There are a few common errors people make with their estate planning. One is leaving certain critical documents, such as a will, out of the plan. Others have to do with failing to update the plan. People in Virginia should review their estate plan roughly every three years, but there are also certain events or situations that should trigger a review.
Your disability does not keep you from many important day-to-day tasks. However, it does make life expensive and difficult when it comes to your medical needs. A family member wants to leave an inheritance to you, but your medical needs will drain those assets. Meanwhile, the income will cause you to become ineligible for the government benefits you count on.
The amount consumers in Virginia and around the country owe to banks and credit card companies is expected to surpass $4 trillion by the end of 2018. This figure, which reflects revolving and installment debt but does not include mortgage balances, has risen by $1 trillion in just the last five years. Experts voiced few concerns over growing consumer debt levels when interest rates were close to historic lows, but a recent wave of rate hikes with the promise of more increases to come have prompted them to start issuing grim warnings about credit bubbles and unsustainable borrowing.