The revocable living trust, sometimes called a living trust, has many attractive qualities that make it a powerful estate planning tool. One of these attributes is the ability to offer you incapacity protection over the assets that are placed into your trust during your lifetime. Incapacity planning is planning that is done so that if you fall under an illness or other disability where you can no longer manage your Read More
Splitting Retirement Accounts During A Divorce
One of the many reasons a divorce is such a significant event in your life is because it questions your future. Accumulating and protecting assets is a method for securing a future. Regardless of your long-term goals, you must be in the right financial position to pursue them. Think about how much a divorce calls this into question. Someone middle-aged, for instance, begins to look at the equity they have in their Read More
Thinking Beyond “Will vs. Trust”
CNBC reported that 67% of Americans live without an estate plan. There is no singular explanation for why people avoid it, but several common themes exist. I don’t have enough assets. (You have more than you think.) Everything will go to my wife, so I don’t need one. (What happens when your wife passes away?) I am too young to think about it. (Everyone faces the possibility of incapacitation regardless Read More
Shift Your Perspective & View This As A Process
Select Law Partners, PLLC, houses attorneys skilled at estate planning and family law. Anyone who spends time understanding these practice areas will see how much overlap there is between them. When we work with clients with family law or estate planning issues, we notice a general expectation that things can be resolved quickly. Come in, sign the papers, and move on with your life. This mindset is understandable Read More
The value of information gathering: Hidden roadmap
Although this topic could apply to multiple practices, we are talking about it in the context of estate planning and family law. They are different sides of the same coin. Family law focuses on dividing your assets between you and your spouse, whereas estate planning is about preserving your assets for future heirs, protecting your assets, and planning for your incapacity. Regardless of your legal concerns, having Read More
The value of communication
To fully understand how valuable communication is in estate planning and family law matters, you need to know that a lack of communication is the source of significant problems. In a divorce, spouses may be entirely out of touch with one another. By the time one or both choose to initiate the divorce process, they may be emerging from long periods of silence. One of the reasons this is so harmful is that neither one Read More
The Fundamentals For Creating A Parenting Plan In Virginia
There is no law in Virginia that requires you and your former spouse to create a parenting plan during the divorce process or any custody and visitation proceeding in the juvenile court. As attorneys who also build estate plans, we should highlight how no law requires you to have a will or a revocable trust either. However, there are tremendous benefits to everything we just mentioned. Today, we wanted to discuss why Read More
A Common Mistake Regarding Powers Of Attorney
When someone is considering putting an estate plan in place, people sometimes focus only on death planning or only on documents to assist with the care or management of a loved one’s assets during their lifetime. It is important that both types of planning are included in your estate plan. Important documents for lifetime planning are well-drafted powers of attorney. This legal tool allows another person to make Read More
Common DUI/DWI Defenses
DUI or DWI convictions can have long-term consequences. In addition to being traumatic for first-time offenders, these consequences can affect the rest of your life. Your driver's license may be restricted or revoked, and you may face a jail term, fines, and probation. You may also experience a negative effect on your job prospects or immigration status. These harsh penalties all arise from the alarming reality Read More
How Old Should Your Child Be To Inherit Assets?
There are several invaluable reasons to create a trust, especially if you have young children. After an estate planning attorney has established a trust, you can place your assets, money, and property inside it. By doing this, you are funding the trust. When you pass away, a trustee distributes these assets per your instructions. If you have a young child, you can choose when and how they inherit the contents of the Read More
