Everybody knows that a family doesn’t mean just people. Family also means your furry, feathery, and scaly loved ones, too! Your beloved dog, cat, fish, bird, snake, and so on all feel like real members of your family because they are to you. So, shouldn’t they be mentioned in your estate plan like everyone else you care about? With a pet trust, you can arrange for special, directed, or general care of your pets after you pass away. This allows you to find peace of mind in knowing that your critters will still live comfortably and happily when you are gone. What Should Be…Read More
A trust fund is used to hold assets you want to preserve for specific people. You can even establish a trust for an organization. Most people use trust funds to pass wealth on to their children because they can safeguard the assets and ensure they are used for specific purposes. In this blog, we explain how to use a trust to protect your children. What Are The Benefits Of Setting Up A Trust Fund? The greatest benefits of establishing a trust for your children is knowing that the funds will be available for your children. Another benefit is that assets held in…Read More
Tax season is coming to an end, and hopefully you have already sorted everything out with the IRS. All around your home office, you probably have stacks of paperwork related to your assets, property, and finances. Wouldn’t it feel like a bit of wasted energy if you had to just stuff that all back into a filing cabinet until next year? Here at Legacy Law Centers in Leesburg, we say you should take all that organizational momentum you’ve built up during the tax season and put it to good use by getting started on your estate plan! When you think about…Read More
On March 4th, 2019, the famous actor Luke Perry passed away due to a severe stroke suffered several days prior. The tragedy not only spread stroke awareness — strokes are not something that only happen to seniors, or people who have known heart conditions — but also shed some light on the importance of estate planning, especially when it comes to the creation of trusts. It is believed that Luke arranged the majority of his estate plan in a trust, which kept it in his control and kept it private upon his passing. Only some of it seems to have been arranged…Read More
1) Lack of Healthcare and Disability Planning: The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Advance Directives and a Healthcare Power of Attorney can identify healthcare proxy decision-makers, specify wishes for end-of-life care, and provide a formal plan to control financial and property matters. 2) No will or estate plan: Without proper planning, your estate may be tied up in probate court for months or years after your death, at a great emotional and financial cost to your family. 3) Lack of attention to digital assets: Without…Read More
Whether you own a little or a lot, the last thing you want to do to your loved ones is leave a bureaucratic mess after you pass away or become incapacitated. Aside from mourning your passing or a significant deterioration in your health, this will cause your family additional (and unnecessary) stress. Heirs may forfeit life insurance payouts, tax deduction advantages, or miss accounts they did not know existed. This is why it is key to have your estate plan in place before life circumstances get the best of you. In order to avoid this stress, below is a list…Read More
Sadly, most Americans are indifferent to estate planning – at best – or completely ignore the issue – at worst. When it comes to estate planning, however, there are some mistakes that you cannot afford to make. Below are the five most critical mistakes that are commonly made in estate planning: Not having any estate plan: This is the biggest mistake, especially among younger professionals or young parents who assume they don’t need one. Passing away intestate – or without an estate plan – will assure local law decides who ends up with what assets when you are gone. Even the guardianship…Read More
It is common knowledge that everyone needs to have an estate plan in place. Commonly, the focus is on assets, taxes, and any changes to legislation that may affect the security of your loved ones in the event of your incapacity or death. What many often forget, however, is that changes in family dynamics and circumstances can threaten even the most well thought out estate plan. This silent threat can easily keep your estate plan from actually working when it is truly needed. Below are several situations where updating an existing estate plan or creating a plan for the first time is…Read More
Hiring an estate planner is an important decision as you are seeking advice on how to protect your loved ones once you are gone. For this reason, it is critical to hire an attorney that not only has good knowledge of estate planning and how to use the tools available to create the best plan for your particular needs, but is personable and has your best interest at heart. Be sure to ask questions because you are not only deciding to hire to attorney, you’re choosing who will help you plan yours and your family’s future. Here are three key…Read More
Will vs. Trust Wills and trusts may seem like very similar estate planning options, and while there are similarities, there are specific differences in how they function: A will is a legal document that designates how you want your assets handled after you die A trust is a fiduciary arrangement, that allows a thirds party to hold and manage assets for the benefit of a specific purpose or person DO YOU NEED A WILL OR TRUST? Are you one of the 60% of Americans (via AARP) that doesn’t have an estate plan, a will, or a trust set up? Are you hesitant…Read More
