Charitable trusts are a remarkable tool for those who wish to leave a lasting legacy through philanthropy while also gaining tax advantages. Setting up a charitable trust can provide a structured way to support favorite causes over time. There are ways to use...
Through a Power of Attorney, you can grant someone the privilege to make the decisions you would usually make yourself. If the power of attorney no longer serves your needs or if you want to terminate an agent, you can make the necessary changes. Steps to regain...
Choosing a trustee is an essential step when establishing a trust. Some people may already have someone in mind for this role. But others can find it challenging. In specific scenarios, an individual may have no close family members eligible to become a trustee,...
Estate planning involves many important decisions. One of the most crucial is selecting an executor. This person will be responsible for carrying out the directions in your will, settling any debts and distributing your assets. But is choosing a family member as your...
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....
Creating an estate plan involves preparing a set of legal documents that guide the distribution of your assets and specify your wishes regarding healthcare and guardianship, should you become unable to make decisions for yourself. Given the importance of having a...
If you become an estate executor for a deceased loved one, you will probably find that probate will be an emotional and stressful time for you. As part of your duties, you must oversee the property and assets of your relative. This may feel like an overwhelming task,...
Estate planning is not just about passing on your assets to loved ones. It is also about minimizing the tax burden they may face after your passing. By employing smart tax-saving strategies, you can ensure that more of your wealth goes to your beneficiaries and less...
By naming someone to take over ownership of your business after you retire or die, you can ensure the continuation of your enterprise beyond your lifetime. Still, choosing a successor might not be effective if you make one or more mistakes when creating your plans....
When planning for the future, choosing someone to handle your financial affairs when you cannot is a huge decision. The person you select to become a financial power of attorney (POA) representing your estate will have significant responsibilities. This is a task you...
