Virginia and many other states have adopted a version of the Uniform Trust Code. This law establishes certain obligations toward trust beneficiaries, requiring that they get the necessary information about the trust to protect themselves. However, for various reasons, some parents do not want their children to know very much about their trusts. Depending on what kind of information the parents want to conceal or how they want the trust administered, the solution might be to establish the trust in another state. Trusts that conceal a significant amount of information from the beneficiary are called "silent trusts".
How parents may conceal some trust information from children
Medical debt continues to soar
Statistics show that the U.S. spends more on health care per capita than any other country. However, not all of this is government spending. Many Virginia residents carry a heavy burden of medical bills. This has resulted in an ever increasing inability to pay for out-of-pocket costs associated with expensive medical necessities.
Bankruptcy debt: Dischargeable or non-dischargeable?
Most people would rather not go through bankruptcy; however, after creditors make life miserable, the day may come when bankruptcy sounds like a good option.
