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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...
You’ve always lived within your means, but you also haven’t saved up a tremendous amount of assets. Your adult children are not going to inherit that much in the way of bank accounts or real estate assets. What you have done, however, is to take out a substantial life...
Many Northern Virginia residents utilize trusts when doing their estate planning. But all trusts are not the same, and trust grantors have several options when deciding which trusts best reflect their family’s unique circumstances. One possible option to explore is a...
For a long time, you did not have an estate plan, and it was a cause for concern. You knew you needed to make one so that if you became seriously injured or ill, your family would know your wishes for end-of-life care and life support. If you passed away unexpectedly,...
Creating an estate plan involves determining the best way to get assets to your beneficiaries. This is sometimes done through the will, but you may decide that you want something a bit more structured and protective. One option is an irrevocable trust, which is a...
If your parents have a significant amount of assets, you likely expect to inherit them. Maybe you think they’re going to give you the family home. Perhaps you believe they’re going to leave you significant financial assets, such as $1 million in an investment account....
Drafting a will forces a testator to think carefully about various matters. They need to consider how much support their loved ones need. They have to decide how to allocate their property and how their families should address their debts. They also typically need to...
If you’re like a lot of people, you may have put an estate plan in place when you got married or had your first child. Your spouse is likely an integral part of that plan. If you are divorcing your spouse, it is important to determine what kind of changes you want to...