Creating an estate plan can feel overwhelming, but it’s essential to ensure that your loved ones receive your assets according to your wishes. A well-crafted estate plan provides peace of mind, knowing that your plans are clear. Understand the basics of estate...
Northern Virginia Law Blog
Who pays tax on succession transfers?
When ownership of a business or real property moves due to succession—whether to heirs or among owners—you might expect hefty taxes. But in Virginia, the rules often shift responsibility away from the successor. Here's what you need to know. Transfer tax basics in...
Can probate be skipped?
You might ask whether probate is avoidable when someone dies. In Virginia, not every estate requires formal probate. The structure and valuation of the assets can allow you to bypass the process altogether. When probate may not be needed Virginia permits a small...
How does Virginia handle handwritten wills?
If you're considering drafting your own will by hand, you need to understand how Virginia law treats these documents. Virginia allows "holographic wills," but they only count if they follow specific legal rules. These types of wills may offer convenience, but they...
Is your will up to date? What you need to know
When was the last time you actually sat down and looked at your will? If you are like most people, it has probably been years — or maybe you haven’t even gotten around to making one at all. Either way, life has a way of shifting unexpectedly: the people in your life...
When should you update your power of attorney?
A power of attorney (POA) is a legal document that allows someone you trust to make decisions on your behalf. These decisions could be related to finances, health care, or other important aspects of your life. While it’s an essential part of estate planning, you...
How does probate impact joint accounts?
When someone dies, the court usually puts their estate through probate. If you share a joint account with that person, you may wonder what happens next. Will you still have access to the account? Will the money get tied up in court? Here's how probate affects joint...
What are the risks of DIY estate planning?
Estate planning plays a significant role in ensuring your assets are distributed according to your wishes. Handling it on your own can be problematic. Online templates and guides may promise simplicity and cost savings, but they fail to address the complexities of...
What are the key steps in business succession planning?
Business succession planning is crucial for ensuring that your business continues to thrive when you're ready to step away or move on. Whether you're preparing for retirement, a career change, or an unexpected exit, having a solid plan in place ensures a smooth...
How can dynasty trusts benefit Annandale families?
In Annandale, Virginia, families often think about how to protect and grow their wealth for future generations. A dynasty trust offers a way to pass on assets while minimizing taxes and safeguarding family wealth. This trust can be important for maintaining financial...