Estate Planning
Designating your estate as the beneficiary of your IRA might make sense to you. It's simpler than choosing one or several loved ones as beneficiaries. It can also prevent future arguments and lawsuits among your family since you’re not naming one person over another. However, naming an estate as an IRA beneficiary is problematic and comes with a range of…Read More
Amyotrophic Lateral Sclerosis (ALS), also called Lou Gehrig's disease, affects the nerve cells that control voluntary muscles, eventually leading to paralysis. It prevents people from talking, walking, and, eventually, breathing. Typically, patients diagnosed with ALS die within three to five years of their diagnosis from respiratory failure. However, some live longer. Approximately 20,000 people in the United States live with…Read More
A funeral is a traditional method of honoring a person's life after death. However, some people don't feel comfortable having one. Choosing not to have a funeral is entirely acceptable. Your loved ones don't have to attend the sad event if you want to spare them the burden. If you don’t have a funeral, other options are available. You might…Read More
Outlining your final wishes is essential to ensure that your assets are passed to their intended recipients as smoothly as possible after you die. If you have done the diligent work of putting your estate plan into place, you may believe that you have completed all the necessary steps. However, while you may believe your plan is straightforward, it might…Read More
Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate didn’t exceed exemption thresholds. With…Read More
Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait for your will to be validated before distributing your assets, it might not make sense for…Read More
Some seniors don’t expect to remarry after a divorce or the death of a spouse. However, life is full of surprises. You could meet someone at any age, even during your retirement years. Many older adults bring various assets and debts into a new relationship. They might also have children from a previous marriage, one or multiple businesses, and collections…Read More
When creating a trust with a Prince William County trust lawyer, it is important to understand the specific roles involved. The grantor or settlor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the last will and…Read More
For many decades, wealthy families relied on bypass trusts as critical aspects of their estate plans. However, in recent years, Prince William County trust attorneys have seen a shift away from the use of this type of trust. This is mainly due to the increase in gift and estate tax exemptions, as well as what is known as the “portability”…Read More
There are many reasons why some people might find the idea of a handwritten will attractive. Also known as holographic wills, handwritten wills might seem cheaper and simpler to execute than non-holographic wills. However, handwritten wills are not legally valid in every state. Furthermore, in the states that do recognize handwritten wills, there are a number of guidelines to which…Read More