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Trust and Estates Attorney Chesapeake

No one wants to talk about death, but it is an inevitable part of life. An inevitable part of death is that people leave behind assets and debts that need to be managed in their absence. What happens to these debts and assets? If you don't create a legally binding plan in your lifetime, what you want to be withheld from your children, parents, or other family members could be withheld. Liquidating your estate can also be a long process if no plan is made in advance. The best way to help plan your estate and manage your trust is to consult with a qualified trust and estates lawyer in Chesapeake

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Trust and Estates Attorney Chesapeake

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  1. Trust and Estates Attorney Chesapeake

  2. No one wants to talk about death, but it is an inevitable part of life. An inevitable part of death is that people leave behind assets and debts that need to be managed in their absence. What happens to these debts and assets? If you don't create a legally binding plan in your lifetime, what you want to be withheld from your children, parents, or other family members could be withheld. Liquidating your estate can also be a long process if no plan is made in advance. The best way to help plan your estate and manage your trust is to consult with a qualified trust and estates lawyer in Chesapeake. Your estate plan Almost all Americans have a heritage, whether they know it or not. An estate is made up of assets that include:

  3. Checkout • Bookkeeping account • Retirement accounts • Personal property such as furniture and other property • Jewellery • Stocks and bonds • Clean vehicles • Own houses our trust and estates attorney in Chesapeake can make sure that you include all of your assets in your estate planning. If you die, something must happen to these goods. You create a legal plan to control what happens to your estate after you die called estate planning.

  4. Most estate plans consist of a document called a will. Some estate plans take the form of trusts; in which assets are set aside for the benefit of the person you designate another party. Do you need an estate plan? Some estate plans are simple, and some are complex, but almost everyone needs them. But, of course, some people need you more than others. So consider these factors when determining if you need a succession plan:

  5. Does he have children? If so, you want a clear plan on what to do with your estate related to your children. With an estate plan, you can determine whether all of your children should inherit your estate equally, whether one should inherit more than the others, or whether one should be excluded from an inheritance. In addition, when your children are young, your estate plan will determine who you want to custody your children. Estate and trust planning The best estate plan is the one that's right for you. At Mahoney Richmond Thurston, PLLC, your trust and estates lawyers in Chesapeake listen to your concerns and goals and recommend plans and tools tailored to your needs and goals.

  6. Trusts A trust is a legal arrangement created by a settler where assets are owned and managed by a trustee on behalf of a beneficiary. The trust determines the terms and conditions of distributions to (or favouring) the beneficiary and the conditions under which the trust assets are managed and invested. Revocable and irrevocable trusts exist in a variety of forms. Whether the trust is the right tool for you depends on your goals and objectives, determining the kind of trust you need. For example, trusts are widely used to prevent inheritance, ensure confidentiality, promote superior planning and disability protection, preserve assets in long-term care planning, reduce taxes, protect a beneficiary's estate against creditors and divorce, and making sure a beneficiary is a beneficiary if they don't lose the public benefits they don't lose when they receive an inheritance, to name just a few of their goals.

  7. Wills The will is the traditional instrument for transferring your assets in the event of death. With a carefully drafted will, you can decide who will receive your assets and how. Without a will, your estate will be distributed according to Virginia laws. While a will does not prevent your estate from being conditionally released, it can contain provisions that make the probate process much more manageable. Power of attorney and living wills Hardly any other instrument is more underestimated in terms of importance than the power of attorney (for health and financial decisions) and living wills. Proxies allow you to select the people or institutions that will decide for you if you become incapacitated and cannot decide for yourself. The living will allow you to express in writing your wishes regarding end-of-life treatment, to resolve disputes between family members regarding the use of life extension measures if you are terminally ill and that his death is imminent or if he is in a persistent vegetative state. Powers of attorney and living wills should be complete, tailored to your needs, and updated regularly.

  8. Planning for mixed families Statistics show that there is a 50% chance that new marriages will divorce in the United States. In 2013, there was at least one spouse in 40% of marriages. As a result, today's society has a lot of "blended families". Mixed families are defined as families that include children from a previous marriage or marital relationship, or both. Planning an estate for a blended family might be difficult. A common concern is that children from a previous relationship will not be disinherited after the death of one of the spouses. These sensitive topics are not easy to discuss. Still, the reassurance that comes from developing a thoughtful plan with proper titles and restrictions to protect all family members is well worth it.

  9. Planning for same-sex couples In the landmark United States v Windsor case (2013), the United States Supreme Court ruled that the ban on marriage for same-sex couples violated the due process clause of the Fifth Amendment to the United States Constitution- United. While same-sex married couples are entitled to privileges previously reserved for opposite-sex married couples, it is essential that, like all married couples, they do extensive estate planning to ensure their specific goals are met. Planning for special requirements Too many recipients of public needs-based benefits such as Medicaid or Social Security Income (SSI) lose their benefits if they receive an eternal inheritance. This result is entirely preventable. A particular foundation, included in a traditional will or living foundation, allows you to leave an inheritance to a beneficiary while retaining your benefits. Thus, funds from the particular foundation can complement, not replace, services and ensure a better quality of life for beneficiaries.

  10. Pet trusts For many, pets are just as much a part of the family as their human members. Your presence in our daily life is just as important to us as our love and concern for your well-being. We need to take care of them, not only when we are healthy and fit, but when we can no longer support them on our own during our disability and after our death. After all, they are entirely dependent on us. Pet trusts are a great way to provide such care. Mahoney Richmond Thurston, PLLC, your trust and estates lawyers in Chesapeakecan help you with the essentials of guarding your pet, from choosing your pet's trustee and guardian to estimating future care costs and selecting resources to cover those costs, to ensure transparent access to care allowance responsibility for the use of money throughout your pet's life.

  11. Succession plan for vacation rentals Problems can arise if more than one person inherits a property together. For example, what happens if a co-owner refuses to pay their share of the costs? What if another co-owner decides to move in all day in the vacation home? Or what if one party wants to sell the house, but the others don't? There are solutions to these problems. For example, if you own a vacation home and want it to remain family property for future generations, consider a structured trust or limited liability company (LLC) to resolve condominium disputes. Using a trust or LLC means that the use of the property is subject to contract law not outdated property law, which offers flexibility and solutions.

  12. Family limited partnership (FLP) and Limited Liability Family Corporation (FLLC) FLPs and FLLCs are two different types of limited family partnerships. These are institutions created by lawyers for wealthy families. These companies offer many advantages to families who operate a business, such as Tax relief, confidentiality, better tax planning, a structured gift program that results in a gradual transfer of ownership while maintaining efficient management, assets protectors and limited liability. Charitable planning Having a nonprofit organization on your estate plan is easy, with benefits ranging from tax savings to the satisfaction of leaving a legacy for meaningful community service. You can make a specific distribution to a charity in your will or trust, designate a charity as the beneficiary of your retirement or life insurance account, or create a remaining charitable foundation or primary charitable foundation, to name a few charitable planning instruments.

  13. Business succession planning We can meet any legal requirements for your business, including, but not limited to the following: • Incorporation of public limited companies, limited liability companies (LLCs) and partnerships. • Business succession planning to ensure a smooth transition of ownership and management. • Buy-Sell Arrangements: An agreement between the owner of a business and the potential buyer of the business that outlines the terms of the purchase and includes the funds for the purchase through life insurance or from another source. • Succession Planning for Farms - Supporting farmers with the particular challenges they face when handing over ownership and running a farm. Emphasis is placed on (1) inheritance equality if only one child wants to own and operate the farm, (2) the need for an "immediate sale" of valuable land or equipment, paying the rights timely succession planning; and (3) the use of land and equipment that reduce liability and preserve assets.

  14. Trust a lawyer specializing in estate planning, receivership and business succession. It is possible to make a will yourself, but it is not recommended. The best thing to do is to consult with a trust and estates lawyer in Chesapeake who can ensure that your state's estate planning laws and regulations are followed. Mahoney Richmond Thurston, PLLC, can assess your needs and create an estate plan that's right for you, your personal needs and circumstances. Make an appointment today for your trust and estate advice.

  15. Address Chesapeake Location 1545 Crossways Blvd., Suite 250 Chesapeake, VA, 23320 Virginia Beach Location 4705 Columbus Street, Suite 101 Virginia Beach, VA 23462 Phone (757) 447-3800 Email info@mnr-law.com

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