It is common for people to think about leaving their legacy to their family when they get older. However, choosing a trustee among family members can be difficult without considering how it will affect their relationship. What are the reasons for setting up multiple...
If you own a small business in Virginia, you’ve likely invested significant time and effort into building it and want to ensure its protection. One effective way to safeguard your company is by establishing a trust. A trust enables you to manage your assets in a...
An irrevocable life insurance trust is a powerful estate planning tool. It also offers several advantages for individuals and families in Virginia. Understanding the key benefits of an ILIT is helpful for making informed decisions about estate planning strategies. 1....
When setting up a special needs trust, one of the most important decisions you will make is selecting the right trustee. This individual or entity will manage the trust for the benefit of the person with special needs. 1. Understanding of special needs The trustee...
Estate planning in Virginia is important at all stages of life. It can help with financial security, peace of mind and wealth preservation, among many things. Revocable trusts stand out as a valuable tool to give people flexibility and control over their assets. 1....
A revocable or “living” trust allows you to make changes to your trust’s documents up until your death. As reported by Entrepreneur.com, a living trust allows you to add or remove your assets and properties whenever you choose. Living trusts commonly hold real estate,...
Estate planning is not just one afternoon of dedicated dictation. You have a lot to work through when it comes to communicating with your family and making sure your will describes your wishes clearly. In the event that you change your mind about any of it, you may...
When people create trusts, they must appoint trustees to own and manage the assets in the trusts. Grantors must consider the capabilities of the appointees and the legal responsibilities required of trustees when deciding who to appoint. The following tips may help...
When you create your Virginia estate plan, you have many different avenues through which to make arrangements. While a will is an important foundation for any estate plan, there are limits to what you may do with a will. Sometimes, you may have specific goals in mind...
There is a common misconception that including a trust in one's estate plan is something that only benefits wealthy individuals. While it is true those with large amounts of assets stand to benefit from using a trust, so too do many other types of people. If you...
