Richmond Legal Blog

Buyouts could be profitable opportunities for Virginia businesses

On behalf of Coates & Davenport, P.C. posted in Business Law on Tuesday, March 26, 2019.

Business owners in Virginia may spend many years cultivating their enterprise. However, sometimes an opportunity to transfer ownership of the business presents itself. This is known as a "buyout." A buyout is a transaction under business law in which ownership of a business is transferred to one or more individuals or another business. An offer for a buyout may be something a business owner wishing to sell his or her business seeks, or it could come as a surprise from an interested buyer. There are a variety of types of buyouts that Virginia business owners could be presented with or seek out.

One common type of buyout that many in Louisiana may already be aware of is an acquisition. Through an acquisition, the acquiring business will purchase a smaller business. The smaller business would then either be a division of the acquiring business or it could continue to operate independently.

Keep retirement in mind when dividing assets in a divorce

On behalf of Coates & Davenport, P.C. posted in High Asset Divorce on Tuesday, March 19, 2019.

Many people in Virginia understand that it is important to plan financially for their future, so they contribute a certain percentage of each paycheck to a retirement account. Some people are even lucky enough to have pensions, and many also count on receiving Social Security benefits to help fund their retirement. However, what happens to one's retirement assets in the event of a divorce? With so much money at stake, especially in a high-asset divorce, it is important that both parties to a divorce walk away with a fair portion of their retirement funds.

Dividing retirement funds isn't the same as dividing a bank account or other financial resources. Proper paperwork must be filed to avoid incurring taxes and fees. For example, pensions, 401(k)s and other qualified plans must be divided through a Qualified Domestic Relations Order. Doing so permits a person to roll his or her funds into his or her own qualified plan within one year of the date the divorce is finalized without having to pay any taxes on the transfer or incur any penalties.

Why would I want to include a revocable trust in my estate plan?

On behalf of Coates & Davenport, P.C. posted in Estate Planning on Tuesday, March 12, 2019.

People executing an estate plan have a lot of options to consider. One estate planning tool that many people in Virginia find useful is a revocable trust. A person (known as the grantor) can execute a revocable trust but, as the name implies, retains the ability to change the provisions of the trust during their lifetime if they wish. The grantor's assets will be placed in the trust during his or her lifetime. Then, when the grantor passes away, the trust becomes irrevocable and assets are distributed to the grantor's heirs per the terms of the trust.

One advantage of a revocable trust is that it bypasses the probate process. Probate is the public process wherein the state will gather the deceased individual's assets, pay creditors and distribute the remaining estate to the heirs. It can be costly both in time and money. A revocable trust not only bypasses probate and thus is not made public, but it gives the grantor ultimate control over who is to inherit what and when -- something a probated estate cannot guarantee.

Should Virginia drug dealers be held responsible if death occurs?

On behalf of Coates & Davenport, P.C. posted in Criminal Defense on Tuesday, March 5, 2019.

Most Virginians would agree that too many people die because of illicit drug use. They may accidentally overdose, or the drugs could unknowingly be contaminated with other substances. These are very unfortunate situations. However, should drug dealers be charged with murder if the drugs they distributed lead to death?

Under current Virginia law, if a drug dealer provides a person with drugs and that person subsequently dies, the drug dealer may not be held legally responsible for the death (although he or she could still face other drug charges). However, a bill, known as "Amanda's Law," could significantly change the penalties for those accused of certain drug crimes. The bill has passed the Virginia House and Senate and is awaiting the governor's approval.

Virginia bill increases penalties for certain DUI offense

On behalf of Coates & Davenport, P.C. posted in Criminal Defense on Tuesday, February 26, 2019.

It is well known that drunk driving can cause car accidents. Some of these accidents seriously injure other people on the road. Accidents as these can lead to DWI charges, including DWI maiming of another. However, one bill making its way through the Virginia legislature will change the way these incidents are penalized.

The Virginia House of Delegates has passed a bill that would toughen penalties imposed on drunk drivers. Under HB 1941, if a drunk driver causes serious bodily harm to another, it will be penalized as a Class 4 felony. Currently, if a drunk driver causes another to suffer serious injuries but these injuries are not permanent, it is only a Class 6 felony.

Parallel parenting can benefit parents in a high-conflict divorce

On behalf of Coates & Davenport, P.C. posted in Child Custody & Parenting Plans on Tuesday, February 19, 2019.

When parents in Virginia divorce, the pain, sadness and anger they may have with one another may not disappear the moment the divorce decree is signed. These emotions can still be felt for years to come. However, if the couple has a child together, they will need to work together in some capacity to raise their child despite their divorce.

In a perfect world, parents would be able to make child custody arrangements that allow them to co-parent. This means that they would share custody of their child and therefore must come to an agreement with regards to any major life decisions regarding their child, as well as how to handle their child's day-to-day care. They may also choose to attend important events in the child's life together. However, sometimes this degree of cooperation simply isn't possible. When that happens, parents may choose parallel parenting over co-parenting.

3 signs that it's time to talk to a divorce attorney

On behalf of Coates & Davenport, P.C. on Friday, February 15, 2019.

There are many people who claim that the modern divorce rate is the result of a generation unwilling to compromise or wait things out in relationships. However, the truth is that divorce rates have gone up because divorce is more socially acceptable. People feel comfortable leaving relationships that are unhappy or toxic when they may not have made the same decision decades ago.

You may find yourself wondering whether your issues with your spouse are something that you can resolve or if divorce is in your future. While no one can answer that question for you, there are some serious warning signs that may indicate that divorce is inevitable.

Mergers and acquisitions are complex business law undertakings

On behalf of Coates & Davenport, P.C. posted in Business Law on Tuesday, February 12, 2019.

The business world in Virginia is ever-evolving. It is not unusual to hear of companies merging, especially large companies. These can be multi-million-dollar deals, so it can help to have a basic understanding of the variety of activities that fall under the umbrella of mergers and acquisitions.

Mergers take place when one business acquires another business. The acquired business is incorporated into the acquiring business, so that once the merger is complete, the acquired business no longer exists. Mergers must be approved by both businesses' board of directors and shareholders.

Amazon CEO to divorce wife after 25 years of marriage

On behalf of Coates & Davenport, P.C. posted in High Asset Divorce on Tuesday, February 5, 2019.

When a high-profile couple decides to divorce, their personal life can be placed in the limelight. For example, people in Virginia may be interested to hear that the founder and CEO of Amazon has announced he and his wife are ending their marriage. Touted as the world's richest person, Jeff Bezos and his wife had been married for 25 years. The couple undertook a trial separation before making the ultimate decision to divorce.

Bezos and his wife have stated that they will continue to work together in ventures and projects, despite their high asset divorce. Bezos has a 16.1 percent stake in Amazon Inc., while his wife is not a direct shareholder in the company. Bezos' shares in Amazon Inc. are worth approximately $130 billion, and his total wealth is approximately $137.1 billion.

Visitors to Virginia need a local lawyer to fight traffic charges

On behalf of Coates & Davenport, P.C. on Saturday, February 2, 2019.

Traveling -- whether you are out for business or pleasure -- brings with it a host of stresses, including the potential for legal issues in other states. People travel through Virginia on their way to vacation, to visit family or to important business meetings. These individuals could wind up breaking the law in Virginia by driving too fast or in a manner that Virginia law enforcement deems reckless.

If you find yourself facing serious allegations of reckless driving or excessive speeding in Virginia, don't take chances. You could face criminal charges and be forced to pay hundreds of dollars in fines. Contesting a traffic ticket instead of paying it may be the better option.