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Asset Protection Strategies

Wednesday, June 15, 2022

No-Contest Clauses


Maybe you don’t want to divide your assets evenly among your children when you pass away. Perhaps you’ve determined to restrict assets going to a particular beneficiary. The last thing you want is a beneficiary contesting your wishes. What you’ve decided to give them, or how you liked the money handled for their benefit when you pass away, is your prerogative, not theirs. Consider implementing a no-contest clause in your will or trust to prevent a beneficiary from challenging your testamentary desires.
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Wednesday, December 8, 2021

What Is An Art Trust?


Many of my clients who own highly valued, collectible artwork often opt to place those pieces into an Art Trust. Here are the reasons why: 1) If adequately structured, art (along with its historically averaging 6% a year appreciating value) placed into the trust will no longer be subjected to estate taxes upon the death of the owner. 2) Clients can still have their private collections in their home or office after they place them into the trust. 3) After the owner's death, the client's children can enjoy the artwork and can be protected against an heir's possible divorces, bankruptcies, and personal lawsuits. The trust can even be drafted to allow the trustee to loan the private collection to museums for the public's enjoyment in long-lasting perpetuity.
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Friday, December 3, 2021

Planning Your Estate When Your Adult Kids Resent Your New Love.


Although a whole host of underlying experiences and psychological underpinnings influence why your adult child may not be happy with your new spouse, there are some practical guidelines you may want to consider in order to make the new relationship transition smoother. 1) Put at rest your children’s anxieties about losing an inheritance. Having an upfront and honest discussion in the beginning is key. Furthermore, back up your assurances legally by signing a marital agreement before or after marriage which can ensure your estate goes to your children the way you have planned it. Absent such an agreement, the new spouse has the legal right to rifle through your best laid intentions in court.
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Wednesday, December 1, 2021

Have You Considered A Trust Protector?


Choosing a trustee can be a struggle. You may have a family member you trust and whose heart is in the right place but cannot care for money or lacks the administrative aptitude to manage your estate when you pass. Consider adding a trust protector. A trust protector is an independent person who can fill in the weaknesses of your appointed trustee. A trust protector can guide your trustee in how the trust should be administered when you pass.
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Monday, November 22, 2021

Planning To Travel?


Thinking of updating your estate plan on the tarmac is a little too late. Prepare your will, trust, power of attorney and medical directive for your loved ones before you hop on the plane. At www.jsburton.org you can complete an online estate planning questionnaire, get fair, flat fee pricing and receive a quick turnaround time from start to finish - done.
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Wednesday, November 17, 2021

Did you know you could unintentionally disinherit your children from receiving your IRA?

Due to a little known rule, if you list your children on your IRA as your primary beneficiaries, they could be disheartened if you remarry. According to federal law under the Employee Retirement Income Security Act of 1974 (ERISA), if you remarry your new spouse gets all of your retirement funds despite whomever you name as the beneficiaries. This little known reality can unexpectedly happen to blended families. How do you protect your children from being disinherited? Have your new spouse sign a form waiving rights to your qualified retirement plan.
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Sunday, November 14, 2021

Anderson Cooper Decides Not To Leave An Inheritance To His Son.


Anderson Cooper has decided not to leave an inheritance to his minor child, hoping to instill a strong work ethic. However, leaving assets to a child does not have to be an all or nothing decision. You can properly design a plan, which keeps assets outside of a child’s estate, far away from questionable decisions (bad spending habits, creditor claims and even divorces) yet allows for their unforeseen personal needs or emergencies. A plan can also be implemented for their inheritance which fosters their own personal, financial or successful entrepreneurial development. All the while, encouraging good financial stewardship and charitable behaviors for generations to come.
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Wednesday, November 10, 2021

What Is An Irrevocable Life Insurance Trust?


An irrevocable life insurance trust (ILIT) is a trust created by you that will hold and control a term or permanent life insurance policy or policies while you are alive. You select an independent trustee to manage the policy and pay the premiums. Do not worry; you can have a trust protector added to the document who can remove and replace a trustee at any time. At your death, the trust receives and distributes the death proceeds to your selected beneficiaries. So why create an ILIT? If structured properly, the death benefits, along with any accumulated cash value, of the policy are not counted as part of your estate for estate tax purposes.
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Monday, August 23, 2021

Attorney Fallon Whidden joins firm!


Congratulations to attorney Fallon Whidden for joining the law firm of J.S. Burton, P.L.C.
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Monday, August 23, 2021

What Is A Qualified Personal Residence Trust?


In this first of a six-week "What Is?" series, I begin with what is a Qualified Personal Residence Trust? With skyrocketing home values of late, many of my client's largest asset is their home. The foreseeable estate tax landscape is uncertain, increasing the possibility that more Americans will have to deal with estate taxes at death. If you believe your current home will continue to appreciate over the next decade and you plan on owning it for at least ten to fifteen years, then you want to consider moving your home to a qualified personal residence trust (QPRT). In sum, moving your home into a QPRT will "lock" your home's current value. At the end of the trust term (usually between ten to twenty years), your home transfers to your heirs at the value the home was fifteen years ago, not at its future appreciated value.
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Wednesday, July 28, 2021

Asset Protection For Doctors


Medical malpractice insurance premiums are increasing with each passing year. The AMA Journal reported that nationally 1 in 2 doctors will be sued by age 55. Many internal actuaries reported by some medical malpractice insurance companies see their foreseeable insolvency based upon the rate of lawsuit claims made by doctors each year. True, many states like Virginia have set a lawsuit cap on the total amount for which a doctor would be liable ($2.5 million).
Read more . . .


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477 Viking Drive, Suite 410, Virginia Beach, VA 23452
| Phone: 757.301.9500
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| Phone: 757.301.9500
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| Phone: 757.301.9500

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© JS Burton, P.L.C. | Disclaimer | Law Firm Website Design by Zola Creative
477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500