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Hampton Roads Estate Planning and Administration Law Blog

Sunday, April 1, 2018

How to Pay For A Nursing Home?

By: Joseph T. “Chip” Buxton III, Certified Elder Law Attorney

A question we often hear from our estate planning clients,”  If I end up in a nursing home   how do I pay for it? There are only three ways to pay for long-term care, and Medicare is not one of them. First,  you can pay out of your own pocket. Second, you can purchase long-term care insurance, if you're healthy enough and can afford the premiums. Third, you can qualify for Medicaid.


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Wednesday, March 28, 2018

A Primer on Advance Medical Directives

While the main objective of estate planning is to help individuals protect their assets and provide for  loved ones, there are other important considerations, such as planning for incapacity. In short, it is crucial  to plan for the type of medical care people wish to receive if a serious accident or illness makes them unable to make or communicate these decisions. By putting in place advance medical directives, such as a durable power of attorney for healthcare and a living will, it is possible to plan for these unexpected events.


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Wednesday, March 14, 2018

The Difference Between Equal and Equitable Inheritance

When it comes to estate planning, many individuals believe that dividing assets equally among adult children is the best choice. However, there are situations in which leaving each child the same amount might not be practical. For this reason, it is important to know the difference between an equal inheritance and an equitable inheritance, in which each child receives a fair share based on his or her circumstances.

What is an equal inheritance?

In this situation, each child gets the same amount of the remaining estate after both parents have died.

This option works well when the needs of each child are the same, or the parents provided similar support to each child in the past. Moreover, each child must be mentally or emotionally capable and financially responsible.

It is important to note that cases in which an estate includes real property and other tangible assets, it may be necessary to determine the differences in value of these assets in order to leave each child an appropriate amount. Lastly, leaving an equal inheritance may be the best way to avoid the emotional and financial costs of disputes.

What is an equitable inheritance?

In some cases, leaving each child and equal inheritance may not be the right thing to do. For example, it may be wise to reward a child who has taken on the role of caregiver for an aging parent or to compensate him or her for lost time and wages. There are also circumstances in which children may have been given different amounts of money while the parents were alive either for a wedding, educational expenses or a down payment on a home.

Lastly, for those who have a disabled child who receives public benefits, it may be necessary to provide for living expenses and medical needs in a special needs trust. In all of these situations, an equitable distribution of the estate assets is the best option.

The Bottom Line

In the end, determinations about the distribution of an estate to surviving children should be made in a way that will preserve family harmony. For this reason, it is important to discuss your decisions with your children and engage the services of an experienced estate planning attorney.


Monday, March 5, 2018

How to Leave Gifts to Step-Children

Today, blended families have become increasingly common, and many individuals have step-children, that is, children of a spouse or partner. In situations where step-children have not been legally adopted, however, they do not have a legal right to an inheritance from a step-parent. For those who wish to leave step-children part of their estate , it is necessary to include them in an estate plan.


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Tuesday, February 27, 2018

Coordinating Property Ownership and Your Estate Plan

When planning your estate, you must consider how you hold title to your real and personal property. The title and your designated beneficiaries will control how your real estate, bank accounts, retirement accounts, vehicles and investments are distributed upon your death, regardless of whether there is a will or trust in place and potentially with a result that you never intended.


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Thursday, February 15, 2018

How a Prenuptial Agreement Can Protect Your Estate

There are many circumstances that can impact an estate plan, not the least of which is divorce. While ending a marriage is complicated, it is not only crucial to arrive at a fair and equitable distribution of the marital assets, but to preserve your estate as well.


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Tuesday, February 6, 2018

Beware of “Simple” Estate Plans

“I just need a simple will.”  It’s a phrase estate planning attorneys hear practically every other day.   From the client’s perspective, there’s no reason to do anything complicated, especially if it might lead to higher legal fees.  Unfortunately, what may appear to be a “simple” estate is all too often rife with complications that, if not addressed during the planning process, can create a nightmare for you and your heirs at some point in the future.   Such complications may include:


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Tuesday, January 30, 2018

Why New Parents Need an Estate Plan

Becoming a new parent is a life changing experience, and caring for a child is an awesome responsibility as well as a joy. This is also the time to think about your child's future by asking an important question: who will care for your child if you become disabled or die? The best way to put your mind at ease is by having an estate plan.


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Wednesday, January 17, 2018

Things to Consider in Establishing a Charitable Giving Plan

For many individuals, leaving a legacy of charity is an important component of estate planning, but there are many factors involved in creating a charitable giving plan.

First, it is important to select causes that you believe in such as environmental, educational, religious or medical, or those dedicated to providing food and shelter to the poor. The number of charities you wish to give to depends on your available resources, as well as other beneficiaries of your estate. Many people opt to limit their selections to a handful of charities that are most important to them.


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Monday, January 1, 2018

A Primer on Irrevocable Trusts

Many individuals are aware that a will is one way to plan for the distribution of their assets after death. However, a comprehensive estate plan also considers other objectives such as planning for long-term care and asset protection. For this reason, it is essential to consider utilizing an irrevocable trust.


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Friday, December 1, 2017

What is Settlement Planning?

Settlement planning is a unique and expanding area of law that is designed to help individuals preserve benefits that have been received from a personal injury settlement, inheritance or judgment. The practice encompasses an array of legal services such as special needs planning, estate planning and financial planning. The objective is to assist clients with resolving claims and to create a structure to properly manage the funds.


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