22 October

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Administering a Small Estate in Virginia – Important Info You Need to Know

Virginia has a set of unique rules that allows you to avoid probate if an estate is comprised of “small” assets (defined as assets totaling under $50,000). According to VA Code § 64.2-601, when the total estate does not exceed $50,000, a successor in interest, usually an heir-at-law or a beneficiary of the Will, can collect and distribute the assets without having to go through the full probate process. If there is a Last Will and Testament, it must be admitted to probate, but there is no requirement that an executor or personal representative be appointed, according to the Virginia Academy of Elder Law Attorneys. This is known as “recording” a Will. To claim assets without being appointed executor or personal representative, the person collecting the assets must provide an affidavit signed by all the lawful successors in interest (usually the heirs-at-law or the beneficiaries under the Will) stating the following: The total estate,...

17 October

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Info You Need to Know About Moving Your Business Domicile To A Different State

Posted by Bobby Feisee

in Bobby's Blog

If you decide it makes sense to relocate your company from the state of formation to a different state, there are a series of steps that must be taken in order to change the company’s domicile. This process is known as domestication. You are able to change the domicile from any state, but can only domesticate to a state that recognizes domestication. Benefits of Domestication The benefits of domestication include keeping the same tax ID (EIN), the same company structure, and with some states also the original date of formation. The disadvantage is cost and relative complexity of the process, compared to such alternatives as foreign qualification. The Process To change your company’s domicile, you must first be in good standing with the original state of registration. If your company is not in good standing, you need to first bring it to good standing by completing the necessary filing paperwork and paying specific fees....

17 September

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Which Small Businesses Get the 20 Percent Deduction?

Posted by Bobby Feisee

in Bobby's Blog

When tax reform legislation was signed into law, a 20 percent deduction for owners of a variety of pass-through businesses, including limited liability companies, partnerships, so-called S corporations and sole proprietorships was created. The deduction effectively lowers a small business owner's top rate to 29.6 percent from 37 percent. However, when the legislation passed, there was ambiguity as to which "small businesses" would qualify for the preferential tax treatment. Well, the Treasury Department recently issued guidance that helps bring some clarity to this issue. Those Who Qualify for the 20 Percent Deduction The deduction can be claimed by business owners whose taxable income is $315,000 or less if you file your taxes jointly, according to a fantastic article published in the Wall Street Journal. This means owners of partnerships, S corporations, limited-liability companies (LLCs) and sole proprietorships with taxable income of $315,000 or less can get the 20 percent deduction for joint filers....

17 September

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The Importance of a Health Care Directive

Posted by Bobby Feisee

in Bobby's Blog

As we age, there is a risk that our mental faculties will decline substantially or we'll suffer a sudden, unexpected health issue that leaves us incapacitated and unable to make important healthcare decisions. I've confronted this harsh reality with members of my own family. My father developed Alzheimer's and got to the point where he needed someone to step in and making important decisions on his behalf. Another tragic example is the mental decline of comedian Tim Conway, famous for his role on "The Carol Burnett Show." Conway was diagnosed with dementia and is "almost entirely unresponsive," according to MSN News. It does not appear that a health care directive was in place, which has spurred a rancorous legal battle between Conway's wife and his daughter about the quality of his medical care. These unfortunate situations highlight the importance of having a detailed health care directive in place. You can have a...

21 August

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The Power of Being an Organ Donor

Posted by Bobby Feisee

in Bobby's Blog

When it comes to planning your estate, an important issue that needs to be addressed is what you want done with your body when you pass away. Do you want to be embalmed and buried? Do you want to be cremated? Relatedly, you need to answer this important question – do you want to donate your organs? You are not required to donate your organs and, at the end of the day, it is your decision. Nevertheless, it is important to understand the potential impact you can have on other people’s lives if you decide to become an organ donor. For example, more than 120,000 people within the U.S. are currently waiting for a life-saving organ transplant, according to Mayo Clinic. Unfortunately, many people waiting for a transplant never receive the organ they need and die as a result. This is where you can enhance your legacy by allowing your organs...

23 July

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Effective Management of Your Online Assets Critically Important for Your Digital Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

Ask yourself - what will happen to your Twitter account when you pass on? What about your Facebook account and Pinterest Board? What about your photos shared on a variety of social media platforms? These are important questions that need to be answered when planning your estate because your digital assets need to be part of that plan. Think about this - between 2012 and 2014, humans generated more data than in all of human history and the pace of that growth is only accelerating. Law Needs to Catch Up with Groundbreaking Technology There is an established set of laws for managing hard copy documents and other physical property (e.g., real estate, automobiles, etc.) when someone passes on. However, laws and regulations concerning the effective management of digital assets is far more vague. Courts have only recently began attempting to figure out how to handle assets based on digital technology. Trend in the Courts Leaves Individuals...

18 July

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How Your Estate Plan Can Be a Reflection of Your Values

Posted by Bobby Feisee

in Bobby's Blog

There is a common misconception about the purpose of estate planning. Many people mistakenly believe that an estate plan is intended to simply transfer Asset A to Person X; a dry, legal document focused solely on stocks, bonds, property, etc. This is not accurate. An estate plan is a symbol of love and concern for the people you care about the most. It is a representation of your desire to protect your family and loved ones. An estate plan, in many ways, can be a reflection of your values. A prime example of this principle is the estate of celebrity Anthony Bourdain. His Last Will and Testament was probated in New York and many media outlets were aghast to learn that Bourdain’s will was “only” worth around $1.2 million. Some people went so far as to criticize Bourdain for not having a higher net worth; never mind the fact that an estate...

03 July

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Leaving the Ex In Control – An Estate Plan Nightmare

Posted by Bobby Feisee

in Bobby's Blog

When someone passes away, there is an assumption many people make that the family and friends of a decedent will be left in charge of their deceased loved one's estate so they can divide any possessions appropriately. Unfortunately, this assumption is not accurate. There are rules and regulations in each state concerning the distribution of assets maintained in an estate and who is ultimately empowered to make those decisions. If you do not have an estate plan, or you have an outdated estate plan, you are heightening the risk that someone you are not very close to, or may even dislike, will be left in charge of managing your assets. Take, for example, the tragic and sudden passing of CNN host Anthony Bourdain. It turns out that his estranged wife, MMA fighter Ottavia Busia-Bourdain, is empowered to decide whether his remains are transported back to the United States since she is...

09 May

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Dispelling Common Myths About Living Trusts

Posted by Bobby Feisee

in Bobby's Blog

Most people have a general idea of what a Last Will and Testament is and the purpose it serves. However, if you mention establishing a Living Trust, many people will look at you quizzically with no idea what you're referring to, or they'll mistakenly claim that a Living Trust is reserved for "rich people." This is not the case. In fact, there are many misconceptions surrounding Living Trusts. Below are some of the most common myths about Living Trusts and important facts you need to know. Myth No. 1 – I Don't Need a Trust Because I am Not Wealthy This is, by far, the most common misconception surrounding trusts – they are only worthwhile for people who are wealthy. Not so. The benefits of having a revocable living trust in an estate plan are plentiful and may actually wind up costing you less than the traditional Last Will and Testament. How?...

28 March

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Alkaline Hydrolysis – The Future of “Green” Funerals?

Posted by Bobby Feisee

in Bobby's Blog

In April 2016, Business Insider published an article titled, “Traditional Burials are Ruining the Planet.” More information has surfaced showing the environmental toll that is taken when someone is buried in a traditional casket featuring steel, wood and embalming fluid. Cremation became a popular alternative to traditional burials. In fact, cremation rates have increased to nearly 75 percent in some states, according to the Cremation Association of North America. For those people interested in being even more environmentally-conscious are considering a procedure known as “alkaline hydrolysis.” Is it right for you? Can you even do it in the state you reside in? Find out below. What Exactly is Alkaline Hydrolysis? It is a process that has been around for over 100 years and involves dissolving the remains of a human in an alkaline solution. It involves a mixture of water and potassium salt. It is also referred to as biocremation, aquamation, or resomation. Controversial Cremation? The practice of...