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...
Estate Planning
How does a QPRT work in estate planning?
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...
Reasons to change the guardian in your estate plan
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...
What estate planning steps should unmarried couples take?
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...
Considerations for disinheriting family members in a will
Disinheriting a family member in a will is a major decision that no one should take lightly. It means deliberately excluding someone from receiving any part of your estate after your death. There may be valid reasons for choosing to disinherit. However, there are...
When to choose a guardian for your children in an estate plan
Choosing a guardian for your children is a crucial part of estate planning in Virginia. It's important to make this decision after careful consideration, as it can ensure your children's safety and future. If something happens to you, the right guardian can provide...
Understanding the importance of specificity in will drafting
Drafting a will is a popular method of estate planning. In your will, you can leave instructions for how to distribute your things, your preferences regarding burial, and more. It’s important to understand your options and how to ensure that loved ones can follow your...
Who should you choose as a guardian for your children?
A legal guardian is someone who would step in and care for your children if you could no longer do so. Choosing someone as a guardian is one aspect of the estate planning process. Selecting a guardian for your children is an important decision you need to make as a...
6 situations that require you to adjust your estate plan
A study from CNBC found that 33% of Americans have a current estate plan. These documents are important for securing your family's financial future. However, life is unpredictable, and situations change. You revisit and update your estate plan under certain...
How a power of attorney works in Virginia
In certain circumstances, you may find yourself unable to execute important financial, family or medical decisions. This could be due to various reasons such as physical or mental incapacitation, being out of the country or simply not having the time or expertise to...