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A revocable trust, sometimes also referred to as a "living trust" or an "intervivos trust," raises practical questions for anyone who is considering establishing one, but the most frequent questions are 1) "will I lose control of the assets?" and 2) "will I lose...
Spousal Lifetime Access Trusts (SLATs) help couples preserve wealth and maximize estate tax exemptions. These advanced estate planning tools reduce tax burdens by transferring assets strategically, providing financial security in the process. Understanding SLATs and...
Serving as an executor for an estate in Virginia comes with many responsibilities. One of the most important tasks is ensuring the payment of all taxes owed by decedents and their estates. Understanding taxes that effect estates When someone passes away, their estate...
Probate involves administering a deceased person's estate by organizing assets, settling debts, and distributing the remaining assets to heirs. The process can involve complications and errors, but recognizing common pitfalls can help with navigating it more...
In addition to the issues you face in going through a divorce, what many divorce attorneys fail to tell you is that the divorce may impact your estate plan in multiple ways. Although the law does automatically remove an ex-spouse as a beneficiary of your will, a trust...
When it comes to deciding how your estate will be handled after your death, it is important to pick the right person to carry out your instructions. The executor is in charge of making sure all debts, taxes, and expenses are paid and, ultimately, dividing and...
Discussing estate planning with elderly parents is a sensitive conversation that you should approach with care and consideration. As loved ones age, it becomes increasingly important to talk with them and make sure you understand their wishes. Here are some steps and...
Creating an estate plan gives you control over what happens to your property if you become incapacitated as well as after your death. A well-crafted estate plan can help reduce or eliminate taxes, ensuring more of your wealth goes to your loved ones. One strategy to...
Becoming a parent for the first time is an exciting and life-changing experience. As a new parent, you are welcoming a new member to your family, but also welcoming many new responsibilities that come along with parenthood, including planning for the future. Though it...
Expectations often run high when someone dies and it comes to reading that person's will. Everyone from children to siblings to more distant relatives often expect to receive a distribuion from the decedent's estate. However, the will does not always conform to these...
