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Wills & Trusts

Wednesday, November 25, 2020

What Can A Special Needs Trust Pay For?


A Special Needs Trust is a separate legal entity which holds assets for individuals with special needs. Ideally, by maintaining assets within a Special Needs Trust, the monies administered inside will not negatively impact the special needs beneficiary's eligibility for public benefits, such as Medicaid and Supplemental Security Income (SSI). Special needs planning attorneys are often asked if a Special Needs Trust can be used to pay for more high cost "lifestyle" purchases, such as a custom van for personal transportation, a wheelchair or computers for learning and communication needs. A Special Needs trust is ideal for these types of expenses because there is no spending limit as to what a Trustee may purchase on behalf of a special needs beneficiary. Even still, there are rules for how funds administered within a Special Needs Trust can be used for.
Read more . . .


Thursday, October 15, 2020

Installment Sales Trusts (IST): A 1031 Exchange Alternative


Paying capital gains taxes upon the sale of secondary residential or commercial real estate can be a difficult tax bill to swallow. Yes. There are the traditional 1031 like-kind exchange options but often the reason you are selling your property in the first place is to diminish your overall real estate holdings. Enter the Installment Sales Trust (IST)tm, which allows for the sale of highly appreciated real estate where the capital gains tax liabilities are paid over time not all at once. Similar in nature to a typical §453 installment sale, the IST can provide greater stability and flexibility in managing installment distributions to the seller.
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Sunday, October 4, 2020

Does Your Adult Child Need A Trust?


Increasingly more clients are asking about creating a trust for their adult children after they are gone. Reasons can range anywhere from disabilities to financial irresponsibility, substance abuse problems, creditor liabilities or just poor decisions in relationships overall. It is routine for estate planning attorneys to establish trusts for minor children, allowing an independent Trustee to oversee the inheritance for the minors’ support until a designated age. Trusts for adult children can be designed to protect the inheritance you bequest to a child against bankruptcy, divorce, creditor claims and their own bad decisions. In fact, modern trusts will even allow a mature child to have more say so in how the trust is managed and invested.
Read more . . .


Friday, October 2, 2020

Planning For Personal Property In Your Estate Plan


You would be surprised what children fight over when mom, dad or both pass away. Your estate plan may have your overall shares or percentages laid out with clarity, but what kids can disagree on could be the heirlooms or personal sentimental items which may not have any real value. As hard as it is to believe, your children might fight over your Hummel collection, a favorite piece of jewelry or a sentimental painting. These disagreements could ultimately lead to lawsuits. In Virginia, you can add personal items to your will or trust and specify to whom you want to leave it; even a handwritten list, signed and dated by you can be legally effective.
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Friday, September 18, 2020

Should A Charitable Trust - Not Your Kids - Be The Beneficiary Of Your IRA?


The recent passage of the SECURE Act eliminated the ability to "stretch" your taxable distributions and related tax payments over your life expectancy if you inherit IRAs from a family member. With a few exceptions, if you inherit an IRA on or after January 1, 2020, you must now withdraw all assets from the inherited account within 10 years. The shorter amount of time you now have as a beneficiary to hold on to an inherited IRA can cause major tax burdens which can severely diminish what you ultimately have at the end of the ten year period. Moreover, the compressed withdrawal time frame will also cause personal income tax increases on many beneficiaries based upon the size of the IRA they inherited and what their own income rates are in the future. What is a possible tax savings alternative? Instead of having your family members as beneficiaries on your IRA when you pass you can name a Charitable Remainder Trust (CRT) as the sole beneficiary.
Read more . . .


Monday, August 31, 2020

Death is not an ending: the profitable word of literary estates


When the famed author of Jurassic Park, Micheal Crichton, died in 2008, he left two unfinished books and a wealth of publishing and media royalties for his estate to earn in practical endless perpetuity. While much of the publishing industry is primarily concerned on new writers and the living, the estates of deceased famous authors can be immensely lucrative to publishing, film and media companies. For instance, the books of Agatha Christie still earn millions of dollars annually. A few of my clients have royalty contracts with traditional publishers, as well as modern publishers, like Amazon. Your book or media royalties may only be earning a few thousand dollars a year, but they still require planning in the event you become incapacitated or pass away.
Read more . . .


Wednesday, August 26, 2020

Olivia Lee Joins Firm as Partner.


The law firm of J.S. Burton, P.L.C.
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Wednesday, August 12, 2020

Patrick Mahomes Signed A $500 Million Dollar Contract. Five Estate Planning Strategies Patrick Needs To Do Now.


NFL quarterback, Patrick Mahomes, II recently signed a 10 year, $500 million dollar contract; the highest in league history. Although it is not uncommon for elite football players to sign multi-million dollar deals, Mr Mahome’s deal provides him with the type of wealth which requires a multi-generational estate plan. Here are some of the top 5 estate planning strategies Mr. Mahomes needs to do now: 1) Implement advance estate planning utilizing trusts. Trusts can pass on his wealth without public knowledge and save in his case millions of dollars in court fees, taxes and professional service costs.
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Thursday, February 1, 2018

How Does The New Tax Law Impact Estate Planning?


The “Tax Cuts and Jobs Act” that President Trump signed into law last month still has a lot of the country scratching their heads, trying to figure out if their taxes will be going up or down. One thing that is clear is that the new law makes a big change to estate taxes.

According to a recent survey from the Pew Research Center, about two-thirds (65%) of those surveyed feel they understand how the tax law might affect them and their families at least somewhat well. Before sitting down to look through the legislation, we would have put ourselves in that camp too. But the deeper into the weeds we got, the more we realized there was a lot in the bill that we did not know was there.
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Sunday, January 28, 2018

Playboy Founder Parents From Beyond The Grave


As you probably heard, Hugh Hefner, the magazine mogul and vanguard of the sexual revolution, died last fall. At first all we knew about his estate plan was that he would laid to rest in the crypt next to Marilyn Monroe, his first cover girl, which he purchased for $75,000 back in the 1990s. Now some other details have emerged, and they are pretty intriguing.

Although the “Playboy lifestyle” involves a certain amount of partying, it is no secret that Hef was not a fan of those who partied to excess or relied on drugs to have a good time. After becoming addicted to prescription amphetamines and mourning the loss of his secretary and confidant, Bobbie Arnstein, who committed suicide after a drug arrest, Hefner lived a substantially substance-free lifestyle.


Read more . . .


Friday, December 29, 2017

Did Santa Bring Your Family A Furry Friend?


Jolly Old Saint Nick must run one heck of an animal adoption agency at the North Pole. Each year he delivers new furry friends to good boys and girls around the world... and then counts on their parents to make sure the new pets are well taken care of! 

Housebreaking or litter training and obedience school are the first order of business, but once those tasks are accomplished, it is time to consider more long-term issues.
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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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