15 March

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Wine Collector? Protect Your Investment

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...

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...

21 January

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Why Your Estate Plan Needs to Include Your Pets

Posted by Bobby Feisee

in Bobby's Blog

When designing an estate plan, many individuals forget to include provisions for the care of their beloved pets. Approximately 63% of all households own at least one pet, yet less than 20% of pet owners included their pets in their estate plan. Quite often, we meet with prospective clients that have never been asked by other attorneys about including pets in their plan. For many people, their pets are considered important members of the family. Having the pet end up at a shelter or with an uncertain future is a pet owner’s worst nightmare. Planning for the care of your pets in the event of disability is equally important as planning for their care when you pass away. Family members are often primarily concerned about the care of the disabled individual, and the pets needs can be overlooked. There are several different planning tools that can help ensure your pets receive...

19 January

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Concerned About Costly Nursing Homes? “Granny Pods” May Be an Option to Consider

Posted by Bobby Feisee

in Bobby's Blog

The median annual cost of a private nursing home is over roughly $84,000 per year, according to CNN.com. A 2013 survey by Genworth revealed that the cost of private nursing home care spiked 24 percent in a five-year period (2008 to 2013). Given the exorbitant cost of nursing home care, many people are struggling to figure out what to do with an elderly loved one who is living alone, and shouldn’t be at that stage of their life. Some people may be thinking, “Well, what about a semi-private nursing home where your loved one shares a room?” Unfortunately, this arrangement is not much cheaper than nursing home care where your loved one enjoys a private room. The Genworth survey indicated that a semi-private nursing home will cost, on average, about $75,000 per year. If you are considering assisted living, it is more cost effective, but still a large expense. For example, the...

07 January

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New Year’s Resolution – Review Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

With a new year comes resolutions. Some people may plan to get into better shape. Some people may plan to get out of credit card debt. But everyone should make a resolution to review their estate planning documents. To help get you started, we put together a brief checklist of topics and issues you and your loved ones need to review in your estate plan. You should make this a yearly habit. That is why, at InSight Law, we have a formal maintenance plan for all of our clients to update their estate plans and make adjustments as events in our their lives progress and changes occur in the law. Let's begin… Review your Will and/or Trust You need to make sure you are comfortable with the Personal Representative (a.k.a. Executor) and Trustee designations in your Will and/or Trust instrument. The individual(s) selected need to be dependable and trustworthy. Remember, you also have the right to...

24 December

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Three Key Estate Planning Strategies You Can’t Overlook

Posted by Bobby Feisee

in Bobby's Blog

A great estate plan requires periodic updating, extensive analysis, and following these three important strategies. “Stress Test” Your Estate Plan Through Various Scenarios One of the best ways to determine your plan is thorough and ready for virtually any scenario is to actually test it out in a variety of hypotheticals. What will happen if you suddenly become incapacitated? What will happen if your child, or children, pre-decease you? What rights, if any, will your child’s ex-spouse have to your estate’s assets? Putting your estate plan through these “stress” variables should not stress you out! Our view is going through these scenarios during calm times beats the alternative and is a valuable exercise on life in general. Avoid Excessive Taxation By Leaving Stocks to Your Loved Ones, IRAs to Charity Many people have IRAs (traditional and/or Roth). What should be done with those accounts when you pass on? Well, if you designate a...

22 December

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Do or Don’t – Donor Advised Funds

Posted by Bobby Feisee

in Bobby's Blog

With the holiday season upon us, many people want to find the best way to give back and donate to charitable causes. A method for giving that is gaining in popularity is donor-advised funds. These are funds created by donors where money, appreciated securities or other assets are deposited, then those funds are distributed to charities over time. Donor-advised funds are on the upswing. In fact, donor-advised fund contributions make up approximately 7 percent of all individual charitable donations. Donations to these funds increased by nearly 24 percent in 2013, according to CNBC.com. If you make a donation to a donor-advised fund, you enjoy an immediate tax deduction against the full amount contributed. However, there are no regulations governing how quickly the donation has to be distributed. This provides benefits to both the donor (through the tax deduction) and the fund by allowing it to maximize how, and when, the donated funds...