A Qualified Domestic Trust (QDOT) is used to defer federal estate tax when a U.S. citizen dies and leaves a large amount of money to a spouse who is not a U.S. citizen. If you are a citizen, and your spouse is not, and you expect that family assets of several million dollars may pass to your … [Read more...] about Qualified Domestic Trust
Doctrine of Necessaries: Who Pays the Bill?
More than three centuries ago, English courts developed the “doctrine of necessaries” as a means of enforcing a husband's duty to support his wife. This rule permitted a woman whose husband refused or neglected to provide for her to buy her necessaries on credit. The provider of necessities would … [Read more...] about Doctrine of Necessaries: Who Pays the Bill?
No Estate Plan?
Dying Without an Estate Plan The State May Have a Plan for You, but It Doesn't Cover Everything Michelle Singletary, a financial columnist for the Washington Post, writes a regular column called "The Color of Money". She has written poignantly about the death of her mother in … [Read more...] about No Estate Plan?
Getting Organized
Book Review "Before I Go ," by Arie Korving - a book review by the Estate Planning & Elder Law Firm, P.C. (2013) Arie J. Korving is a Certified Financial Planner in the Northern Suffolk, Virginia area who has written a booklet and workbook about how to handle one's affairs near … [Read more...] about Getting Organized
Holographic Wills – Almost Always a Poor Idea
If you write out a will entirely in your own handwriting (no typewritten or pre-printed portions) and sign and date it, this is what is known as a holographic will. Such wills are legal, so long as they comply with state law concerning holographic wills. The legal requirements for a valid … [Read more...] about Holographic Wills – Almost Always a Poor Idea
Ancillary Probate
Have a time share or vacation property in another state? Own rental property in another state? You should be thinking about “ancillary probate”. A Will is normally probated in the state where the decedent lived at the time of death. However, if the decedent had real property in another state, … [Read more...] about Ancillary Probate
Misleading mailings
Annual minutes solicitation car warranty solicitation deed solicitation annual report solicitation … [Read more...] about Misleading mailings
Virginia’s Transfer on Death Deed
A few months ago, the newsletter provided information about “Will Substitutes”, legal instruments that transfer property to beneficiaries at the donor's death without benefit of the probate process. This month we’ll take a longer look at “transfer-on-death deeds” (TODD) which became available in … [Read more...] about Virginia’s Transfer on Death Deed
Psychology of Estate Planning
As Ben Franklin so famously said in 1789, “…in this world nothing can be said to be certain, except death and taxes.” No one likes to deal with either eventuality, but estate planning exists to deal with both of them. Estate planning is more than deciding who gets one’s worldly good and when. The … [Read more...] about Psychology of Estate Planning
Working with a Financial Advisor
Estate planning attorneys frequently work with clients’ financial advisors. Advisors may distinguish themselves, sometimes by certifications, sometimes by the products they offer, sometimes by the way they structure fees, and sometimes by the demographic they serve. There are many financial … [Read more...] about Working with a Financial Advisor
