Virginia

1600 Words About a 100-Word Addition to Virginia Trust Law (Part II)

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In Part I of our discussion, we introduced the Uniform Trust Code and why Virginia would deviate from it.  Today, we explain Virginia’s rationale for changing its law on creditors’ rights to annual gifts into a trust and to inter-vivos marital deduction trusts. What was Virginia’s concern regarding annual gifting into a trust?  Read more...

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1600 Words About a 100-Word Addition to Virginia Trust Law (Part I)

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In the closing weeks of March, Virginia Governor Bob McDonnell signed a bill into law that expands individuals’ protections against creditors.  The law adds wording to VA Code § 55-545.05 that clarifies:  1) the effects of annual gifting into an irrevocable trust and 2) the protections given by an “inter-vivos marital deduction trust”.  As a…

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Elder Abuse Law: Is Momentum Building for New Legislation?

Justice For All: Ending Elder Abuse, Neglect & Financial Exploitation Senate Hearing

You may have read about 90-year-old actor Mickey Rooney’s recent testimony at the Senate Special Committee on Aging regarding how he personally suffered psychological abuse and financial exploitation due mainly to his advanced age.  Today, we will list some resources and links regarding the developing law regarding elder abuse. CATEGORIES OF ELDER ABUSE According to…

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Artificial Insemination and Estate Planning: Laws in Their Infancy

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Assisted reproductive technology (“ART”) describes the methods used to help women become pregnant through the aid of artificial means.  ART encompasses several procedures, including but not limited to artificial insemination, fertility drugs, in vitro fertilization and surrogacy, and obviously involves sperm donation as well.  The distinction between the different types of ART becomes very important…

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Probate In Real Life III: Rights Against Beneficiaries

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Today, we continue our discussion of probate and the executor’s duties.  In Part I, we discussed what happens if a named executor does not want to serve.  In Part II, we discussed inventories, the executor’s duty to control the estate’s assets, and the potential for the estate representative to suffer personal liability.  In this post,…

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Probate In Real Life II: The Executor’s Duties and Liabilities

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Today, we continue our discussion of probate and the executor’s duties.  In Part I, we discussed what happens if a person named as executor does not want to serve.  In this post, we will cover the executor’s duties of preparing an inventory of the decedent’s property, controlling the estate’s assets, and his potential for personal…

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Virginia Probate in Just 27 Easy Steps

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Fellow blawger Martha Hartney, Esq. of Colorado wrote a post this week called “Probate? What’s the Big Deal?”.  She relates how one of her colleagues indicated that “Probate is easy in Colorado.  Any attorney who recommends a trust-based plan is practically committing malpractice.”  Similar claims are being made in different states as well, including Virginia.…

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Why All Parents Need Temporary Guardianship and Emergency Planning

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What will happen to your kids, elderly parents or other dependents if some emergency situation arose?  Does your estate plan cover these situations? As we have discussed in many posts, estate planning is not limited to passing your property after death.  We have often referred to Ancillary Documents such as “Durable Powers of Attorney”, “Advance…

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22 Errors Found in a “Create Your Own Will” Software Package

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Last week, I bought a fairly well-known estate planning software package for under $50 to see how well it would do in drafting a will. I assumed that I was part of a married couple living in Anytown, Virginia with a small, non-taxable estate that wanted to disinherit one of our three adult sons.  Read…

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“Do I Need a New Will if I Move to Another State?”

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Generally, if a will is valid in one state, it will be valid in the next state.  However, if your state laws differ in the areas discussed below, a revision or a completely new will is likely warranted. Proving Your Will Your personal representative will have to prove the validity of your will to the…

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