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There may come a day when an adult isn’t able to make decisions on their own. Some adults may have powers of attorney designations in place for people to make their health care and financial decisions. If there’s no power of attorney in place, an adult guardianship is...
If you're planning to leave wealth to your grandchildren, there's a tax you should understand first. The generation-skipping transfer tax (GSTT) can surprise families who try to pass assets down more than one generation. Understanding how GSTT works The GSTT applies...
Revocable trusts offer flexibility and control in estate planning. Unlike irrevocable trusts, you can modify or dissolve a revocable trust at any time. This provides you with the ability to maintain control over your assets and ensure smooth estate distribution after...
Probate can be a difficult process. It involves managing a deceased person's assets and debts. This process can become even more complex when family relationships are not traditional. Evolving family structures Family structures have changed a lot. Many people...
When your will eventually goes through probate, disputes may arise if someone believes you were under undue influence. Undue influence occurs when someone pressures or manipulates a person into making decisions about their estate that do not reflect their true...
Life changes over time, and your will needs to reflect those changes because major events can affect your plans. Keeping your will up-to-date helps protect your loved ones and avoids confusion. What major life events are suitable occasions for updating your will?...
Reducing estate taxes is a priority for many families looking to preserve wealth for future generations. A family limited partnership (FLP) can be a valuable estate planning tool, offering tax benefits while maintaining control over assets. Understanding how an FLP...
Using a trust as part of your estate plan can provide tax benefits for your family during the probate process. However, effective use of a trust can also bring certain tax benefits directly to you during your lifetime. Different types of trusts offer opportunities...
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...
