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Wednesday, August 15, 2018

Small Biz, Big Plans

Some of our favorite clients to work for are small business owners. It is exciting to see their passion for what they are doing, and to play a small role in bringing their vision to life. It is also really relatable.

Not a lot of people think about the fact that law firms are small businesses, but we are. Just like any business owner, we have to put out a product that customers want to buy, get customers in the door, and do the thousands of little things that keep our doors open so the customers we attract can walk through them.


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Wednesday, August 8, 2018

Does This Guardian Of The Galaxy Need A Guardian?

Earlier this month we celebrated the 49th anniversary of the Apollo 11 moon landing. Almost half a century ago, as the whole world watched, Neil Armstrong took “one small step for [a] man, one giant leap for mankind,” and Buzz Aldrin followed right behind him. It’s a feat that continues to inspire us, and which made Armstrong and Aldrin national heroes.

Aldrin has been in the news again recently, but it unfortunately has nothing to do with space exploration. The 88 year old recently..


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Wednesday, August 1, 2018

What Your Loved Ones Absolutely Need to Know About Your Estate Plan

What Your Loved Ones Absolutely Need to Know About Your Estate Plan

The conversation about a person’s last wishes can be an awkward one for both the individual who is the topic of conversation and his or her loved ones. The end of someone’s life is not a topic anyone looks forward to discussing. It is, however, an important conversation that must be had so that the family understands  the testator’s final wishes before he or she passes away. If a significant sum is being left to someone or some entity outside of the family, an explanation of this action may go a long way to avoiding a contested will. In a similar vein, if one heir is receiving a larger share of the estate than the others, it is prudent to have this action explained. If funds are being placed in a trust instead of given directly to the heirs, it makes sense for the testator to advise his or her loved ones in advance.

When a loved one dies, people are often in a state of emotional turmoil. Each deals with grief differently and, often, unpredictably. Anger is a common reaction to loss, one of the five stages postulated to apply to everyone dealing with such a tragedy. Simply by talking to loved ones ahead of time, a testator can preempt any anger misdirected at the estate plan and avoid an unnecessary dispute, be it a small family tiff or a prolonged legal battle.

The executor of the estate must be privy to a significant amount of information before a testator passes on. It is helpful for the executor to know that he or she has been chosen for this role  and to have accepted the appointment in advance. The executor should know the location of the original will. Concerns of fraud mean that only the original copy of a will can be entered into probate. The executor should be aware of all bank accounts, assets, and debts in a testator’s name. This will avoid a tedious search for documents after the decedent passes on and will ensure that all assets are included as part of the estate. The executor of an estate should be aware of all memberships, because it will be the executor’s responsibility to cancel them. An up-to-date accounting of all assets and debts will simplify the settlement of the estate for an executor significantly.


Wednesday, July 25, 2018

How a Prenuptial Agreement Can Protect Your Estate

There are many circumstances that can impact an estate plan, not the least of which is divorce. While ending a marriage is complicated, it is not only crucial to arrive at a fair and equitable distribution of the marital assets, but to preserve your estate as well.

While the laws vary from state to state, it is important to understand the difference between separate and marital property. Generally, separate property includes any property owned by either spouse before the marriage, as well as gifts or inheritances received by either party prior to or after the marriage.

Marital property, on the other hand, is any property that is acquired during the marriage such as houses, cars, retirement plans, 401(k)s, IRAs, life insurance, investments and closely held business, regardless of who owns or holds title to the property.

One way to protect an estate in the event of a divorce is to put in place a prenuptial agreement. This legal document specifies each party's property ownership and clarifies their respective property rights should they end the marriage. A prenuptial agreement can reduce the conflict that is normally associated with divorce, avoid court intervention regarding questions of property division and also serve as an effective estate planning tool.

In short, a well designed agreement will distinguish separate property from marital property so that those assets are not misclassified if one of the spouses dies. Moreover, a prenuptial agreement is beneficial to those who are entering into second marriages because it will help to preserve the rights of children from prior relationships. In addition, for those who marry later in life and acquire significant assets, a prenuptial agreement can protect the estate from claims by former spouses.

In the end, a prenuptial agreement can enable each spouse to protect their assets and provide for their loved ones in the event of divorce or death. If you are considering marriage, it is essential to put a comprehensive estate place that includes a prenuptial agreement.


Tuesday, July 17, 2018

Modern Families Need Modern Estate Plans

Are you familiar with the Pritchett family? The lovable family is the focus of the hit ABC sitcom Modern Family. A show that makes us laugh, tear up, and… think about


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Wednesday, July 11, 2018

Overview if the Ways to Hold Title to Property

Overview of the Ways to Hold Title to Property

You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet the manner in which title is held can drastically affect each owner’s rights during their lifetime and upon their death. Below is an overview of the common ways to hold title to real estate:

Tenancy in Common
Tenants in common are two or more owners, who may own equal or unequal percentages of the property as specified on the deed. Any co-owner may transfer his or her interest in the property to another individual. Upon a co-owner’s death, his or her interest in the property passes to the heirs or beneficiaries of that co-owner; the remaining co-owners retain their same percentage of ownership. Transferring property upon the death of a co-tenant requires a probate proceeding.

Tenancy in common is generally appropriate when the co-owners want to leave their share of the property to someone other than the other co-tenants, or want to own the property in unequal shares.

Joint Tenancy
Joint tenants are two or more owners who must own equal shares of the property. Upon a co-owner’s death, the decedent’s share of the property transfers to the surviving joint tenants, not his or her heirs or beneficiaries. Transferring property upon the death of a joint tenant does not require a probate proceeding, but will require certain forms to be filed and a new deed to be recorded.

Joint tenancy is generally favored when owners want the property to transfer automatically to the remaining co-owners upon death, and want to own the property in equal shares.

Living Trusts
The above methods of taking title apply to properties with multiple owners. However, even sole owners, for whom the above methods are inapplicable, face an important choice when purchasing property. Whether a sole owner, or multiple co-owners, everyone has the option of holding title through a living trust, which avoids probate upon the property owner’s death. Once your living trust is established, the property can be transferred to you, as trustee of the living trust. The trust document names the successor trustee, who will manage your affairs upon your death, and beneficiaries who will receive the property. With a living trust, the property can be transferred to your beneficiaries quickly and economically, by avoiding the probate courts altogether. Because you remain as trustee of your living trust during your lifetime, you retain sole control of your property.

How you hold title has lasting ramifications on you, your family and the co-owners of the property. Title transfers can affect property taxes, capital gains taxes and estate taxes. If the property is not titled in such a way that probate can be avoided, your heirs will be subject to a lengthy, costly, and very public probate court proceeding. By consulting an experienced real estate attorney, you can ensure your rights – and those of your loved ones – are fully protected.
 


Tuesday, July 10, 2018

So Much To Celebrate

June is a fun month. Not only is it the start of summer, it is the most common month for weddings, a time of many graduations, and a month when we celebrate our fathers. In the legal world, we also celebrate a few more holidays in June. June 12 is Loving day. June 19 is Juneteenth.


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Thursday, July 5, 2018

Think Treasure Hunts are Fun and Games?


Think Treasure Hunts are Fun and Games? Think Again

You’ve had an attorney draft your estate planning documents, including your living trust and will. Probate avoidance and tax saving strategies have been implemented. Your documents are signed, notarized and witnessed in accordance with all applicable laws, and are stored in a location known to your chosen executor or estate administrator. Your work is done, right? Not exactly.

Although treasure hunts may be fun for youngsters, the fiduciaries of your estate will not find inventorying your assets to be nearly as exciting.
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Wednesday, June 27, 2018

8 Reasons Young People Should Write a Last Will and Testament


 

8 Reasons Young People Should Write a Last Will and Testament

Imagine if writing a last will and testament were a pre-requisite to graduating from high school.  The graduate walks across the stage, hands the completed will to the principal, and gets the diploma in return.   It might sound strange because most 18 year olds have little in terms of assets but it’s a good idea for all adults to draft a last will and testament.

Graduation from college is another good milestone to use as a reminder to create an estate plan.  If you haven’t created a will by the time you marry – or are living with a partner in a committed relationship – then it’s fair to say you are overdue.
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Wednesday, June 13, 2018

Leaving Assets to a 'Troubled' Heir


Estate Planning: Leaving Assets to a ‘Troubled’ Heir

If you have a child who is addicted to drugs or alcohol, or who is financially irresponsible, you already know the heartbreak associated with trying to help that child make healthy decisions.  Perhaps your other adult children are living independent lives, but this child still turns to you to bail him out – either figuratively or literally – of trouble.

If these are your circumstances, you are probably already worrying about how to continue to help your child once you are gone.  You predict that your child will misuse any lump sum of money left to him or her via your will.  You don’t want to completely cut this child out of your estate plan, but at the same time, you don’t want to enable destructive behavior or throw good money after bad.
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Tuesday, June 12, 2018

It’s Always Marcia, Marcia, Marcia: Avoiding Family Drama In The Estate Planning Process

In the classic Brady Bunch episode “Her Sister’s Shadow,” Jan’s frustration at constantly being compared to her older sister Marcia bursts forth. Perhaps it is because we can all relate that Jan’s exasperated “Marcia, Marcia, Marcia!” became a cultural catchphrase despite only being uttered just that one time.

These same feelings of inferiority and a sense of not being treated fairly frequently burst forth during the estate planning process.


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575 Lynnhaven Parkway, Suite 301 , Virginia Beach, VA 23452 | Phone: 757-215-4051
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757-215-4051