Estate Planning Attorney Serving Virginia Beach, Chesapeake, Norfolk, Portsmouth and other surrounding areas of South East Virginia

Couple estate planningMany people think estate planning is only for the extraordinarily wealthy. You know, those families on TV living the lifestyles of the “rich and famous.” The fact is, almost all individuals and families can benefit from having an estate plan of their own. For one thing, it gives you complete control over “who gets what.”

Without an estate plan, the IRS and the Commonwealth of Virginia will determine how your assets are distributed after you pass away. Of course, they are not interested in minimizing taxes or protecting your hard-earned assets, and your heirs may suffer some painful financial consequences.

A well-designed plan can also help you accomplish a number of other very important goals, including:

  • Continue to enjoy your current lifestyle
  • Keep your affairs private
  • Guide loved ones through the complicated probate and administration process
  • Ensure you will be well cared for if you become disabled or incapacitated
  • Make sure your wishes will be carried out in an end-of-life situation
  • Protect your assets today and for generations to come
  • Dramatically lower income, gift, estate and generation-skipping taxes
  • Leave a lasting legacy, by ensuring your goals, values and expectations are passed on to your children, grandchildren and succeeding generations

As an experienced Virginia Beach Estate Planning attorneys, our approach to estate planning is similar to the one we take with respect to elder law and every other area of our practice: We listen closely, get to know you and your most pressing concerns, then create a plan that addresses every single one of them. Contact us today to learn how we can help you.

The estate planning services we provide include:

Frequently Asked Questions: Estate Planning

Related Blog Posts:

Inherited Financial Security A Blessing, If Handled Correctly
Death Is Inevitable, But Financial Hassles Can Be Avoided

Why Plan Your Estate?
The process of estate planning means that you have a plan prepared for the management of your affairs during your life and for the disposition of your property upon your death or disability.  No one likes to dwell on the prospect of his or her own death or disability. The failure to plan may cause you or your family to incur unnecessary expenses, taxes, delays, and stress when you die or be become disabled. You run the risk that your loved ones may not receive what you would want them to receive after your death due to conflicts and disagreements, taxes, or administrative costs after death. Failure to plan may also cause you to run out of money during your lifetime if you are to need long-term care. This means that there may be no inheritance left for your spouse or children. This can all be avoided by proper estate planning.    A complete estate plan should consider the needs of your spouse, children, and other beneficiaries.
A comprehensive estate plan will address the following questions:
Whom do I want to make financial or health care decisions for me if I am incapacitated?
Whom do I want to manage my estate after my death?
Where do I want my property to go after my death?
What if my I want to leave property to a beneficiary who is disabled, has a substance abuse problem, or may become divorced?
What happens if my spouse or I become disabled?
How can I minimize or avoid probate taxes and fees after my death?
How can I leave an inheritance for my children?
All estate plans should include the two important estate planning instruments: a durable power of attorney and an advance medical directive.  The first is for managing your property during your life, in case you are ever unable to do so yourself.  The second is for the management of your health care decisions in case you are unable to do so yourself.  Also, an estate plan should include a will and possibly a revocable trust.  Many Americans are using revocable (or “living”) trusts to avoid probate and to manage their estates both during their lives and after they’re gone, but that doesn’t mean it’s the best option for your family.
A complete estate plan will address your needs, as well as the needs of your spouse, children and other family members or business partners.  A good estate planning attorney will discuss your specific family situation with you to determine the best estate plan for your family, whether you need a will and/or a trust and to ensure that you are take care of in the event of a disability.
Don’t delay in getting a proper estate plan put into place. Not having the proper estate plan could have disastrous results for your family. Prior planning makes all the difference.

Add a Comment

Your email address will not be published. Required fields are marked *