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Creating a trust often feels like a big step toward organizing your estate. Because a trust can hold property and guide how it passes to others, you might wonder if a will still serves a purpose. In Virginia, the answer often depends on how completely you fund your...
Many consider trusts as part of their estate plan. They are, after all, powerful tools in protecting your assets and providing for your loved ones’ future. But confusion often surrounds the two main types of this financial tool: the revocable and the irrevocable....
The word “holographic” often refers to three-dimensional images printed on two-dimensional media. Capturing images in a certain manner can make them appear three-dimensional. In the legal world, holographic has a very different meaning. The state of Virginia, along...
Business owners thinking about the financial stability of their loved ones and the continued success of the companies that they've run need to plan carefully. In addition to succession planning within the company to train potential successors, business owners also...
Estate planning generally involves more than putting documents in place like advance directives, powers of attorney, wills and trusts. If you have accounts and insurance policies that allow you to designate one or more beneficiaries, this is how you pass on these...
When you make your estate plan, it’s natural that you might be curious about how your beneficiaries will handle the assets you leave. In some cases, thinking about this may raise valid concerns. One option to address those concerns is to make that inheritance...
Wills are very powerful testamentary instruments. People can choose their beneficiaries, allocate their property and even designate their personal representatives using wills. Although wills are useful in a broad range of circumstances, there are certain goals people...
Parents creating estate plans to protect their children, those responsible for people with special needs and a variety of others may want to establish trusts instead of relying solely on wills. Trusts have protection from creditor lawsuits and create more structure...
If you have an heir with special needs, they may qualify for certain government benefits. For instance, these could be provided under Medicaid or Social Security disability benefits. In some cases, people with special needs have to pass a means test. This measures...
During estate planning, most people focus on their personal assets and family members. If they own or help run a business, they may want to consider establishing a succession plan in addition to their testamentary instruments. Unlike an estate plan, which designates...