For individuals who are looking to secure their family’s future, few legal tools are as powerful and adaptable as a trust. For many families, a trust isn’t just a legal document – it’s a customized plan that helps them avoid the probate process, shield assets, and ensure loved ones are provided for in exactly the …
Having an estate plan in place ensures your and your family’s needs for the future, but it is particularly important if you have a child with special needs. You have spent your life and resources dedicated to caring for your special needs child. However, once your child turns 18, the criteria for getting essential benefits …
When it comes to estate planning – clarity rules. Aretha Franklin’s passing resulted in drawn out litigation over the past 4 years that has finally ended with a two-day trial. Ms. Franklin handwrote a will in 2014 that was located in her couch and has been determined to be controlling of her estate. When the …
Shockingly, some 55 percent of American adults have neither a will nor any other type of estate plan in place. This number has remained fairly steady for the past fifteen years and does not take into account the number of adults who have put medical directives in place—a number which has actually increased. Although medical …
Everyone wants to protect their children. In addition to protecting them from physical and psychological harm, one of the most important ways to protect your children is to ensure their inheritance is secure. It’s critical that you take action now to ensure your children are able to access your assets when you die. To help …
When going through a divorce, there is a lot going on and many people will forget how important it is to update their estate plan. Even a simple divorce can take over a year to finalize and a lot can happen in that year that can jeopardize your final wishes. It was recently discovered that …
For many families, COVID-19 has brought estate planning to the top of the priority list. Unfortunately, most law offices are closed or limiting their availability due to stay-at-home orders or other state restrictions. Estate planning attorneys are still able to complete meetings by phone and can send clients documents by email or mail for signature. …
The term “estate planning” can be a bit of a misnomer. The term “estate” can summon images of a stately manor full of housekeepers and stables out back. The truth is that every single person has an “estate” – whether that means assets, liabilities, or dependents that rely on them for everyday care and financial …
So you’ve made the responsible decision and purchased a life insurance policy to ensure your dependents will be cared for in the unfortunate event something happens to you. Naming a beneficiary should be the easy part, right? But mistakes made when choosing your beneficiary can lead to unforeseen consequences. When a mistake happens, it can …
Being a single parent has added responsibilities, including making sure that your minor children are taken care of in the event you no longer are there. What would happen to your children if you died, or became incapacitated and could no longer care for them? Where would they live? Who would take care of them? …
An estate plan has several objectives. It should provide for your family’s financial security, ensure that your property is passed to your beneficiaries as you wish, and determine who will manage your assets and make sure that your estate is distributed properly after your death. Military families need to consider some special estate planning issues …
As discussed in previous blogs, it’s important to have a will and estate plan in place. But though there are many advantages to creating a will, there are some things a will simply can’t do. A will is the perfect document for parents with minor children to use to designate a guardian for their children, …
Let’s start with a short case study… a very sad and unnecessary scenario: A client’s domestic partner died in an automobile accident. They had been together for eight years and at the time of his death, she was three months pregnant. The house, car title, and bank accounts were all in his name only. He …
An advance medical directive, also sometimes called an advance health care directive, or living will is a legal document that gives you control over who makes medical decisions during times when you cannot make them for yourself because of incapacity, serious illness, or an accident. These directives allow an individual, known legally as the declarant, to …
The Internet has made it very easy to find answers and instructions on just about anything, including how to develop a do-it-yourself (DYI) estate plan. There are websites and software packages, along with DIY estate planning books and kits that tell prospective customers that you no longer need an attorney to create a will, trust, …
In our last blog, we discussed revocable living trusts and their benefits. In this blog, we’ve created a simple case study to illustrate the value of a living trust and estate planning, and how it is used once the grantors have gotten older, incapacitated, or have died. Meet Jim and Susan. They have been married …
A revocable living trust in Virginia, also called a living trust or inter vivos trust, has become a popular estate planning option because of the many benefits it offers. A revocable living trust is flexible and the terms can be changed at any time, or the trust may be cancelled entirely. Currently, about 20% of Americans have …
When it comes to estate planning, most families have the same objectives: to provide income for their children or other descendants. Parents want their children to continue having the sa me comfortable lifestyle and the freedom to pursue their education and career objectives. But what happens if your children are still under 18? What happens …