Business Succession planning is the process of preparing your business for the future by identifying and developing new leaders to take over when current leaders step down, retire, or move on. It’s not just about preparing for the unexpected—it’s about ensuring that your business consistently thrives, no matter what. Key Benefits for Businesses With the right plan in place, you help your business maintain stability, preserve its culture, and avoid unnecessary disruption. A solid succession plan gives your team confidence and shows that you're thinking ahead, not just for yourself, but for everyone who depends on the business day to…Read More
Setting up a trust can be one of the best ways to protect your assets, plan for your family's future, and ensure your wishes are honored. In this guide, we’ll walk you through the different types of trusts available in Virginia, their benefits, the legal requirements, and the step-by-step process to create a trust that aligns with your goals. Understanding Trusts: Types and Purposes Trusts come in several forms, each serving different purposes. Understanding your options is important before choosing the one that suits your needs. Revocable Living Trusts Purpose: A revocable living trust allows you to retain control over…Read More
All About Estate Planning: Understanding the Role of an Estate Planning Attorney Estate planning might sound intimidating, but with the right attorney, it becomes a straightforward process. Whether you're looking to protect your assets, care for your loved ones, or simply get your affairs in order, an estate planning attorney helps you make smart, confident decisions for the future. At Legacy Law Center, we guide Virginia families through every step of the estate planning process, making it as clear, effective, and personal as it can be. The Importance of Estate Planning Why Everyone Should Have an Estate Plan Estate planning…Read More
In this article, you can discover… How to hand down your business successfully. Whether or not to inform employees of your succession plans. How an attorney can help you and your family navigate succession plans. Is Business Succession Planning Only For Large Companies? Business succession planning is actually more critical for smaller businesses than it is for larger ones. This is because larger companies typically have formal structures and plans in place since there tend to be multiple stakeholders involved, such as stockholders or LLC arrangements. Small businesses, on the other hand, often lack these predefined systems, which can lead…Read More
In this article, you can discover… How to choose the right successor for your business. Ways to minimize tax liabilities in Virginia. The best ways to plan for and structure a buyout agreement. How Do I Choose The Right Successor For My Business? Choosing the right successor for your business depends largely on the nature of your business and its structure. Here's how we approach this decision: Sole Proprietorships Or Consulting Businesses If your business revolves solely around you think of something like a consulting practice its value may primarily consist of physical assets like a car or office equipment…Read More
The First Step To Creating A Will To create a will, you need to consider a few key details: who you are, what assets you have, and who you want to inherit them. After this, you simply write down your wishes, sign the document in the presence of two witnesses, and ensure those witnesses are available for probate if necessary. This simple process ensures that your wishes are carried out, instead of leaving the distribution of your estate to the State. You see, if you die without a written will in Virginia, your assets will be distributed according to Virginia’s…Read More
In this article, you can discover… What digital assets are and how to include them in estate plans. Whether Virginia accepts digital wills. How an attorney can help you manage your digital assets. What Are Digital Assets? Why Do They Matter In Estate Planning? When people think of digital assets, they tend to think of blue chip cryptocurrencies like Bitcoin, ETH, XRP, and SOL to your favorite meme coins like DOGE, BONK, and WIF. But it includes far more than that. Any online account you have, such as email, social media, and cloud storage, is also considered a digital asset.…Read More
Taking The First Step Of Creating A Living Trust The first step is simple: meeting with a Legacy Law Centers' attorney to discuss and define your goals. Are you looking for a simple way to transfer assets, or do you have specific concerns, like excluding certain family members or minimizing tax burdens? Once your objectives are clear, you can move forward from there. As a general rule, we recommend placing as many assets as possible into the trust. Any assets left out of the trust will go through probate, which can be time-consuming and costly. There are exceptions to this,…Read More
Understanding The Difference Between Wills And Trusts What are the key differences between these two documents? A will is generally used after death to dictate how your assets will be distributed. A trust, on the other hand, is usually established and used during your lifetime, though it can also manage assets after death. Which one is right for you? Choosing between a will and a trust often comes down to cost and complexity. While a will may be less expensive to set up, it can become more costly and time-consuming for your beneficiaries after your death, as they will need…Read More
In this article, you can discover… The important role of communication in selecting an attorney. When and how often to review or update your estate plan. How to choose a trustee or executor for your estate. What Can I Expect During My Consultation With Legacy Law Centers? During your first consultation at Legacy Law Centers, you'll meet directly with an attorney, not an intake specialist or support staff. They will listen to your goals and assess your needs by identifying key legal issues. Estate planning covers five major areas: wills, trusts, taxes, property, and family. Your attorney will guide you…Read More
