From the largest estates with generational considerations, business succession planning dependencies, and complex assets, to the issues facing young families, prudently managing tax burdens and ownership rights is accomplished with an estate plan. This involves handing over the inheritances to the heirs. Call or Email Now to Speak to Valerie: Do any of these apply to you? She is a Principal of the firm and concentrates her practice in probate, trust administration and litigation, estate, gift and fiduciary income taxation, and guardianships.
The Section is at work on a new edition of its popular handbook for laypeople, "A Guide to the Administration of Decedents' Estates in Virginia." William Rich had three daughters from a prior marriage and none from his marriage with Betty. This section reviews the basics of how to create and use a living trust. The author discusses the need to address multi-generational possibilities with any client whose estate plan involves the creation of an irrevocable trust, and the issues to be addressed in the conversation with the client.
After you've completed the questionnaire, bring it with you to your appointment. You have life insurance, decent health insurance, and a modest retirement plan. Do corporate trustees keep social workers on call for vulnerable clients? Probate-assets include solely owned property as well as your interest in jointly owned property, collections, antiques other miscellaneous household items, including cars, and the value of any life insurance policies, trusts, annuities, and/or retirement plans payable to the estate.
Fall 2006 - Volume 12, Issue 3 The authors explain how recent amendments to the Probate Code correct shortcomings in the statutory scheme for first-party, special-needs trusts. If you don’t have a will, ask your lawyer about drafting one without delay. Thinking your state will handle everything. There are different types of trusts. Our attorneys are experienced in a variety of estate planning matters including preparation of wills and trusts, business succession planning, probate and trust administration, retirement and tax planning, conservatorships and guardianships, and charitable giving and charitable trust preparation.
We assist clients in formulating and implementing their estate planning goals for the privately owned business, which usually includes facilitating the gradual and orderly transfer of ownership by the senior generation to children and grandchildren in a tax efficient manner while preserving the integrity of the operating enterprise. Wells Fargo Advisors is not responsible for the information contained on third party websites. These key Medicaid figures help us to properly prepare Medicaid applications and to provide proper Elder Law advice to clients.
Financial accounts are your checking, savings, money market, and certificates of deposit. Coleman is a frequent lecturer and nationally recognized speaker in the areas of estate planning, financial planning, financial exploitation of the elderly, and asset protection. Having a competent and experienced estate planning attorney will ensure you always consider contingency planning so that you have a well-drafted estate plan providing depth and flexibility.
Guaranteed to maximize the estate your heirs will receive. But proceeds from an ILIT can help tide them over. Our Houston estate planning attorneys represent clients in: Estate planning: From asset protection, creating a will or trust, we can create a comprehensive estate plan that meets your specific needs and more. Very professional.” Things went smoothly because of you!! “Just wanted to thank you all for the professional way you handled my parent’s trust and estate. Plan your memorial (personalize your send-off) / prepay your funeral (plan, don't prepay) Over the past few decades, the tone of funerals has shifted. "It used to be an event where we came to mourn," says Rick Noel, manager of Walton's Chapel of the Valley funeral home, in Carson City, Nev. "Now it's an event where we come to celebrate a life."
We also represent individual beneficiaries in contested trust administration matters. If you'd like to leave assets to a charity, Frost can provide guidance on: a Charitable Remainder Trust, designed to provide income to you, or someone you choose, until transferred to a charity you've chosen a Charitable Lead Trust, which first pays income to the charity, usually for a specified number of years, then the assets pass to your heirs determine your personal and financial objectives, the types and values of your assets, the unique needs of your family and the tax implications of your decisions carry out the terms of a will and settle the estate in an objective, impartial and expedient manner work together with your attorney, accountant, financial advisors and other members of your estate planning team Investment decisions are highly personal.
If you are interested in speaking with a specialist about trust services at Fidelity, see Personal Trust Services or call us at 800-544-1766. If you own your own business, our tax lawyers can assist you in maximizing the return for your efforts - whether that means formulating pension and retirement plans, helping to structure shareholder agreements or assisting you with specific tax questions. Families of modest means need to provide for their physical and financial concerns, as well as long term care.
Imagine the following scenario: John and Sue Smith execute wills in 2000 naming each other as the sole beneficiaries of their respective estates. Estate planning can be complicated by many variables requiring unique solutions, such as difficult family situations, liquidity needs, and unusual assets. To learn more about how an estate plan can benefit you, your family or your business plan, contact our Virginia estate planning attorney online or call 804-935-8510 to schedule a consultation.