(757) 552-6055After a lifetime of building wealth, you want to minimize any taxes at your death. While Virginia no longer has an estate or inheritance tax, there are still a number of federal tax implications that should be considered when developing an estate plan. Larger estates may still be subject to a federal estate tax, and […]
Trusts & Estates
Estate Planning for Virginia Empty Nesters and Snowbirds
Summertime represents an important planning time for two categories of individuals, “Empty Nesters” and “Snowbirds.” By “Empty Nester” I am not merely referencing parents whose children have all left home for college or other reason, but rather any parent who has an adult child that is leaving home for an extended period of time. I […]
An Estate Planner’s View of the New Tax Law Changes
At the end of 2017 Congress passed the Tax Cuts and Jobs Act (the “TCJA”), which was signed into law by President Trump on December 22, 2017. This new law represents the most significant change to the U.S. Tax Code in three decades. This change necessitates a review of many taxes to which you may […]
How Often Should My Estate Plan be Reviewed in Virginia?
Although there are no set rules or requirements about when to review your estate plan, it is important to understand that estate planning is a lifelong process. Poole Brooke Plumlee PC offers the following recommendations: You should review your estate plan immediately after a major life event, such as marriage, divorce, re-marriage when you have […]
Planning for a Child Who is Disabled or has other Special Needs
Many individuals who are disabled, whether born with a disability or disabled at some point during their lifetime, will apply for and be deemed eligible to receive certain government benefits. Such benefits may include Social Security Disability Income (S.S.D.I.), Supplemental Social Security Income (S.S.I.), Medicare and Medicaid. Some of these benefits are paid to the […]
May I Change an Irrevocable Trust
Irrevocable Trust Agreements are generally established by individuals seeking to transfer assets out of their individual names and to ownership by an Irrevocable Trust for a myriad of reasons. For example, those reasons may be for income tax planning purposes; to hold funds for the benefit of certain beneficiaries (such as minor children or children […]
The Differences Between a Trust and a Last Will and Testament
Most people have heard the terms “trust” and “will” but cannot always define the differences. The two documents serve different purposes but can work together to create a complete estate plan. A will is governed by probate law. A trust is governed by contract law. Each document has its advantages and disadvantages. So when exactly do you need […]
Problems with Do It Yourself Estate Planning
It may appear to be cheaper to go the route of preparing diy estate planning documents, but mistakes in those documents could be very costly to your heirs and have unintended results. Common Mistakes With DIY Estate Planning Unintended Disinheritance Failing to understand the distinction between probate and non-probate assets may result in leaving your assets […]
What Are Your Rights as the Surviving Heir to an Estate?
After the death of a family member, their heirs may have many questions about their rights. Several factors influence heir rights, but it is important to understand your legal position. Heir to Estate Rights in Virginia Dying Intestate If your family member died without a will, then the decedent’s property will pass under the laws […]
Five Estate Planning Mistakes to Avoid
Estate planning is sometimes the last thing on your mind, but taking time to consider what will happen to you and your assets in the event of your disability or death is essential. The following is a list of common mistakes that people make regarding their estate plan: Don’t wait until it is too late! Avoid […]
