Michael L. Layman (“Mike”), Attorney

EDUCATION

University of Virginia, School of Law

Charlottesville, Virginia
Juris Doctor, 1971

University of Virginia, McIntire School of Commerce

Charlottesville, Virginia
Major: Accounting BSC, 1968

HONORS AT UNIVERSITY OF VIRGINIA

Omicron Delta Kappa
Beta Gamma Sigma
The Raven Society

ELECTED POSITION AT UNIVERSITY OF VIRGINIA

University of Virginia Judiciary Committee

COMMUNITY, REGIONAL, AND NATIONAL AWARDS

First Tee of Harrisonburg Volunteer of the Year Award

Honorary Paul Harris Fellow – Rotary Club of Harrisonburg

Distinguished Service Award – Small Business Council of America, Inc.

JUDICIAL ADMISSIONS

Virginia Courts

U.S. District Court for the Western District of Virginia

U.S. Tax Court

PROFESSIONAL AFFILIATIONS

Virginia State Bar

Harrisonburg-Rockingham Bar Association

American Bar Association

Small Business Council of America, Inc., Past Member Legal Advisory Board

Past Member of William & Mary School of Law Tax Conference Planning Committee (20 years)

268 Newman Avenue
Harrisonburg, Virginia 22801
Telephone: (540) 236-6100
Facsimile: (540) 433-7296
Email: mlayman@laymanlawgroup.com

EXPERIENCE

Combining tax knowledge and experience with legal knowledge and experience, Mike enjoys:

  (i) serving high net worth individuals and families in their estate, business, and retirement planning.

 (ii) serving young  families and small start up businesses with less sophisticated but just as important estate, business, and financial planning matters

 (iii)providing  federal & state income tax planning for individuals and businesses, as well as

 (iv) providing  legal, tax, & employee benefit services to  professional practices.

  He also strives to balance his legal career along with volunteering for community organizations such as the Harrisonburg Rotary Club, Young Life, The First Tee of Harrisonburg, his church Asbury United Methodist, as well as spending time with his family.

Set forth below are a sample of the legal and tax services provided over the years:

IT IS IMPORTANT TO REMEMBER THAT LEGAL RESULTS DEPEND ON A VARIETY OF FACTORS UNIQUE TO EACH SITUATION AND THE RESULTS DESCRIBED BELOW DO NOT GUARANTEE OR PREDICT A SIMILAR RESULT IN ANY FUTURE MATTER.

Represented many medical practices in their choice of entity for their practice, as well as, their medical practice building, employment contracts, management and shareholder agreements, retirement plan design, employee benefits, and leases.

Assisted many families  transfer family investments, business assets, and  family vacation properties,  from one generation to future generations free of estate and gift tax, while minimizing income taxes, and in addition protecting assets from divorce, other spousal claims, and similar issues that may impact one’s family.

As lead tax and legal counsel, has negotiated the sale and purchase of many types of closely-held businesses, farming operations, and investment properties.

Successfully facilitated tax-free divisions of closely-held businesses, including obtaining private letter rulings from the Internal Revenue Service.

Successfully resolved a qualified retirement plan issue that potentially would have disqualified the plan using the Employee Plans Compliance Resolution System (EPCRS) established by the Internal Revenue Service.

As told by an Internal Revenue Service Agent, successfully qualified the first estate in the nation for the Special Farm Use Valuation Rules under Internal Revenue Code Section 2032A first effective in 1977; thereby enabling a family to preserve a family farm by avoiding estate taxes.

Designed retirement plans for medical practices including the successful creation of the first 401(k) Safe-Harbor Cross-Tested Retirement Plan in the area.

Successfully represented individuals and businesses at Agent Level and Appeals Division Level in contesting large estate and income tax deficiencies brought by the Internal Revenue Service.

Successfully negotiated the formation, restructuring, merger, and division of numerous medical practices.

Counseled high-net worth individuals in creating Charitable Lead Trusts, Charitable Remainder Trusts, Charitable Foundations, and Family Dynasty Trusts to balance family planning and charitable planning.

Working with legal counsel in other states, assisted clients in selecting the best jurisdiction in which to establish specialized dynasty trusts, including trusts to hold large amounts of life insurance.

Researched and developed data and provided legal opinions to support valuation discounts with respect to undivided interests in real estate held by clients at death. Internal Revenue Service requested permission to use his reports in their in-house training seminars.

Successfully negotiated the tax-free division of corporate farming operation and obtained a Private Letter Ruling from the National Office of the Internal Revenue Service.

Testified before the Senate Finance Committee on proposed legislation impacting “S” Corporations.

Speaker at Virginia Continuing Legal Education Conferences on estate planning and qualified retirement plans.

COMMUNITY INVOLVEMENT

Harrisonburg Rotary Club Member (Past Board Member)

Asbury United Methodist Church Member (Past-Chari of Pastor Parrish Committee, Current Chair of Endowment Fund and Member of Finance Committee)

Summit Community Bank Advisory Board (Current Member)

Harrisonburg-Rockingham County Young Life Committee (Past Member (1990-2012))

Wingfield Ministries, Inc. (Past Board Member, Past-Chair)

Harrisonburg Recreation Commission (Past Member, Past-Chair)

Heritage Oaks Advisory Board (Past Member, Past-Chair)

The First Tee of Harrisonburg Foundation, Inc. (Past Member, Past-Chair, Coach)

Harrisonburg Little League Baseball (Past Coach for 7 years)

Spotswood Country Club (Past Board Member)