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501(C)(5) Nonprofit: Agricultural

Deferring Capital Gains

By Dean ‘Mac’ Nichols, Attorney   This is the third of a four-part series on nonprofit business entities. An organization that falls under the 501(c)(5) category is tax-exempt as a labor, agricultural, or horticultural organization. The conditions for exemption of these organizations include: • That the net earnings of the organization do not inure to benefit any member, • And that […]

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501(C)(4) Nonprofit: Political

501(c)(4) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the second of a four-part series on nonprofit business entities. 501(c)(4) political organizations are tax–exempt organizations granted exemption for a variety of reasons. They can be: • Civic leagues, • Organizations not organized for profit, but operated exclusively for promoting social welfare, • Local associations of employees in which membership is limited to […]

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501(C)(3) Nonprofit: Charitable Organizations

501(c)(3) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the first of a four-part series on nonprofit business entities. 501(c)(3) charitable organizations are the most common type of tax-exempt organizations, and are more often known as charitable organizations. These include public charities, private foundations, or private operating foundations. The majority of 501(c)(3) organizations are nonprofit corporations, but trusts, community chests, LLCs, and […]

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When Should I Collect Social Security Benefits

Social Security | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney Are you close to retirement age? If you are, then surely several questions are running through your mind: • What will I do when I retire? • Should I travel? • Will I spend more time with my grandchildren? • What hobbies do I want to explore? But there is one question that should be at […]

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Buy-Sell Agreements

Historic Rehabilitation Credit

By Dean ‘Mac’ Nichols, Attorney When is the last time you viewed your company’s buy-sell agreement (BSA)? If you can’t remember, or if your business doesn’t have a BSA in place, then now is the time to take action. BSAs are designed to dictate what happens when an owner retires, dies, becomes disabled, or leaves the company. A BSA will describe […]

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Annual Estate Planning Seminar (2014)

2014 Estate Planning Seminar | Layman & Nichols, PC

By Dean ‘Mac’ Nichols, Attorney Come join us at our informative annual Estate Planning Seminar! Presented by: the Law Firm of Layman & Nichols, P.C. Saturday, December 6th, 2014, 9:15am to 11:30am Virginia Mennonite Retirement Community – Detwiler Auditorium 1501 Virginia Avenue, Harrisonburg, VA 22802 Topics covered include: Current developments in Estate Planning Proper design of wills for parents of minor […]

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Estate Planning: Part Two

Oral Contracts in the Commonwealth of Virginia

By Dean ‘Mac’ Nichols, Attorney   Inheriting Assets: Designing a Trust Typical Terms of a Trust Trustee: You (as long as you are competent). Backup Trustees can include your spouse, your siblings, your adult children, your attorney and/or CPA, etc. Trust Director: Your attorney, CPA, or a friend who is business/investment oriented. Choice of Investments: Just about anything that you can […]

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Estate Planning: Part One

Family | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   Inheriting Assets: Outright vs. “In Trust” What is best? QUESTION: Should you leave assets at your death to your children outright or in a trust? THE ANSWER may surprise you. TO UNDERSTAND HOW A TRUST CAN BENEFIT YOUR CHILDREN… Coordinating Your Estate Planning With the Estate Planning of Your Adult Children Should you leave assets […]

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The Benefits of Creating a Trust

Trust | Layman NIchols Law

By Dean ‘Mac’ Nichols, Attorney   There are many benefits and a few disadvantages to creating a trust when dealing with the distribution of your assets. We’ve made a list of some of the reasons people should utilize a trust, as well as some of the advantages and disadvantages to consider as you move forward with your estate planning. ADVANTAGES Advantages […]

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Getting Remarried? How Remarrying Affects Your Estate

Remarriage | Layman Nichols Law

By Dean ‘Mac’ Nichols, Attorney   The decision to remarry is a time to celebrate! But it’s also an important time to consider the ins and outs of how remarrying can affect your estate—especially if you have kids and any kind of extended family from a first marriage. ESTATE PLANNING Remarrying can greatly affect your estate plan. In many states, spouses are […]

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