Many 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:
- Wills
- Revocable Living Trusts
- Powers of Attorney
- Health Care Directives
- HIPAA Authorizations
- Dynasty Trusts
- Irrevocable Trusts
- Life Insurance Trusts
- Family Limited Partnerships
- Qualified Personal Residence Trusts
- Gift Programs
- Retirement Trusts
- Minors’ Trusts
- Generation-Skipping Trusts
- Tax Planning
Frequently Asked Questions: Estate Planning
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