Being prepared for the future is only possible if you start planning today. Working with a Fairfax estate planning attorney from Select Law Partners PLLC ensures that you’ll stay in complete control of how your assets are managed and who benefits from your estate. 
If you pass without a will, your estate is distributed in-line with the intestacy laws of your state. Intestacy statutes dictate how and to whom your property would pass based on relevant legislation. Your wishes are not taken into account in this situation, and the state largely hijacks the process, which can lead to outcomes that you might not have desired.
The distribution of inheritance can be a significant cause of family turmoil when a will isn’t clear as to how property passes through your estate. The complexity of your will depends upon your preferences in how your estate is broken up, and impacts how effectively and efficiently the process is managed.
Simple estate plans generally require an attorney to draft the most common and essential documents. These often include a will, Power of Attorney, Healthcare Power of Attorney, and living will, depending upon the unique facts and circumstances of your estate-planning needs.
As the value of your estate increases and your assets and investments are more diverse, and if you have a minor inheriting, a deluxe will is a more appropriate choice.
Adults have the right to prepare an Advanced Medical Directive and Healthcare Power of Attorney which outlines your wishes concerning medical care in certain situations, including if you become incapacitated.
The Advanced Medical Directive and Healthcare Power of Attorney communicate the types of medical care you would or would not consent to in the event that you are unable to express your own wishes at the time care is needed.
For example, if you are in a life-threatening accident and unable to determine whether life-sustaining technology would be used, your Advanced Medical Directive and Healthcare Power of Attorney can make this decision for you ahead of time or can allow someone to make the decision for you.
Irrevocable trusts cannot be modified, amended, and or cancelled once established. When an irrevocable trust is established, both you (the “settlor”) and the beneficiary has limited access in terms of the use and enjoyment of the assets and income in the irrevocable trust.
It’s possible to leverage your estate planning to minimize tax expenses when operating in the bounds of the present income, estate, gift, and generation skipping transfer tax regimes. The purpose of this is to preserve and increase wealth both for yourself, your descendants, and your other intended beneficiaries.
Working with an experienced Fairfax estate planning attorney from Select Law Partners PLLC ensures that you are informed of your available options. We can fully educate you about your options and build an estate plan that suits your preferences and protects your assets and family.
There is a time limit, often nine months, during which to file your federal estate tax return. Missing deadlines can lead to liability and difficulties, as well as fees, so filing on time is important.
Working with a Fairfax estate planning attorney ensures that deadlines are not missed, taxes minimized, and your probate fees kept as low as possible.
Our services
Whether you’re a new parent, a newlywed, or a grandparent, the documents that manage your assets are extremely important for your family’s financial future. Our firm offers an array of estate planning services to ensure your assets pass exactly how you intend. We’ll discuss some of the most important documents below.Wills
Often referred to as a “last will and testament,” a will is a common document that estate planning lawyers prepare for their clients. This document will specify how, to whom, and in what amount your assets and personal property are distributed at your death.| Context: What’s an estate? Your estate consists of your assets like personal property, real property, vehicles, jewelry, cash, stocks, accounts, and other objects. Your will can specify how, to whom, and in what amount your assets and personal property are distributed at your death. |
Simple wills
A will can be as simple or as complex as you prefer; its complexity or simplicity can depend on the assets involved and how you want them managed. Simple wills are more commonly used by clients who own their home and have a moderate investment portfolio.
Simple estate plans generally require an attorney to draft the most common and essential documents. These often include a will, Power of Attorney, Healthcare Power of Attorney, and living will, depending upon the unique facts and circumstances of your estate-planning needs.
As the value of your estate increases and your assets and investments are more diverse, and if you have a minor inheriting, a deluxe will is a more appropriate choice.
Deluxe wills
When you own multiple properties, have a diversified portfolio of varying assets, and would like to carefully manage how your assets are passed down, especially if there is a minor inheriting, a deluxe will is the best option for you. When you choose a deluxe will, you’ll sit down with one of our experienced attorneys to carefully explore your portfolio of assets. Once we’ve effectively outlined all elements of your estate and how you would like them to be distributed upon your death, we’ll put together a complete and comprehensive will that is consistent with your preferences.Advanced Medical Directives and Healthcare Powers of Attorney
Adults have the right to prepare an Advanced Medical Directive and Healthcare Power of Attorney which outlines your wishes concerning medical care in certain situations, including if you become incapacitated.
The Advanced Medical Directive and Healthcare Power of Attorney communicate the types of medical care you would or would not consent to in the event that you are unable to express your own wishes at the time care is needed.
For example, if you are in a life-threatening accident and unable to determine whether life-sustaining technology would be used, your Advanced Medical Directive and Healthcare Power of Attorney can make this decision for you ahead of time or can allow someone to make the decision for you.
Trusts
A trust is an estate planning tool that allows you to protect your assets and to ensure that your assets are distributed according to your wishes upon your passing. A trust often saves time, expenses, and additional grievances for your family because using a trust is a way to avoid probate court. As with wills, there are different types of trusts, each with their own types of protection or advantages.Revocable “living” trusts
The revocable living trust is the most common form of a trust-based estate plan. With a revocable living trust, you can direct a certain amount of your assets, or certain items of personal property, into a trust that allows for whomever you designate to enjoy the assets. You’re in control of the amount in the trust, how it is paid out, and what terms, if any, you require for the recipient to be awarded the benefits, such as at a certain age. A revocable living trust is especially valuable when you’re interested in maintaining privacy, addressing tax concerns, or protecting particular members of your family. It also allows you to pass assets to your beneficiaries without the supervision and involvement of the courts through the probate process. Revocable living trusts allow for greater flexibility in terms of how distributions are timed. Would you like to condition the first payment of a trust on the beneficiary graduating college? If the beneficiary were to have children, do you want the benefits of the trust to pass on to their children? These choices are yours, and with a solid trust instrument you can be rest-assured that your wishes will be protected, and legally enforceable. Additionally, certain beneficiaries may also take advantage of added creditor protection.Other types of trusts
There are a variety of other trusts available to ensure that your estate passes as you prefer. After we’ve reviewed your situation and estate, we can suggest which trusts and/or wills are most relevant to your position. It’s common that you may have a will that also gives your assets to a revocable trust, the “living” trust we mentioned above. This makes the will a “pour-over will,” which means that upon your death, assets held in your name will be put into the revocable trust, then distributed. This may be altered during your lifetime as you prefer.Irrevocable living trusts
While revocable trusts present the benefit of control over your assets during your lifetime, moving them in and out of the trust as you prefer, there are limited tax advantages. Given the substantial costs linked to taxes and revocable trusts, it’s common practice in estate-planning to establish one or more irrevocable trusts alongside your pour-over will and revocable trust.
Irrevocable trusts cannot be modified, amended, and or cancelled once established. When an irrevocable trust is established, both you (the “settlor”) and the beneficiary has limited access in terms of the use and enjoyment of the assets and income in the irrevocable trust.
It’s possible to leverage your estate planning to minimize tax expenses when operating in the bounds of the present income, estate, gift, and generation skipping transfer tax regimes. The purpose of this is to preserve and increase wealth both for yourself, your descendants, and your other intended beneficiaries.
Charitable trusts
A charitable trust, the most common form being Charitable Remainder Trusts (CRTs), is a trust that establishes a gift for a charity that is distributed after the trust term. The trust term can be measured by a lifetime or a set number of years. During the trust term, you as the settlor receive a stream of income from the trust assets. Additionally, you receive an immediate charitable deduction for income tax purposes that is equal to the value of the amount the charity will likely receive at the end of the trust term.Special needs trusts
Through Virginia Code Section 64.2-779.10, a “special-needs trust” can be created that allows assets to pass into the trust for the benefit of a special needs beneficiary. The assets held within the trust cannot be used to determine whether a beneficiary is eligible for government benefits. The special-needs trust benefits a beneficiary with a disability and is managed by a fiduciary–an individual or a company chosen by you. The fiduciary has the power to distribute the funds in order to advance the purposes of the trust. Persons with a disability may be entitled to benefits that are granted only if the individual falls below a certain income level. If the beneficiary receives an inheritance of cash or other assets directly, the inheritance might count towards the beneficiary’s income for purposes of qualifying for these benefits. An important benefit of using the special-needs trust is that the inheritance received by the beneficiary cannot count as income for purposes of qualifying for these benefits, and the gift to your beneficiary can enhance your beneficiary’s life while preserving their benefits.Why plan now?
Beginning the process to establish a plan for your estate is important in the current financial climate. Given the broad uncertainty in the markets and the current tax code, it’s important for any individual who might have a taxable estate to consider the various estate planning options available to them.
Working with an experienced Fairfax estate planning attorney from Select Law Partners PLLC ensures that you are informed of your available options. We can fully educate you about your options and build an estate plan that suits your preferences and protects your assets and family.
Ensure your loved ones have the tools to care for you in the event of illness or incapacitation
Having an estate plan in place is also helpful to establish the ability for your assets to be used by your family to support you in the event of a tragic accident or illness. There are developments in life that can’t be controlled, and as a result of them, people might be unable to make important financial decisions on their own behalf. If you were to become ill or incapacitated, it’s essential that your family is capable of accessing assets to provide for your needs. With Advanced Medical Directives and other legal instruments, your family will know what you want in terms of medical care. Further, they will be able to provide the care and treatments that you need to best recover from an accident or illness without the complication of your inability to access your assets and make your own decisions.Provide for your loved ones after your death
The purpose of the estate plan is to allow you to provide for your loved ones after death in the way that you prefer. Whether you execute a simple pour-over will with a revocable trust that provides for the clear and concise distribution of your assets or a deluxe will that provides for your minor beneficiaries, Select Law Partners PLLC can advise you of what estate plans you should take advantage of.Minimize estate taxes and probate fees
Without the assistance of an estate planning lawyer, you could be subject to the most extensive taxes and probate fees allowable by law. Luckily, Virginia has no estate or inheritance tax, so upon your passing, you need only worry about the federal estate tax. The assets that are included in the estate tax returns include both probate and non-probate assets.
There is a time limit, often nine months, during which to file your federal estate tax return. Missing deadlines can lead to liability and difficulties, as well as fees, so filing on time is important.
Working with a Fairfax estate planning attorney ensures that deadlines are not missed, taxes minimized, and your probate fees kept as low as possible.
