As the coronavirus (COVID-19) crisis continues to unfold and impact more aspects of our day-to-day lives, many of our clients have been reaching out to our law firm to get advice regarding how to adjust current or draft new estate plans to address the volatility of the financial markets and the possibility of their health being directly impacted by the spread of the virus. Although it is completely understandable that this health crisis is making us all anxious about the future, our legal team at Legacy Law Centers is reminding clients that the present state of the world presents unique…Read More
In previous generations, the traditional nuclear family was the status quo. A married, heterosexual couple had 2-3 children, and those children grew up to have kids themselves. But divorce, remarriage, and cohabitation before marriage are now becoming increasingly common and accepted. According to the Pew Research Center, approximately 1 in 6 American children live in a blended family. Although a vast portion of today’s Americans have stepfamily, the laws have not necessarily changed to reflect this pattern. If you live in a blended family, you may need to take additional steps to ensure old laws don’t interfere with modern plans. Furthermore,…Read More
If you think you only need to create discretionary lifetime trusts for young, troubled, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What Is a Discretionary Lifetime Trust? A discretionary lifetime trust is a type of irrevocable trust that you can fund while you are alive – in which case you will gift your assets into the trust for the benefit of your beneficiaries – or after you die – in which case your assets will…Read More
No matter the time of year, it is always a good opportunity for members of the military and their loved ones to consider setting up — or revising an existing —estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources. This can become complicated and, for this reason, it is important to seek professional help if you are a military family. Whether you are just starting your service in the…Read More
The average American family has changed a great deal over the last few decades. The assumptions that a couple will share finances, tax obligations, and their last name do not necessarily apply in the 21st century. There are more options than ever before to keep your finances, identity, and future plans separate. This sense of independence leads many married people to question: can I make estate planning decisions without involving my spouse? The answer can be more complicated than you might expect. While it’s certainly possible to begin the estate planning process without your spouse, there are some things to consider.…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
