Current Events

How a Prenuptial Agreement can Impact Your Estate Plan

By Bobby Feisee, Ashburn Estate Planning Attorney With divorce rates reaching over 50 percent in the United States, more people decide enter into a prenuptial agreement before they get married. These agreements are especially common with families composed of children from a previous marriage or relationship. A prenuptial agreement is a legal document that is agreed upon and signed by both parties before marriage. A thorough agreement should fully disclose the financial assets of both you and your spouse. For example, savings accounts, stocks, interests in trusts and estates, and so forth. Prenuptial agreements also deal with any...

Continue reading

How the American Taxpayer Relief Act (ATRA) Affects Estate Planning

By Bobby Feisee, Ashburn Estate Planning Attorney The “fiscal cliff” could have been a fiscal nightmare for people with sizable estates. For example, if we actually went over the cliff, the estate and lifetime gift exemption would have decreased from $5.12 million to $1 million, according to Forbes.com. It would have also meant the possibility of reducing, or outright eliminating, legal wealth transfer strategies. Fortunately, Congress acted quickly after January 1, 2013 and passed the American Taxpayer Relief Act (ATRA). But you may be asking, “how does this affect my estate plan?” Good question. We discussed some of the implications...

Continue reading

Virginia Puts Into Action Domestic Asset Protection Trust Legislation

Beginning on July 1, 2012 Virginia will become the thirteenth state to permit a settlor to establish an irrevocable trust where the settlor is a beneficiary and they can still receive spendthrift protection against the claims of the settlor's creditors. On April 4, 2012, Governor McDonnell signed SB 11 expanding the number of types of trusts that are permissible in Virginia. This included adding new Virginia Code sections 55-545.03:2 and 55-545.03:3 permitting self-settled asset protection trusts. This legislation will be effective July 1, 2012 for trusts created on and after that date. Virginia is the thirteenth state to enact domestic asset...

Continue reading