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As Virginians prepare for the future by creating an estate plan, it is easy to forget about ancillary aspects that could be important. In addition to a will, a trust and other documents that will determine where their property will go after they have died, advanced...
A common misconception has it that estate planning is entirely focused on what happens to your property after you die. In fact, estate planning can be extremely important in protecting you and your property for the rest of your life. One example of this involves...
As a parent, you worry about your children every day. They are never far from your thoughts, and when you create your estate plan, you should consider what will happen to your minor children. Of course, this means using estate planning instruments like wills and...
As a parent or grandparent, you may want to encourage your family to value hard work and education. To help your family reach their full potential, you can set money aside to pay for their education. One way to do this is through a 529 plan. Not only can a 529 plan...
Trusts are among the most powerful tools in estate planning, but they can be confusing. If you are not familiar with the legal terms and concepts involved, you may not know where to begin when you are deciding what type of trust, if any, you want in your estate plan....
It is said that nothing in life is guaranteed except death and taxes, and an estate plan is a plan for these eventualities. However, part of every estate plan should be a plan for the possibility of incapacity. What does incapacity mean? Incapacity refers to any time...
Estate planning can help you deal with the complexities of a military, civilian and Social Security benefits and take a burden from your loved ones Estate planning is an activity most people prefer to avoid. They don’t want to think about why they are doing. However, if you look at it from the perspective of the positive benefits of having…
Same-sex couples may face challenges when it comes to estate planning. With the landmark 2015 Supreme Court decision in the case of Obergefell v. Hodges, same-sex couples across the country were granted the right to marry (the case struck down previous state-level bans on gay marriage). Though the case was decided by the Court on the basis of the Equal Protection…
Discussing these three issues can help begin the estate planning process. Putting together an estate plan is an important step towards ensuring financial security. Not only do the documents used in the plan help determine the distribution of assets, but they can also help reduce tax obligations. Although there are a number of benefits to these plans, many Americans do…
This article looks at advance directives, especially as they concern medical care for military veterans. Talking about end-of-life care can be difficult, yet most people would like to decide for themselves the kind of care and treatment they receive. Advance directives, such as living wills and health care powers of attorney, allow individuals to make their own health care decisions…