757.301.9500
Serving Greater Virginia
Share

Estate Planning

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.
Read more . . .


Tuesday, May 31, 2022

Guardianship vs Conservatorship


Going to court to obtain the legal rights to handle a loved one’s finances or make medical decisions can be a trying experience. Absent a signed advance medical directive or durable power of attorney by your family member prior to their becoming incapacitated, your only recourse is to hire me to go to court. A conservatorship is a legal process to obtain the rights to gain control over an incapacitated family member’s finances, real estate, and income. A guardianship is a court proceeding to be able to legally make medical and personal decisions for a loved one who is unable to make those decisions on their own. Which one does a potential client need? A conservatorship, guardianship, or both? The attorneys at J.
Read more . . .


Friday, December 10, 2021

Karl Lagerfeld's Cat Set To Inherit Millions


For over a year, designer Karl Lagerfeld’s estate, estimated between $200 million and $400 million, has been in dispute. Lagerfeld left a will filed in the principality of Monaco. The former Chanel creative director’s purported heirs (including former Chanel employees, the designer’s grandson, his most favored runway model, and his Birman cat) all believe they should inherit a large portion of the designer’s estate. His cat, Mademoiselle Choupette, seems to have the edge for the lion’s share. She’s starred in magazine spreads and boasts makeup lines named in her honor.
Read more . . .


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.
Read more . . .


Sunday, December 5, 2021

Lessons Learned From Kate Spade's Estate Plan

Kate Spade, the iconic American designer, and entrepreneur was worth over 200 million when she tragically took her life. Despite her financial successes and no doubt numerous attorneys advising her concerning her business and professional life, she did not have an estate plan when she died. Separated from her husband and survived by her thirteen-year-old daughter, the courts determined her beneficiaries. No matter what stage you are in personally or financially, establishing an estate plan with a knowledgeable attorney is one of the most important things you can do for your business and family, leaving a lasting legacy.
Read more . . .


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.
Read more . . .


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.
Read more . . .


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.
Read more . . .


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.
Read more . . .


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.
Read more . . .


Friday, November 12, 2021

Do You Have A Robinhood Account?


Do you have an estate plan for your Robinhood account? With a growing number of clients owning Robinhood, or other various investment app accounts, I am often asked what happens to the account if the owner passes away. Robinhood, for example, currently does NOT allow you to add a beneficiary on your account.

Consequently, when you pass away your holdings at Robinhood would pass to your estate. What does your "estate" mean you might ask? Your estate means what you have directed in your Last Will and Testament. If, like most people, you do not even have a will, then the "estate" means what the laws in your jurisdiction may say as to whom the beneficiaries would be.
Read more . . .


Archived Posts

2022
2021
2020
2019
2018
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015

← Newer12 3 4 5 6 7 8 9 10 11 12 13 14 Older →



© 2022 JS Burton, P.L.C. | Disclaimer
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
1750 Tysons Blvd., Suite 1500, McLean, VA 22102
| Phone: 757.301.9500

Practice Areas | About Us |

Law Firm Website Design by
Amicus Creative


© 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