When spouses are close in age, their estate planning matters are usually a joint effort. However, if you are married to someone who is much older or younger than you are, then your estate planning priorities might be completely different. If there is a significant age gap between you and your spouse and you want to make sure your estate planning matters are in order in case one of you passes away or becomes incapacitated, then you…Read More
On behalf of our legal team at Legacy Law Centers, we would like to congratulate Attorney Sam Mansoor for being named a Qualified Master Counselor in Trusts and Estates Practice (2022-2024) by the Virginia Law Foundation/Virginia CLE® Designations Program. He is in the inaugural class and the only certified master in Trusts and Estates in Virginia. Founded in 1960, Virginia CLE® is the educational branch of the Virginia Law Foundation (an IRS 501(c)3 charitable organization). Virginia CLE®…Read More
Creating a power of attorney is one of the most considerate and responsible decisions you can make. It will detail how you want matters related to your finances managed if you become incapacitated and can no longer make these decisions for yourself. Although you are not necessarily required to have an attorney assist you with the process of creating a power of attorney, having one guide you through it will ensure that it is done correctly and…Read More
Estate planning and creating a will that will successfully provide your beneficiaries with the money and assets you want them to have is complicated and intimidating. Many families lose their wealth over time because they do not know how to handle it properly; about 70% of families that are rich lose most of their wealth by the second generation that inherits it, and about 90% of families have lost their wealth by the third generation.…Read More
The Internal Revenue Service (IRS) watches the transfer of wealth carefully, and certain gifts can trigger gift taxes. Nevertheless, there are 3 easy ways you can avoid IRS gift taxes: Understanding the annual gift tax exclusion Paying medical bills Paying college tuition costs As long as you follow the IRS’s rules, neither you nor the person receiving your gift should owe taxes. Political and financial speculation should not stop you from making gifts that benefit…Read More
There is an old quote, attributed to Andrew Carnegie, that says, “. . . shirtsleeves to shirtsleeves in three generations.” It sounds a bit cryptic today, but essentially, it means that anything you pass down will be gone within three generations. This is an American idiom, but many cultures have equivalent parables. Commonly, when we envision the American Dream, we can see how it often ends. One generation acquires the wealth, passing it down to…Read More
According to research on generational wealth and asset management, one of the most significant risks to financial security for future heirs is a lack of preparation and communication about their assets. Heirs should be prepared for their financial futures, whether it’s thousands of dollars or millions. Unfortunately, these conversations rarely happen due to fears and the uncomfortable feelings associated with discussing money matters. It’s important to prepare your heirs for gaining access to a trust…Read More
According to a 2019 survey conducted by the Pew Research Center, 7% of surveyed adults lived with an unmarried partner, up from 3% in 1995. More people are entering long-term committed relationships without getting married. Unfortunately, many state and federal laws do not protect unmarried couples as much as they do married couples regarding inheritance, taxes, and decision-making powers. That’s why you must engage in comprehensive financial and estate planning because without proper planning, your beloved…Read More
Although estate planning is important for everyone, it is particularly valuable for unmarried partners. With the right estate planning tools, you can help ensure that your partner can make important decisions for you if you become incapacitated and/or inherit money and property if you pass away. Your estate planning tool kit will consist of 7 important documents, including: A last will and testament A revocable living trust (RLT) A pour-over will Financial power of attorney Medical power of attorney Advance health…Read More
When it comes to protecting your unmarried partner, there are several options to consider. Depending on the value of your money and property, your desired level of protection from your partner’s creditors, and other factors unique to your situation, one or more of these strategies may be beneficial. A word of caution: regardless of what methods you use, you must work with an experienced estate planning attorney. While do-it-yourself options may be cheaper, they can…Read More
