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
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
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 your loved ones. If you have any questions, however, you should talk to your estate planning attorney. What Is The Annual Gift Tax Exclusion? In…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 their children. Those children live off the money, often making no contribution to the family’s riches. By the time their children are of age, there…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 fund, which means conquering many of the common fears facing families as they begin the trust funding process. Common Fears Families Face When Leaving An…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 care directive(s) A HIPPA authorization form At Legacy Law Centers, we can help you with all of the above documents, and we will go into more…Read More
