Because estate planning and financial planning are both related to your finances, some Virginia residents get the two types of services mixed up. They are unsure if they need an estate planner, a financial planner, or both. The answer is…
Many people think that estate planning and drafting a will is a morbid experience. In fact, according to Forbes, about half of American adults 55 or older don’t have a will. But what happens if you die and you haven’t…
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. …
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 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…
While many clients may believe that it is impossible to completely avoid probate in Virginia, the truth is that there are a couple of ways to get around the process legally. In fact, these methods can be used to greatly…
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…