Bobby’s Blog

Big Estate Planning Mistakes Many People Make (But Can Easily Be Avoided)

Properly organizing your financial and personal assets, planning for disability, and leaving your legacy should be is the central goals of estate planning. It is important the focus stays on your personal goals and making the transition smoother for your loved ones. Unfortunately, many people who opt to “go it alone” and not consult with an estate planning attorney, make some bad (and totally preventable) mistakes that adversely affect their estate plans. Below are three common estate planning mistakes that occur, unfortunately, far too often: 1. Never taking the time to even come up with an estate plan. This one really...

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Digital Assets Bill Passes Through Virginia Legislature

It’s a thought no parent wants to contemplate – losing a child. Nevertheless, if this unfortunate and tragic incident occurs, you need to pick up the pieces and try to get your child’s estate in order. Fortunately, the Virginia Legislature took a step to make the process a little easier with the passage of HB 1752. This law affords parents of deceased minors access to their social media accounts. The law enables a personal representative of a deceased minor to assume the deceased minor's terms of service agreement for a digital account with an Internet service provider, communications service provider, or...

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Alert: New Estate Tax Laws and How Portability May Impact Your Beneficiaries

If you have estate planning documents that are more than a year old, you probably need to have them reviewed by an estate planning attorney. Why? Because 2 big changes (among others) were made to the estate tax laws. Here’s the scoop… Congress set the estate tax exemption amount “permanently” at 5 million indexed for inflation. The 2014 exemption amount is $5,340,000. This means with good foundational estate planning a married couple can shelter $10,680,000 from federal estate taxes. Most people are well below this 10 million dollar figure but that doesn’t mean there is no...

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Pros and Cons of Revocable Transfer-on-Death Deeds in Virginia

If you are contemplating what will happen to your home, or other real property (i.e. land) in Virginia, after you pass on, there is a unique type of deed that you may want to consider for estate planning purposes. It’s called a transfer-on-death deed (a.k.a. beneficiary deed). A transfer-on-death deed allows you to execute a deed that names a beneficiary – could be a relative, spouse or close friend - who will obtain title to the property when you pass away without having to go through probate. Virginia recognizes these types of deeds. In fact, transfer-on-death deeds are codified under under...

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