So, you finally got around to having a will drawn up—congratulations on taking an important first step in the estate planning process! Although there are some people for whom a will can comprise the entirety of their estate plan, there…
Many working Americans have contributed to tax-deferred 401(k)s and IRAs for decades. These retirement accounts provide income once they can no longer work. While these accounts grow interest-free, you must pay income tax on any money you withdraw during retirement. …
If you have recently moved to Virginia, you might be relieved to know that your will from another state is valid in the state of Virginia. However, even though your will remains valid that might not be enough. There are…
Suppose a loved one dies, and you find that you are the beneficiary of his or her IRA. Your assumption could be that you have received an inheritance that is tax-free—just like the proceeds from a life insurance policy. In…
If you are an adult in the United States, you may have taken the time to have an estate plan prepared. If so, then your estate planning attorney may have set up a trust and placed your home in the…
If you missed it, October was National Estate Planning Month. Why? Because more than half of all adults in the U.S. don’t have an estate plan—or even a will—it is certain that estate planning is an often-overlooked component for financial…
According to the CDC, one in four Americans currently lives with a disability. This equals more than 60 million Americans who live with a disability that impacts major life activities. Of all the disabilities, the most common type is a…
It is almost impossible to completely avoid probate in Virginia, but you can reduce the number of assets that need to go through probate. Many people have a very negative view when it comes to probate. It may stem from…
A power of attorney, or POA, is a legal document that allows you, as the principal, to appoint a trusted individual, known as your agent or attorney-in-fact, to act on your behalf under specific circumstances. A POA goes into effect immediately…
Even though you may feel that you don’t have an “estate,” it’s clear that everyone needs estate planning. And though you may be young and healthy, and not really thinking about your mortality, this is the time to “get your…