Posts Tagged ‘ Estate planning ’

Interview: Young Adult With Digital Assets But No Will

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It has been said that young adults without significant assets do not need a will.  In response, I present an interview with my friend “F”. F is in her mid-20s.  She has full-time employment and also runs a side photography business.  She is single and childless, but she has a serious boyfriend.  Her divorced parents…

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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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Why Should Estate Planning Be A Priority For Me?

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Excuse me; may I interrupt your self-imposed blog posting hiatus? Sure, what’s up? You once said that every adult needs an estate plan.  Isn’t that a bunch of hooey?  I mean, if you go to a financial planner, you hear “everyone needs a financial plan.”  If you go to an insurance salesman, you hear that…

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Estate Planning and Optometry Are Quite Different … Or Are They?

The author's actual glasses in disrepair.  Enhanced image by  Krysteena Marie Photography.

The very glasses that provided “insight”.  Enhanced image by Krysteena Marie Photography. So over the weekend, my glasses broke.  As displayed in the accompanying picture, the top half of the frames are made of metal while each lens is held in by a small elastic band. The glasses lost a battle with my knee and…

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20 Annoying Things About Being an Estate Planning Attorney

Background photo from quickmeme.com

No, for the most part, we don’t starve.  These may also have a “First World Problems” vibe as well.  But as you read the following list, maybe, just maybe, you’ll laugh and perhaps shed a tear too: 1.  The Binding Struggle Pictured to the right.  Choices include 3-ring binders, staples, wire, coil, comb-binding, velo-binding, spiral…

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Disclaimers: When Rejecting an Inheritance is Actually Beneficial

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For 2012 only, anyone who dies with less than $5.12 million will not owe any federal estate tax.  This protection is presently set to decrease to $1 million on January 1, 2013.  While few believe that lawmakers won’t increase this amount before the end of the year, anything is still possible.  Read more...

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What is the Federal Estate Tax? Examples Using 2012 Rates

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Everyone Has an Estate For purposes of understanding the federal estate tax, we must first examine the definition of “estate” provided by the U.S. Internal Revenue Code. “Estate” Includes Property Owned at Death Contrary to what seems to be popular belief, every person has an “estate”, whether it’s worth $1 or $100 billion. An individual’s…

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One State’s Brochure Against Living Trusts: How ‘Bout Them Apples?

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A colleague recently sent me a link to this pamphlet,  “Living Trusts:  Get the Facts!” from the Estates and Trusts Section of the Maryland State Bar and the Register of Wills Association of Maryland, circa 2004.  I did not even have to click on the link, because I was already well acquainted with it.  Read…

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Single? Have Less Than $1 Million? Why You Still Need an Estate Plan

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It is certainly easy for the estate planning lawyer to say that every adult needs at least a will.  But if we think about it, does the single person with few assets really need an estate plan at all?  Read more...

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