We're Here When You Need Us 703-278-2028

Posts tagged "Estate Planning"

SECURE Act may affect retirement fund estate planning

For many people in Virginia, their retirement funds are an important part of their estate plans. After the original owner of a retirement account passes away, the remainder of the fund generally passes directly to a named beneficiary without going through the probate process. Rather than taking everything in the account at one time, named beneficiaries have, in the past, been able to stretch out the payments from the retirement funds over their own lifetimes. They have been required to take only the minimum necessary distributions, allowing the account to continue to grow while deferring taxation until their own retirement.

An estate plan isn't complete without a health care directive

Although addressing one's mortality through estate planning could be uncomfortable, it is important for anyone who wants control over what happens to their body as well as their assets immediately before and after their death. Most people know they need a will and possibly a trust to provide guidance about their assets but many Virginians don't understand the importance of a health care directive.

The importance of digital assets in an estate plan

When Virginia residents create estate plans, they may be wise to ensure that they do not overlook their digital assets. Important information today is often found on electronic rather than paper records, and not including usernames and passwords in an estate plan can leave executors, trustees and heirs in a very difficult position. Digital assets that may be left inaccessible by such an omission include computer files, online financial accounts, website domains, subscriptions, and social media, email and message board accounts.

Ignoring estate planning is a mistake many people make

Virginians who have yet to craft even a basic estate plan should consider the various reasons why it is beneficial to do so. This is true for people of any age. Many people ignore the reality of needing an estate plan. This can cause problems for their loved ones if the person becomes incapacitated or passes on without a plan in place.

Few Americans have estate plans in place

Many Texas residents agree that it is important to plan for the future when it comes to protecting their assets and making sure their loved ones are taken care of. This is in harmony with recent surveys showing that the majority of Americans understand how important estate planning is, but few actually have a plan in place.

Passwords can be important to estate planning

Virginia residents often rely on their online accounts and mobile devices to manage important assets. Of course, managing an online account requires having access to digital passwords. While estate owners need to protect their passwords in order to preserve privacy and defend against theft, it's also important to think about how accounts will be managed in cases of death or incapacity.

Estate planning is vital for unmarried LGBTQ+ couples

Who can forget the overwhelming joy many in the LGBTQ+ community felt when the U.S. Supreme Court handed down its decision to effectively legalize same-sex marriage across the United States? That said, that decision obviously did not mandate every LGBTQ+ person to enter into a marriage. On the contrary, choosing to remain unmarried is one way to assert your legal rights. 

Email Us For A Response

Put Your Mind To Ease—Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Phone: 703-278-2028

Law Office of Deborah N. Arthur
5031 Backlick Road
Annandale, VA 22003

Annandale Law Office Map

Fax: 703-658-3555