Share

Hampton Roads Estate Planning and Administration Law Blog

Monday, October 1, 2018

Who Benefits from an IRA Inheritance Trust?

Trying to unravel all the ins and outs of the estate planning process can make your head spin. Most people associate wills with estate planning, but there are so many more legal tools that can be put in place to help plan for the future health and financial well being of you and your family. An IRA inheritance trust is one such valuable legal tool that may be beneficial to you and your loved ones. Find out of an IRA inheritance trust should become part of your estate plan.

The majority of the time, the money held in an IRA account will be distributed to the person you list on the beneficiary designation form. This is one of the forms you will fill out when you open or amend an IRA account. Not many people are actually aware that you do not necessarily have to name an individual as the account beneficiary. You may list a trust as the beneficiary. This trust is what is referred to as an IRA inheritance trust.

When considering whether or not to utilize an IRA inheritance trust, you really need to think about who would benefit from establishing such a trust. This means considering who would be the designated beneficiary of the IRA proceeds. An IRA inheritance trust can be very beneficial if you are considering designating an IRA beneficiary who may:


Read more . . .


Friday, September 21, 2018

The Basics of Powers of Attorney

A power of attorney is an estate planning document that has a variety of uses. There are several types of these documents available, and each one performs a slightly different function. One or more of these plans may be a good idea to include as part of your estate plan.

What is a Power of Attorney?

A power of attorney gives another person permission and authority to make decisions regarding various aspects of your life if you can’t make those decisions yourself or if you just want to hand over control to a friend or loved one for any other reason.

A power of attorney gives someone else, who does not have to be an attorney, the ability to make decisions for you. You are essentially authorizing this other person to act on your behalf either generally or if certain conditions are met.

You must complete a document to give this power to someone else. This document may need to be notarized or go through another type of authentication process.


Read more . . .


Friday, September 14, 2018

4 Common Will Contests

A will contest or will challenge questions whether the will is valid or whether specific terms are really what the testator intended. In some will contests, the entire will could be determined invalid. In other situations, only portions of the will may be disregarded.

While there can be any number of validity challenges, will contest typically center around just a few common problems.

1. Lack of Testamentary Capacity

To create a will, you must be of sound mind. That means that the testator must have the mental capacity to understand what he or she is doing. The same requirement exists if the will is being modified or revoked as well.

Being of “sound mind” requires that the testator know what property he or she owns and understands the effects of creating and finalizing the will. This standard is relatively low. However, it can be a real challenge for someone who is suffering from the beginning stages of dementia or has another health issue.

2.  Undue Influence

When you create a will, you are supposed to develop it with no outside influences or pressure. When someone tricks you into including a specific provision, establishing or revoking a will, or altering your will, that can be considered undue influence. These situations are especially prevalent when the testator is vulnerable to outside pressure, such as when they have a health condition.

Having an attorney help prepare the will can help address potential issues with undue influence. For example, the testator should meet with his or her attorney alone so that they can discuss what the testator’s wishes are, not what children or spouses may be interested in.


Read more . . .


Monday, September 3, 2018

Using Your Will to Dictate How to Pay Off Debts

Most people realize that they can use their last will and testament to set out who should receive particular assets or income. However, few people understand that they can also describe how they would like specific debts paid off in their will as well. Unfortunately, many of your debts do not just disappear when you pass away; they are often passed on to your loved ones to address.

Thankfully, some careful planning and forethought now can help your family and friends deal with these issues much more efficiently in the future, cutting down on confusion and stress.  

Types of Debts You May Leave After You Pass

Generally speaking, there are two types of debt. Which kind you have will affect how you can pay these items after your death.


Read more . . .


Thursday, August 30, 2018

Can a Living Trust Replace a Will?

Wills and trusts can be extremely complicated, especially when they relate to one another or feed off of each other. You can certainly have both tools as part of your estate  plan. Depending on your unique financial circumstances and personal preferences, it may make sense only to have a will. Moreover, there are some things that a will cannot do that a trust can, and vice versa. Are there ever situations where a trust can completely replace a will? Probably not.

Why Would I Want a Trust Instead of a Will?

The main reason that people prefer trusts instead of wills is that trusts  do not have to be probated, which can be an expensive and time-consuming process. It can also be difficult for your loved ones in some situations. A probated will is also a matter of public record, which may not be desirable for some people. For these and  and other reasons, some individuals choose to use an estate planning tool that will avoid the probate process -- a living trust.


Read more . . .


Thursday, August 16, 2018

Think Treasure Hunts are Fun and Games? Think Again

You’ve had an attorney draft your estate planning documents, including your living trust and will. Probate avoidance and tax saving strategies have been implemented. Your documents are signed, notarized and witnessed in accordance with all applicable laws, and are stored in a location known to your chosen executor or estate administrator. Your work is done, right? Not exactly.


Read more . . .


Thursday, August 2, 2018

What is Estate Tax Portability and How Does it Affect Me?

Estate tax portability means that the unused portion of the first-to-die spouse’s estate tax exemption passes to the surviving spouse.  The current estate tax exemption is $5.45 million. This means that a married couple’s total estate tax exemption is currently $10.9 million (in 2016).  For example, a husband dies with $2 million in separate assets.  He has $3.45 million remaining in his estate tax exemption, which passes to his wife, giving her a total of $8.9 million in estate tax exemption.  Without portability, the husband’s remaining exemption might have been forfeited if the couple had not implemented special tax planning techniques as part of their estate plans.


Read more . . .


Tuesday, July 24, 2018

Preparing to Meet With an Estate Planning Attorney

A thorough and complete estate plan must take into account a significant amount of information about your assets, your family, your property, and your wishes during and after your life.  When you make your first appointment with an estate planning attorney, ask the attorney or the paralegal if they can provide a written list of important information and documents that you should bring to the meeting.  


Read more . . .


Thursday, July 12, 2018

Preventing a Will Contest & Preserving Peace in the Family

The purpose of writing a Last Will and Testament is to make sure that you – and not an anonymous probate court judge – have control over the distribution of your property after your death.  If one or more family members disputes the instructions in your will, however, then it is possible  that a probate court judge may decide how your assets will be distributed.

Protect yourself, your family members and your last wishes by taking steps to prevent a will contest after your death.  Will contests (this is the legal term used to describe a family member’s challenge to the contents of a will) can be based on one or more of these claims:


Read more . . .


Monday, July 2, 2018

Preserving and Protecting Documents Is Part of Healthy Estate Planning

In the unsettled time after a loved one’s death, imagine the added stress on the family if the loved one died without a will or any instructions on distributing his or her assets.  Now, imagine the even greater stress to grieving survivors if they know a will exists but they cannot find it!  It is not enough to prepare a will and other estate planning documents like trusts, health care directives and powers of attorney.  To ensure that your family clearly understands your wishes after death, you must also take good care to preserve and protect all of your estate planning documents.


Read more . . .


Wednesday, June 27, 2018

The Basics of Conservatorships

Sometimes, bad things happen to good people. A tragic accident. A sudden, devastating illness. Have you ever wondered what would happen if a loved one became incapacitated and unable to take care of himself? While many associate incapacity with a comatose state, an individual, while technically functioning, may be considered incapacitated if he cannot communicate through speech or gestures and is unable sign a document, even with a mark. In some cases, an individual may have no trouble communicating, but may not be able to fully appreciate the consequences of their decisions and hence may be deemed to lack capacity. With proper incapacity planning which includes important legal documents such as a durable power of attorney, healthcare proxy and living will, the individuals named in such documents are empowered to make necessary financial and medial decisions on behalf of the incapacitated person without obtaining additional legal authorization.  Without proper incapacity planning documents, even a spouse or adult child cannot make financial and healthcare decisions on behalf of an incapacitated individual.  In such cases, a conservatorship (or guardianship) proceeding is necessary so that loved ones are able to provide for their financial and medical healthcare needs.


Read more . . .


← Newer12 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Older →

Archived Posts

2018
2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013


Workshops Request a Consultation Newsletters



© 2018 TrustBuilders Law Group | Disclaimer
295 McLaws Circle, Suite 2, Williamsburg, VA 23185
| Phone: 757-345-6644

Elder Law | Estate Planning | Asset Protection | Trusts & Advanced Planning | Business Succession Planning | Probate & Estate Administration | | Our Approach | Our Attorneys | Resources

Law Firm Website Design by
Amicus Creative


© TrustBuilders Law Group | Disclaimer
Williamsburg | Yorktown | Saluda | Virginia Beach