30 July

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The Unglamorous, Yet Vitally Important Role of a Personal Representative

The Wall Street Journal (WSJ) recently published an article[i] detailing the oftentimes “messy, thankless job of an estate executor.”[ii] The article is an important reminder of why proper estate planning is so important to protect both your hard-earned assets and the peace of mind of your loved ones. It highlighted multiple examples of all-too-common situations where a personal representative is forced to devote countless unnecessary hours to organizing and administering a deceased loved one’s estate. To make things even more difficult, in many instances, the individuals who ultimately agree to take on the role were not asked or consulted by their loved one prior to their passing. “It happens all the time,” said an estate lawyer practicing in Austin, Texas, according to the WSJ article. “Mom and Dad come in and don’t want to name one of the kids, so they appoint brother Bob, and he goes, ‘Huh?’” Understanding the Role of...

11 June

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Adding a Password Manager to Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog, News

Estate planning clients are routinely instructed to provide a panoramic view of their various accounts to next of kin so they will know where funds are located and where they need to go, rather than scrambling in the wake of your passing. Some clients may opt to proactively provide copies of keys, safe combinations, etc. to their loved ones, so they’re able to step in and gain access to important documents and account info without issue. However, providing a simple list of accounts and a set of keys may no longer be enough nowadays to allow our loved ones to step in and assist. Why? Because we live in a digital world and many people’s assets, including financial accounts, are accessed through online methods. This creates an issue if your loved one is attempting to access a bank account with a stale, paper list of account information. For example, what...

09 May

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Five Life Questions You Should Ask Your Parents Sooner Rather than Later

Posted by Bobby Feisee

in Bobby's Blog, News

One of the undeniable realities of life is that it is fleeting and we are not guaranteed tomorrow. With this realization in mind, ask your parents the following five questions sooner rather than later: [mkd_unordered_list style="circle" animate="yes" font_weight="bold"] Can you write my child's name in your handwriting? Can you write a letter to my child/children discussing what you love most about them and your future hopes for them? Can you share your favorite childhood memory? Can you share your favorite memory from when I was a child? What do you want to leave to your grandchild/grandchildren and why? [/mkd_unordered_list] Five Life Questions Go Viral These five questions received national attention when Courtney Lopez Gervais, a mother in Tennessee, posted a TikTok video revealing what she wished she asked her own mother before her unexpected passing. Gervais explained that she posted the video with the hopes of inspiring others to ask their parents those five questions while they...

03 November

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Estate Tax Savings – Inflation’s Golden Lining?

Posted by Bobby Feisee

in Bobby's Blog

The inflation rate in the United States hit 8.2 percent year over year in the month of September meaning it is at a multi-decade high, according to NBC News. The spike in inflation has caused pain for many Americans due to the increase in food prices, housing prices, and medical care. However, there may be a golden lining to the ever-increasing inflation rate - reduced estate taxes. Reports indicate inflation could actually help save high-net-worth individuals close to $700,000 by reducing the estate tax bill that’s imposed on their assets when they pass on. How Inflation Impacts Estate Taxes Many people do not know that the estate tax is indexed to consumer costs. Since prices for food, clothing, housing, etc. have increased due to inflation, an adjustment will be made to the amount exempted from estate tax liability. Analysts predict the total amount couples will be able to shield from the estate tax...

01 November

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Does Virginia Recognize Wills from Another State? Ashburn Estate Planning Lawyer Provides the Answer

Posted by Bobby Feisee

in Bobby's Blog

[vc_row triangle_shape="no"][vc_column][vc_column_text] According to migration data tracked by the U.S. Census Bureau, more than 264,000 people relocated to the Commonwealth of Virginia from another state in recent years. This likely means thousands of people who drafted a Will in another state will need to get the answer to an important question: Does Virginia recognize a Will drafted and notarized in a different state? Here is the answer: A Last Will and Testament created and effectuated in a different state will generally be considered valid in Virginia if it meets the legal requirements. Requirements to Create Legally Enforceable Will in Virginia If you do not have a Will and recently relocated to Virginia, now is the time to take action and create a Will (or other estate planning instrument, such as a trust). In order to properly create a Will in Virginia, there are specific statutory requirements that must be met, including: You must be...

08 September

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Battle for Baltimore’s Professional Baseball Future Will Be Determined by Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

Whether the Orioles professional baseball franchise is going to remain in Baltimore, Maryland is now an open question in the wake of lawsuit filed by Louis “Lou” Angelos (son of beloved team owner Peter Angelos) against his mother and brother. Lou Angelos filed his complaint with a Baltimore County court on June 9, 2022 demanding recent amendments to a family trust be voided. In addition, the complaint demand that his aforementioned brother, John Angelos (current CEO of the Orioles) be held liable for fraud and intentionally interfering with Lou Angelos’ inheritance. Proverbial Dirty Laundry Aired in Public When an estate-related dispute arises and is allowed to escalate to litigation, the damage inflicted on the relationships of the surviving family members can be severe and even irrevocable. Unfortunately, the Angelos’ estate feud appears to be a prime example, particularly in light of the allegations levied by Lou Angelos against his mother and brother. For example, Lou Angelos...

14 April

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Which Trust is Best for Leaving a Portion of Your Estate to a Charity?

Posted by Bobby Feisee

in Bobby's Blog

When planning your estate, you may want to leave some money to a charity you support. If you are charitably inclined, there are two types of trusts you should consider utilizing to protect yourself from excessive taxation and maintaining the value of your future charitable donation. The two trust options include (i) the charitable lead trust and (ii) the charitable remainder trust. What is a Charitable Lead Trust? Compared to a charitable remainder trust, the roles are basically reversed when you set up a charitable lead trust. The charitable beneficiary will receive annual payments from the trust at the beginning of the term. At the end of the trust term, the assets remaining in the trust would be paid to your non-charitable beneficiaries (e.g., your children or other loved ones). You will receive a front loaded income tax deduction for the scheduled payments to the charity. These types of trust are favored...

02 March

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InSights from February 27, 2021 Annual Client Meeting

Posted by Bobby Feisee

in Bobby's Blog, News

The Annual Client Meeting is a key component of the Insight Law Maintenance Program. We are in the 13th year of hosting these meetings and have found them to be incredibly helpful to both the firm and our clients. The objective of the Annual Client Meeting is to ensure we stay connected with our clients and they stay educated on their estate plan. https://www.youtube.com/watch?v=LMOxNtQRDBk...

02 November

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You Were Named the Executor or Administrator of an Estate – What To Expect

Posted by Bobby Feisee

in Bobby's Blog, News

When someone is designated as a personal representative for an estate, their mind is often inundated with questions and concerns about what they are legally obligated to do. In many instances, personal representatives are named an Executor/Executrix or an Administrator/Administratrix. Similarities and Differences between an Administrator and an Executor You may be wondering, "What is different from being named an Administrator versus an Executor?" Well, an Administrator is the individual appointed by a court to oversee an estate when someone passes away without a Last Will and Testament. In contrast, an Executor is the individual named by a decedent in their estate plan to oversee the administration of their estate, including the distribution of assets and management of any outstanding liabilities. Despite these differences, there are a number of similarities between Executors and Administrators. For example, both Executors and Administrators are subject to the jurisdiction of a probate court. Both Executors and Administrators...

30 September

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Presidential Debate Highlights Differences in Tax Policy

Posted by Bobby Feisee

in Bobby's Blog, News

The first debate of the 2020 presidential election took place recently and it was…unique. It's fair to say this was a norm-shattering debate that ran high on emotions and low on substantive discussions pertaining to federal policy. It was not particularly entertaining, but it was revealing in certain moments. The issue of taxes is one prominent example that highlights the stark differences between the candidates. Let's take a look at each candidate's proposals when it comes to tax policy. Joe Biden's Tax Proposals The Biden campaign released a number of policy papers, including Vice President Biden's plan regarding taxes. If elected, Joe Biden would seek to repeal many of the tax changes that were codified in the Tax Cuts and Jobs Act. In addition, a Biden administration would seek to tax capital gains at ordinary income tax rates for individuals earning in excess of $1 million. A Biden administration would also seek to...