Virginia

The Changing Virginia Code: When You’ll Do Nothing And Like It

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Today, we will discuss a fairly unique circumstance that has emerged as a result of the pending changes in the Virginia Code.  Many existing Virginia wills and trusts reference specific sections of the current Virginia Code.  Since many Code sections will be renumbered this October, will your existing estate documents thereafter be referring to obsolete…

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The New Virginia Title 64.2: A Whole Greater than the Sum of 5 Parts

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In recent years, one’s estate planning considerations are touching upon an increasing range of issues.  In Virginia, a thorough estate plan must include consideration of the laws relating not only to wills and trusts, but also to fiduciaries, guardianship of minors, adult guardianships and conservatorships. The fact that these topics are presently covered in no…

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2012 Changes in Virginia Trust Law (Part 2): Decanting & Directed Trusts

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Last week, we discussed in Part 1 of this topic how Virginia recently passed several bills that will revise state trust law on July 1, 2012.  Today, in Part 2, we will continue our discussion about these changes in the law. As a reminder, while these rules are currently the law in a minority of…

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2012 Changes in Virginia Trust Law (Part 1): Asset Protection Trusts

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Virginia recently passed several bills that will revise state trust law on July 1, 2012.  In this post and the following post, I will attempt to briefly describe these changes in the law, define key terms and discuss the effects of each.  Some of these rules are already in place in other states, but the…

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Have Dependents? Then Strongly Consider Standby Guardianships

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Today we discuss a strategy that is useful in case of what is likely the most devastating, worst-case scenario for many families – the unexpected and sudden death of parents or caregivers. While we hesitate to even think about it, we must consider all possibilities in estate planning so that loved ones can be left…

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State Law Differences Regarding Spousal Disinheritance

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We have talked a bit lately about how estate planning cannot meet a one-size-fits-all approach.  While this is primarily due to the differing situations and desires of each individual, it also has to do with the significant variations in state law.  Read more...

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Would You Like That “Per Stirpes” or “Per Capita”?

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There are many scenarios in estate planning where a deceased person receives a gift of property.  Someone’s will may not have been amended in time.  A trust drafted many years ago leaves an asset to several siblings, one of whom has passed away since the document was created.  State intestacy laws designate assets to classes…

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Will Contests: 10 Ways to Protect Against Estate Plan Challenges

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Getting your will drafted is a daunting enough process without worrying about whether or not to disinherit family.  If you anticipate that anyone will try to challenge your will, then your estate planning documents should provide as much protection as possible against a “will contest”.  Read more...

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MDP Ethics (or “I’m a CFP Again, But Keep it on the Down Low”)

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I would like to take this opportunity to announce that I am once again a Certified Financial Planner (CFP).  I took a brief hiatus from this designation but now have re-qualified.  I am now entering my 15th year of CFP-dom.  Read more...

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1600 Words about a 100-Word Addition to Virginia Trust Law (Part III)

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In the first two parts of this topic, we covered the attempt to unify trust law throughout the United States and Virginia’s brief new amendment to its version of the Uniform Trust Code.  Now, to close the loop, we conclude by giving further detail to two important types of marital deduction trusts briefly mentioned in…

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