In this article, you can discover… How to hand down your business successfully. Whether or not to inform employees of your succession plans. How an attorney can help you and your family navigate succession plans. Is Business Succession Planning Only For Large Companies? Business succession planning is actually more critical for smaller businesses than it is for larger ones. This is because larger companies typically have formal structures and plans in place since there tend to be multiple stakeholders involved, such as stockholders or LLC arrangements. Small businesses, on the other hand, often lack these predefined systems, which can lead…Read More
In this article, you can discover… How to choose the right successor for your business. Ways to minimize tax liabilities in Virginia. The best ways to plan for and structure a buyout agreement. How Do I Choose The Right Successor For My Business? Choosing the right successor for your business depends largely on the nature of your business and its structure. Here's how we approach this decision: Sole Proprietorships Or Consulting Businesses If your business revolves solely around you think of something like a consulting practice its value may primarily consist of physical assets like a car or office equipment…Read More
The First Step To Creating A Will To create a will, you need to consider a few key details: who you are, what assets you have, and who you want to inherit them. After this, you simply write down your wishes, sign the document in the presence of two witnesses, and ensure those witnesses are available for probate if necessary. This simple process ensures that your wishes are carried out, instead of leaving the distribution of your estate to the State. You see, if you die without a written will in Virginia, your assets will be distributed according to Virginia’s…Read More
In this article, you can discover… What digital assets are and how to include them in estate plans. Whether Virginia accepts digital wills. How an attorney can help you manage your digital assets. What Are Digital Assets? Why Do They Matter In Estate Planning? When people think of digital assets, they tend to think of blue chip cryptocurrencies like Bitcoin, ETH, XRP, and SOL to your favorite meme coins like DOGE, BONK, and WIF. But it includes far more than that. Any online account you have, such as email, social media, and cloud storage, is also considered a digital asset.…Read More
Taking The First Step Of Creating A Living Trust The first step is simple: meeting with a Legacy Law Centers' attorney to discuss and define your goals. Are you looking for a simple way to transfer assets, or do you have specific concerns, like excluding certain family members or minimizing tax burdens? Once your objectives are clear, you can move forward from there. As a general rule, we recommend placing as many assets as possible into the trust. Any assets left out of the trust will go through probate, which can be time-consuming and costly. There are exceptions to this,…Read More
Understanding The Difference Between Wills And Trusts What are the key differences between these two documents? A will is generally used after death to dictate how your assets will be distributed. A trust, on the other hand, is usually established and used during your lifetime, though it can also manage assets after death. Which one is right for you? Choosing between a will and a trust often comes down to cost and complexity. While a will may be less expensive to set up, it can become more costly and time-consuming for your beneficiaries after your death, as they will need…Read More
In this article, you can discover… The important role of communication in selecting an attorney. When and how often to review or update your estate plan. How to choose a trustee or executor for your estate. What Can I Expect During My Consultation With Legacy Law Centers? During your first consultation at Legacy Law Centers, you'll meet directly with an attorney, not an intake specialist or support staff. They will listen to your goals and assess your needs by identifying key legal issues. Estate planning covers five major areas: wills, trusts, taxes, property, and family. Your attorney will guide you…Read More
Unpacking Estate Planning What is estate planning, and what does it entail? Estate planning is the process of managing your personal and financial affairs during two especially critical times: incapacity or death. Estate planning is essential for anyone, but particularly retirees, as it enables a smooth transfer of control and assets, protecting beneficiaries when they inherit. Effective estate planning minimizes complications and safeguards loved ones, helping ensure that your wishes are carried out as intended. Key Components Of A Solid Estate Plan A strong estate plan addresses two primary areas: personal care and property management. For personal care, medical directives…Read More
Despite what so many people think, estate planning isn’t just about securing personal assets for loved ones. If you’re a business owner, estate planning can have profound implications for you, especially when considering how to protect your business during a time when you wouldn’t be able to step in and do so yourself. Without a solid estate plan in place that accounts for several possible scenarios, the business you’ve worked so hard to build over your lifetime can take on intense losses should you ever be incapacitated or pass on unexpectedly. Understanding the ramifications of various tools available to you…Read More
There comes a time in every person's life when they find themselves considering the future of their assets and property. Questions such as "Who will inherit my possessions once I pass away?" and "How will my loved ones handle a situation where I become incapacitated and unable to make decisions on my own?" may become important thoughts. A comprehensive estate plan addresses these complex issues and much more. While they are not necessarily enjoyable topics to ponder, you will feel incredible relief when you have established a clear vision for your future. Not only does this mitigate challenges for your…Read More
