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Losing a loved one is hard enough without complicated legal procedures. Thankfully, Virginia offers simplified probate options for smaller estates that can save you time, money and stress during an already difficult period. What makes an estate "small" in Virginia?...
Some people create trusts because they want to prevent their loved ones from fighting. Others hope to streamline their eligibility for benefits as they age or to protect their estates from taxes. In some cases, concerns about a beneficiary are what inspire the...
Procrastination is part of human nature. People put off activities that seem unpleasant or demanding. In some cases, individuals do themselves and their loved ones a real disservice by procrastinating on key issues. For example, many people with valuable property or...
Recently we discussed various ways to incorporate charitable giving into your estate plan. Let’s look at one method in detail. A charitable remainder trust (CRT) is an estate planning tool that allows individuals to support charitable organizations while also...
Estate planning becomes crucial as we age. And yet, many Virginia families still hold misconceptions about the probate process. These misunderstandings can lead to costly mistakes and unnecessary stress when someone in your family dies. Here are five truths behind...
Estate administrators are called upon to handle financial matters and to work to ensure proper tax filings on behalf of a deceased’s estate. One of the most important tax obligations for estate administrators involves IRS Form 1041, the U.S. Income Tax Return for...
An Employer Identification Number (EIN) is a unique tax identification number issued by the Internal Revenue Service (IRS) for business entities, estates and trusts. Whether a trust needs an EIN depends on its structure and how it is taxed. While some trusts require...
After naming a guardian for their minor child, some parents change their choice before the first-named party assumes their duties. Different reasons can contribute to this decision. Here are three of them: 1. Guardian no longer wants to do it Your chosen guardian may...
Financial stability is one of the recommended qualities to consider when naming a guardian for a minor child. But why does it matter if your chosen guardian is financially stable if you will leave money for your child's needs? Here is why: Unexpected costs Raising a...
Estate planning is not a one-size-fits-all process. Every individual must grapple with unique financial circumstances, family dynamics and long-term goals that require careful consideration. While generic or online estate planning templates may seem convenient, they...