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A qualified personal residence trust (QPRT) is a powerful estate planning tool that helps individuals reduce the taxable value of their estate while retaining the right to live in their home. This strategy can save families significant amounts in estate taxes, making...
When managing an estate, executors may encounter unexpected heirs or beneficiaries. Virginia law outlines specific steps to ensure that all rightful individuals receive their share of the estate. Executors must handle this situation carefully to fulfill their legal...
In Virginia, handwritten wills, also known as holographic wills, can be legally valid under certain circumstances. These wills are written entirely by hand and often lack witnesses. Understanding the rules for holographic wills is essential to ensure they hold up in...
Living wills and Do Not Resuscitate (DNR) orders are important documents that help ensure end-of-life care aligns with an individual's wishes. Understanding how these directives work together is key for creating a clear plan for medical treatment. Living wills...
Estate planning can be a stressful and complex process, especially for those concerned about probate taxes in Virginia. Whether you're planning for the future or dealing with a loved one's estate, knowing what to expect can save you time and money. In this blog, we'll...
Choosing a guardian for your children is one of the most important decisions you can make in your estate plan. Life circumstances change, and you may find that the person you chose before may no longer be the best fit. It is helpful to understand some reasons why you...
Estate planning plays a crucial role in protecting loved ones and assets. Unmarried couples need to pay attention because laws favor married couples, which can leave an unmarried partner without protections. Taking proactive steps can help ensure that each partner’s...
A trust offers flexibility in estate planning, but life circumstances can change after its creation. Knowing how to modify or revoke a trust ensures that it continues to reflect the grantor's intentions. Revocable vs. irrevocable trusts The ease of making changes to a...
Blended families often face unique challenges when creating a will. Couples with children from previous relationships may want to ensure that their children, as well as their spouse's children, receive fair treatment after their passing. A well-drafted will help...
Understanding the rules around inheritance and taxes can help individuals manage their financial planning. Virginia does not impose its own inheritance tax, which means that beneficiaries generally do not pay state taxes on what they inherit. However, federal estate...
