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Will the passage of the Uniform Electronic Wills Act pave the way for electronic wills in Virginia and other states? For better or worse, we are living in an age of technology. At our fingertips we have computers, smartphones, tablets and other...
September 24, 2020 in Estate Planning; Wills, Trusts & Estate Administration;
Priority Claims for Surviving Spouse and/or Minor Children
After losing a spouse, the surviving spouse can feel overwhelmed and anxious regarding available resources. This is particularly true if the probate estate of the deceased spouse is nominal or the deceased spouse had significant debt. There are...
July 31, 2017 in Wills, Trusts & Estate Administration
Special Needs Trust: The Importance of Getting it Right
It is commonplace today that most families either have knowledge of or may even have a family member who is a special needs individual. Special needs individuals, whether by virtue of a physical disability or mental disability, are often entitled...
November 03, 2016 in Estate Planning; Wills, Trusts & Estate Administration;
Specialized Trust Planning, Income Taxes, and Asset Protection
Over the last several years, we have seen a significant, perhaps even a sea-, change in the estate planning environment. For many years, practitioners were focused on transfer taxes as the tax rates were high and the exemptions were low. Then,...
June 08, 2016 in Estate Planning; Wills, Trusts & Estate Administration;
Foreign Bank Account Reporting: The Dragon has Teeth
A little known and sometimes extremely troublesome reporting requirement exists for United States persons who own foreign bank accounts in various countries around the world. To the extent that such accounts exceed the aggregate value of...
April 16, 2014 in Estate Planning; Wills, Trusts & Estate Administration;
Changes to Durable Powers of Attorney – The New Virginia Act
As of July 1, 2010, a new power of attorney statute for Virginia went into effect. The new statute, which applies prospectively to both existing powers of attorney and powers of attorney created years ago, makes some significant changes about...
March 13, 2014 in Wills, Trusts & Estate Administration
Asset Protection: Dealing with an Uncertain World
One of the most interesting and esoteric of the planning problems which we deal with is the area of asset protection. Asset protection is often done in the context of estate planning. Whether the primary goal is to protect assets or to plan for...
February 10, 2014 in Wills, Trusts & Estate Administration
Charitable Gifts and Taxes (Doing Well While Doing Good)
It is never too late to support a worthy charity – you can even include them as a beneficiary of your will, IRA, annuity, life insurance, etc. However, if you wish to qualify for a 2013 tax deduction, now may be an excellent time to make your...
October 03, 2013 in Wills, Trusts & Estate Administration
Every person is unique and so must be their estate plan. With the availability of estate planning documents on the web, the preparation of an estate plan has become akin to purchasing a good. The preparation of an estate plan is not simply...
October 01, 2013 in Estate Planning; Wills, Trusts & Estate Administration;
Fiduciary Duties During Administration of Trusts and Estates
You have been appointed executor of an estate or trustee of a trust. You want to do your best for the beneficiaries but you have another major concern as well: avoiding being sued for the way you carry out your duties. Acting as fiduciary is a...
September 30, 2013 in Estate Planning; Wills, Trusts & Estate Administration;
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