22 April

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Every Bit Counts – Estate Planning and Your Bitcoin Assets

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives that asset when you pass on? But first, let’s do a quick overview of bitcoin. Bitcoin is a form of "cryptocurrrency," meaning that you can exchange value anonymously, quickly, and without the intervention of a third-party intermediary (e.g., a bank) meaning there are no transactions costs. A bitcoin owner is issued a...

04 April

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10 Key Tips for a Smooth Settlement

Posted by Bobby Feisee

in Bobby's Blog

When a loved one passes away, family members can often feel overwhelmed by the seemingly endless list of things to take care of. An up-to-date estate plan and an educated family can help ease this feeling. Unfortunately, if the family was not prepared, there can be significant confusion over who is in charge and what needs to be done. If you find yourself in this position, here are some tips to help you get started: Take care of the final arrangements. Even more important initially than the estate planning documents is to locate any funeral or burial instructions. Your loved one may have written out his or her preferences, obtained a funeral insurance policy, or purchased a burial plot. The funeral director will ask how many copies of the death certificate you would like. We recommend requesting at least 10 to 15 death certificates. Locate the decedent’s important paperwork. This can require investigation...

17 March

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New Medicare Benefit – Helping You Make Your Wishes Known

Posted by Bobby Feisee

in News

Note: This article is courtesy of DocuBank® Starting this year, Medicare is making it easier for people to have conversations about their medical wishes. This is good news. These conversations are important. They help you think about what’s important to you and help you get the care that you want when it matters most. With the benefit available, now is the time to talk with your lawyer, loved ones and doctor about your wishes, and make sure both have copies of your advance directives (if you do not already have these important documents drafted, schedule a time to meet with your estate planning attorney). Below are answers to some common questions about this new Medicare benefit. Q&A: Medicare Benefit for Advance Care Planning How is Medicare making it easier to talk to my doctor about my wishes? Advance Care Planning (ACP) conversations are important and can be sometimes lengthy. It was hard for doctors to fit...

15 March

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Wine Collector? Protect Your Investment

Posted by Bobby Feisee

in Bobby's Blog

If you purchase fine wine as an investment, here is a red alert - your homeowners' policy probably does not cover your wine collection. In fact, the vast majority of homeowners' policies exclude coverage for perishable goods like wine. Ensuring you have adequate insurance coverage on your wine collection is absolutely critical. Some individuals have spent thousands of dollars to accrue an impressive wine collection or wine cellar. Getting the Right Insurance Policy for Your Collection When shopping for an insurance policy to protect your investment, consider an agreed upon insurance value and to keep records of the collection purchases, sales, and consumption to avoid insurance disputes in the event of a loss. Setting a reasonable deductible with your insurance agent is a good way to manage the cost of insurance keeping it reasonable and coordinated with your risk aversion. Getting a quality insurance policy should not be terrible difficult since the value of wine...

26 February

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Don’t Wreck Your Loved One’s Estate – Decedent Vehicle Titling and Insurance

Posted by Bobby Feisee

in Bobby's Blog

When a loved one passes away, many family members do not think twice about driving the decedent’s vehicle. With relatives and friends coming in from out of town, the vehicle is convenient to use and cheaper than a rental car. However, if an accident occurs, the entire estate of the decedent could be exposed to creditors. Both the titling of the vehicle and the car insurance policy need to be reviewed before any person drives the car anywhere. Change the Title to the Vehicle First, the title of the car should be located to determine the ownership of the car. If the decedent owned the car jointly with another person, the car ownership automatically passes to the joint owner on the title at the time of death. The joint owner will still need to notify the Department of Motor Vehicles of the death, but the joint owner can treat the car as...

25 February

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InSight Law On the Cutting Edge of Estate Planning

Posted by Bobby Feisee

in News at the Firm

During the past few months, InSight Law focused on technology to provide better and more efficient service options to our clients. Below is a summary and review of several of our new technology options: Actionstep Portal: The firm has switched customer relationship management systems to Actionstep. They offer a client portal using Amazon Web Services infrastructure to provide a secure storage and exchange of documents between individual users and the firm. This allows clients the option of going “paperless” and reduces the need for mailing paper copies of documents and updates. The paperless option includes electronic copies of your Asset Review Report and Estate Planning Review Worksheets. We introduced the portal late last fall and have more than 20% of our clients already participating. Directive Communication Systems (DCS): As a follow up to our Digital Assets discussion in the last newsletter, we have explored providing an option to store, organize, and manage...

22 February

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Should You Opt for a “Green Burial”?

Posted by Bobby Feisee

in Bobby's Blog

When the word “burial” is mentioned, a common image conjured by most people is a coffin being lowered into a burial plot. However, you may not realize that many coffins are actually quite harmful to the environment. Why? Because coffins are often manufactured using chemicals and non-biodegradable material. Roughly one million pounds of metal, wood and concrete are put into the ground each year to separate bodies from the surrounding earth. In addition, embalming fluid, made up of formaldehyde and rubbing alcohol, is considered a Class 1 carcinogen by the World Health Organization, and can seep into the ground and affect the surrounding ecosystems, according to Medford.com. “There’s another option, and people need to know that it is an option,” said Judith Lorei, co-founder of the all-volunteer group called Green Burial Massachusetts. “Natural burial is much better for the environment than conventional burial or even cremation,” said Lorei. There was a time when...

21 February

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Own a Technology Business in Virginia? Take Advantage of a Little Known Capital Gains Tax Exemption

Posted by Bobby Feisee

in Bobby's Blog

Starting and managing a business is challenging, especially in the highly competitive technology sector. You have to ensure your product or service is on the cutting edge, while also juggling regulatory requirements and staying up-to-date with business taxes. Fortunately, the Commonwealth is taking some of the burden off your shoulders through the state tax code. Entrepreneurs and investors who make qualified investments in early-stage technology, biotechnology and energy startups in Virginia through 2020, can seek exemption from paying state income tax on their long-term capital gains throughout the life of the investment, according to the Northern Virginia Technology Council. This exemption was created as an incentive to encourage entrepreneurs to start and build their technology business in Virginia. It is also meant to encourage investors to make substantial investments in Virginia technology companies. As a Virginia business planning attorney, I think it makes sense for business owners and/or investors in the technology field...

03 February

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Why Advanced Care Planning is Absolutely Critical

Posted by Bobby Feisee

in Bobby's Blog

It’s a discussion most of us dread - what should happen if we are unable to make decisions about our medical care. This is an issue that arises quite often. If you suddenly suffer a stroke, a heart attack, or other debilitating condition resulting in you being incapacitated, someone will need to step in and decide what to do. This is why advance care planning is so important. It puts you in the driver’s seat for your medical decisions. Advance Care Planning enables you to designate someone (e.g., a close friend, a family member, your spouse, etc.) to make important medical decisions for you. But, most importantly, it puts the power in your hands. You can determine what decisions are made and how you want to be treated in this difficult situation. Here is a video on important steps that need to be taken for proper advanced care planning: https://www.youtube.com/watch?v=5CRnBAg8HP8 Advance Care Planning Helps Your...