Ways to Use Trusts in Estate Planning to Avoid Probate and Control Your Legacy Using a trust agreement is an excellent estate planning tool for many families. It allows you to control and protect your estate during your lifetime and after you’re gone. It also creates many questions about what happens when property is owned by a trust. When you create a living trust, it’s important to know who is responsible for the management of the trust and who has access to the trust. The person who creates a trust agreement is called the grantor. They have the authority to…Read More
If you’re in the process of reviewing an existing trust or creating a new one, it’s crucial to recognize the significant role that a trustee plays. They are responsible not only for managing trust-related affairs but also for safeguarding and providing for your loved ones. What Is A Trust? A trust refers to a legal agreement between the owner of assets and another party (the trustee), who assumes the responsibility of managing these assets on behalf of a third party (the beneficiary). The terms and conditions of this agreement are typically outlined in a written document known as the trust…Read More
Starting your retirement is a significant achievement that deserves to be celebrated. After years of hard work, you can now direct your attention toward the next phase of your life. However, it is crucial to ensure that you have thoroughly considered this exhilarating change before embarking on the next chapter. Things to Consider When Beginning Your Retirement With this new chapter come certain estate planning issues that you need to consider. If You Have An Existing Estate Plan Creating a legally binding estate plan is important to take care of yourself and your loved ones. But it’s not a one-time…Read More
Preparing an estate plan can be challenging, especially for wealthy families. A revocable trust is one of the most popular tools to protect assets. It can ensure your wishes are followed after you pass away. But what exactly is a revocable trust? What benefits does it offer to families, including those of high net worth? How does it work, and what considerations should be considered when setting up a revocable trust? Let’s dive in so you can make an informed decision about including a revocable trust in your estate plan. What is a Revocable Living Trust? A revocable trust is a legal tool that allows…Read More
After creating a trust, your next steps are to ensure it has been funded. Whether you have an existing trust or are starting the estate planning process, Legacy Law Centers can help you. When it comes time to fund your revocable or irrevocable trust, there are several steps to take. Keep in mind that funding your trust now while you are able is essential to avoid the probate process and court interference. If you don’t fund your trust, all those good intentions and wishes expressed in your trust document won’t mean anything! What is Trust Funding? Funding your trust is the process…Read More
As a business owner or investor, it’s important to safeguard the fruits of your hard work and dedication. One strategy to consider is creating a family limited partnership (FLP) which can provide protection from taxes, creditors, and probate for you, your investments, and your loved ones. What Is A Family Limited Partnership? A family limited partnership (FLP) is a legal entity owned by multiple family members, and used to hold assets such as properties, businesses, and accounts. The FLP has a designated general partner who manages the partnership and is compensated for their work, but also has unlimited liability. Limited…Read More
Many people plan for retirement. But it’s just as important to plan for what happens to your property after you die. Having a good estate plan offers peace of mind. It lays out precisely what happens to your belongings after your death. Planning your estate is important for your surviving family members. Estate plans can help your family avoid probate. It can also help them reduce or avoid estate tax liability. These plans sometimes include other essential decisions, such as: Who will care for your young children Decisions about your health if you are unable to make them on your…Read More
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 need to have an open and honest conversation with your spouse about the financial and estate planning topics we discuss below. Employment Plans For The…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® is the main provider of continuing education to the state’s legal community and has been continuously voted the #1 continuing legal education provider by Virginia Lawyers…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 give you and your loved ones some peace of mind. WHY YOU NEED A LAWYER When you assign a person as your power of attorney, you…Read More
