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, …
Estate planning can be a complicated and tricky business. Without a legal document detailing your wishes and how and when you want your estate divided and distributed, your assets could end up in the hands of a son or daughter before he/she has a clue about how to manage money wisely, or even a relative …
President Trump signed the new tax reform bill December 22, 2017. Among the many changes to tax law, the final bill eliminated the tax deduction for spousal support or alimony payments. In the Commonwealth of Virginia, alimony, the legal obligation imposed on a person to provide financial support to their spouse after marital separation or …
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 …
In Virginia, a married couple’s assets and property are generally divided into two categories: marital (also referred to as joint property) separate property Marital property is property and income that is acquired or received during a marriage by either spouse, regardless of whose name is on the title. This includes earnings, retirement contributions, homes, cars, …
After a lot of soul searching, you’ve decided it’s time to file for divorce. Now you have another big decision on your hands, choosing the right divorce attorney. This decision will likely be one of the most important in your life. Therefore, you need an effective plan to follow in order to select the right attorney …
Your divorce is final, assets have been divided, child support, custody, and spousal support have been determined, and you’re ready to move forward with your life. But you’re not quite done yet. The final step in your divorce is an appointment with your estate planning attorney. The estate plan you created with your ex-spouse during your marriage …
Your dog, cat, bird, horse, rabbit, guinea pig… are all important members of your family. As part of the estate planning process, pet owners need to consider who will care for their pet(s) when they no longer are able to provide care themselves due to death or incapacity. Should I leave my pet to a …
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, …
We’ve all heard the term probate, or that a will has to go through probate. But, what exactly does the term mean, what is involved once probate begins, and how does it affect beneficiaries? Probate is the official way that an estate gets settled under the supervision of the court. In the Commonwealth of Virginia, …
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 …
Spousal support can be a major aspect of divorce cases in Virginia. The court may order temporary support while the case is pending and may order time-limited or even permanent spousal support at the end of the case. Spousal support, also known as alimony or maintenance in other states, is not to be confused with child …
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 …
Perhaps you are remarried, and now not only have a new spouse and a bright future, you also have a new, blended, extended family, including stepchildren. While there can be much joy involved in a second marriage and having a blended family, along with some normal bumps and bruises along the way, it is likely …
Thanks to technology and medical research, more and more children with special needs are living productive lives well into adulthood, making it more and more likely that they will outlive their parents. As a result, parents must plan for their adult children with special needs. A significant number of these adult children with special needs …
According to a Forbes article, at least 51 percent of Americans between the ages of 55 and 64 don’t have a will. That number is even higher among those between the ages of 45 and 54, at 62 percent. Perhaps one reason these numbers are so high is due to the number of myths and …
