Estateography

I have decided to change the direction of Estateography a bit. Future posts will involve more analysis of Virginia law. The first post in this new direction is here: http://ychlaw.com/thorsen-v-rspca-comments/.

The estate tax exemption amount is the amount that the federal government allows you to leave to your kids, grandkids, and people other than your spouse and charity without paying estate tax. In 2015, that amount is $5.43 million. The amount is indexed for inflation, so it goes up

Your executor will be responsible for dealing with your probate estate (i.e., the assets passing under your will) after your death. An executor’s responsibilities include things like finding and inventorying your assets (including the ones in your basement or attic), dealing with the clerk of the court and

When a person dies and has an estate that needs administration, a person has to qualify before the clerk of the court before he/she can do that administering. Being named in the will is not enough. Qualification is the process that gives a person legal authority to act as

Probate, Qualification, and Estate Administration Probate, technically, is the process by which a will is accepted as valid by a court (or the clerk of the court). The term is often used more loosely (as I will use it) to also encompass the qualification of the personal representative and the

Question: I qualified as an administrator of my aunt's estate. I don't want to be an administrator any more. What can I do? Answer: An administrator (or executor) can resign; however, resigning isn't as easy as qualifying. To resign, a personal representative needs the

Your browser is not able to display frames. Please visit the mind map: Modifying & Terminating Irrevocable Trusts under Virginias Trust Code by Alvi Aggarwal Yates Campbell & Hoeg LLPs Trust Code by Alvi Aggarwal Yates Campbell & Hoeg LLP [http://www.mindmeister.com/476000971/modifying-terminating-irrevocable-trusts-under-the-virginia-utc] on Mind Mapping -

Let’s start with some jargon. "Funding" a trust is what estate planning lawyers call the process of getting assets into a trust. When we say something is in a trust, owned by a trust, or funded to a trust, we're being a bit imprecise. Traditionally,

A “power of attorney” is a legal document in which a person, called the "princial," (let's say that's you) appoints another person, called an "agent," to act for the principal in a specified capacity. Often, a power of attorney is "general,

Real estate includes your house, condo, vacation home, commercial building, and similar properties. Generally, a person who has a revocable trust will want that trust to be the owner and/or beneficiary of most of his/her assets: the purposes of the trust are served only as to the assets

(or: why we have to ask the mortgage company for permission to transfer the rental property but not the house) People usually establish revocable trusts to facilitate the management of their assets if they become incapacitated and to avoid probate. Those purposes are only accomplished to the extent the trusts

When you go the DMV for a drivers license, you might check a box regarding organ donation. At the DMV in Virginia, organ donation is a yes or no question. You either check the box to become a donor or leave to box blank to not to become a donor

Many people seem to think of being a trustee as being like having a job. But, in many ways, being a trustee is nothing like a job. The difference is particularly important when it comes to resigning. Quitting a job is often a matter of sending a resignation letter, whereas

Depending of the terms you've selected for your trust, your attorney might tell you that you need to choose an "independent trustee." Who can you choose? It depends on the provisions of your trust. You should check with your lawyer before choosing your independent trustee, as

Are Revocable Trusts better than Wills? As far as content goes, wills and revocable trusts (which are also called or revocable living trusts or living trusts) can be made to do the same things. Both can contain provisions for estate tax planning, and both can create a trust to protect

When you form a business, you have two choices to make: you have to choose a state law entity and you have to choose a tax status. The world of state law entities is largely, but not entirely, separate from the world of tax status. In reality, these two choices

It's easy enough to avoid checking the organ donation box at the DMV, but that may not be enough to ensure that your organs aren't donated. If you don't check that box, someone else will be able to make a decision regarding the donation

This is a guest post by Sonali Khadilkar [http://khadilkarlaw.com/about/], who practices family law in DC and Virginia. Sonali is the owner of Khadilkar Law PLLC, which has offices in Washington, DC and Vienna, Virginia. Sonali blogs here [http://khadilkarlaw.com/blog/]. Couples planning a wedding should also

Trusts give you control Trusts give you control over who gets what, how, when, and why. Protect and Provide for Kids Let's say Henry leaves his teenage daughter, Caroline, $100,000 outright in his will. When Henry dies, Caroline can do whatever she please with that money. Henry

There are different types of trusts common in estate planning. Created in Will or Separate Document For the most part, trusts are either created in a will or in a trust agreement or declaration. Trusts created in a will are called "testamentary trusts." Since these trusts are written

There are many ways to conceptualize how irrevocable trusts work. I'm going to explain two, and I’m going to call them the Bucket Model and the Sticks Model. The Bucket Model Think of a trust as a bucket. A really big bucket. So you have this bucket/