or create problems after closing. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Phil W. Jaeger explains that buyers frequently make avoidable mistakes involving inadequate due diligence, unrealistic projections, poor integration planning, weak financing assumptions, and insufficient review of contracts,…

March 1, 2012

Construction

D.C. Jobs Bill has Far-Reaching Implications for Contractors

The District of Columbia’s amended First Source Act imposed significant new local hiring obligations on contractors and developers working on covered projects in the city. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that the legislation was intended to reduce unemployment among District residents by requiring contractors on covered projects to meet specific local hiring thresholds. The article notes that at least…

March 1, 2012

Real Estate

Proposed Amendment to Virginia’s Constitution Could Limit Government’s Use of Eminent Domain

Virginia lawmakers moved in 2012 to amend the state constitution to further restrict the use of eminent domain in response to concerns raised by the U.S. Supreme Court’s decision in Kelo v. City of New London. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, the analysis explains that the proposed amendment would limit eminent domain to strict public uses and make clear that economic development alone would no longer qualify as a sufficient…

March 1, 2012

Business and Financial Services

Tax Law: Engaging Appraisers for Closely-Held Business Interests

Valuing a closely held business can become critical in tax planning, litigation, financing, succession planning, and the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that qualified appraisers can help determine the value of closely held business interests by evaluating factors such as net worth, earning power, dividend-paying capacity, marketability, and minority ownership discounts. The article notes that…

March 1, 2012

Estate Planning

Safeguarding Frozen Embryos Through Estate Planning

Frozen embryos can create complex estate planning issues because state laws vary widely on whether embryos are treated as property, human life, or a special category in between. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that individuals undergoing in vitro fertilization should think carefully about what should happen to unused embryos in the event of death, incapacity, divorce, or failure to continue storage payments.…

February 1, 2012

Construction

A Landlord’s Duty to Mitigate. Part II.

We will discuss the commercial landlord’s duty to mitigate damages after a default by tenant in Washington, D.C., Virginia and Maryland. First, Washington, D.C. is as follows.

January 30, 2012

Construction

A Landlord’s Duty to Mitigate. Part I.

A Landlord’s Duty to Mitigate in Washington, D.C., Maryland and Virginia Under common law, a landlord had no duty to accept or procure a new tenant in order to mitigate damages (i.e., take reasonable action to avoid additional injury or loss) resulting from a tenant’s breach of a lease, including with respect to an abandonment…

January 10, 2012

Business and Financial Services

Fairfax Circuit Court Expands Jurisdiction in Conspiracy Cases

Virginia courts may exercise jurisdiction over out-of-state defendants when those defendants have sufficient contacts with the Commonwealth, even if they never physically lived or worked in Virginia. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Fairfax Circuit Court found jurisdiction existed over nonresident defendants in a business conspiracy case involving employees of a pharmaceutical company because they had directed…

January 1, 2012

Business and Financial Services

Finality of Orders in Reston Homeowners Association v. Ramirez

Under Virginia Supreme Court Rule 1:1, a court generally loses jurisdiction over a final order after 21 days unless the order has been suspended, modified, or vacated within that time. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Reston Homeowners Association v. Ramirez illustrates how courts determine whether an order is truly final. The case involved a homeowners association seeking corrective action against a property…

January 1, 2012