Thinking about updating your estate plan? Whether due to the birth of a child, the death of a friend, reaching retirement, the sale of your business, reaching a certain age, or hitting the lottery, whatever the reason, most people eventually decide ...
We have heard on TV that it is a problem if we die without a will because the State of California will determine how our estate will be distributed. My wife and I have 3 children, all of which are ours, no previous marriages, etc. Could you explain ...
Just as in all aspects of life, for every phase of estate planning there is a season. This article will discuss the estate planning moves which should be considered in the three phases of adult life, consisting of the early years (ages 20-40), the ...
A common misconception among the public is that only the wealthiest members of our society need estate planning. To the contrary, regardless of your financial condition, you should have an estate plan. Simply stated, estate planning is the process ...
A will is a legal document created to assist the Probate Court in the payment of your debts including taxes and in the distribution of your assets to your heirs and legatees after your death. A living trust (sometimes called an "inter vivos ...
Several important legislative changes were made in the trusts and estates area. The following is a general overview of some of these major changes. Last year several changes were made to the Virginia Code that require an attorney-in-fact or other ...
If a husband and wife have an estate plan by which all of their combined net estate will pass to the surviving spouse, this may result in what we refer to as the Marital Deduction Trap. Consider the following example. Let's assume Harry and Wanda ...
The Internal Revenue code ("IRC") and North Carolina law grant an unlimited gift and estate tax deduction for all transfers to a spouse whether made during life or death. Thus, anyone may give or leave his or her entire estate to the surviving ...
Most people are familiar with the concept of an annual medical examination. Very few people, however, regularly review their legal and financial affairs with their attorney. Changes in one's family or financial situation coupled with changes in the ...
Estate planning is concerned with the use, conservation and disposition of a person's property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person's property is passed to another either ...