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In early December 2013, news organizations began publicizing the case of Kathleen Magowan of Simsbury, Connecticut.  She had passed away in 2011 at the age of 87, leaving some very large charitable bequests in her will.  It took attorneys quite a while, but they determined that between Kathleen  and … [Read more...] about The Millionaire Next Door

A life insurance policy can be an integral part of estate planning. The Wall Street Journal published a book on estate planning in 2011 ("The Wall Street Journal Complete Estate Planning Guidebook," by Rachel Emma Silverman. Copyright 2011 by Dow Jones & Co. Inc.), and one section is on the … [Read more...] about Estate Planning with Life Insurance

Although it is about six months until Virginia’s Annual Healthcare Decisions Day (April 16), it’s never too soon to talk about the benefits of having an Advance Medical Directive in place. Healthcare Decisions Day is designed to raise public awareness of the need to plan ahead for healthcare … [Read more...] about Advance Medical Directive

Experts estimate that more than five million children have been born as a result of Assisted Reproductive Technology (ART), such as in vitro fertilization.  The technology that resulted in such a large number of births has also challenged laws governing inheritance and rights to benefits, when a … [Read more...] about Estate Planning and Assisted Reproductive Technology

As a result of the American Tax Payer Relief Act of 2012 (ATRA), the estate tax exemption amount is $5.25 million for individuals and $10.5 million for a couple, indexed for inflation. As of this year, “portability”, the ability of a couple to share the exemption so that the surviving spouse’s … [Read more...] about Estate Planning in an Age of Portability

Earlier this year, the Virginia General assembly passed a law pertaining to digital assets. The new law allows parents of deceased minors to have access to the children's social media account. The law was pushed by a father after his son committed suicide and left no explanation for his action. The … [Read more...] about Digital Assets and the Estate Plan

Fall is a memorable time for students beginning or continuing higher education. After a summer of work or fun, it's time to get back to the pursuit of education and the anticipated independence it brings. Parents may still be paying the tuition and other expenses, but once a child reaches the age of … [Read more...] about Estate Planning Checklist for the College-bound

You've establish a revocable living trust as part of your estate planning for incapacity and to avoid probate.  You might think your estate plan is done once you've signed the trust agreement, but there’s still work to do.  After signing your trust, you'll need to "fund" it with your assets. There … [Read more...] about After Signing the Revocable Trust, the Work that Remains

The New York Times recently had an articleabout Sopranos star James Gandolfini who died in Rome in June.  The objective of the article was to assess the Gandolfini Will which disposed of assets worth possibly as much as $10 million, including a co-op apartment in New York.  Cash bequests of less … [Read more...] about Tony Soprano Shows the Way on Estate Planning

Now that the Royal Baby Watch is over in London, it’s time to make recommendations on what new parents (or far-sighted parents-to-be) need to take on in the way of estate planning. A Will is the proper place to name a guardian for the new member of the family in case something happens to both … [Read more...] about Estate Planning for Young Parents