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...

08 August

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Are My Trust’s Bank Accounts Fully Insured? Part 3

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the third article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article on the fundamentals of FDIC insurance here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance for Irrevocable Trust Accounts Irrevocable trust accounts are deposit accounts held in connection with a trust established by statute or a written trust agreement in which the owner (also referred to as a Grantor, Settlor or Trustmaker) contributes deposits or other property to the trust and gives up all power to cancel or change the trust. An irrevocable trust also may come into existence upon the death of an owner of a revocable...

31 July

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Are My Trust’s Bank Accounts Fully Insured? Part 2

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the second article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance Coverage for Revocable Trusts When a revocable trust owner names five or fewer beneficiaries, the owner's trust deposits are insured up to $250,000 for each unique eligible beneficiary. The term revocable trust owner applies to the Trustmaker (also called a settlor) of a formal revocable living trust, as well as the named depositor/account holder of a payable on death (POD) account. The FDIC considers POD accounts to be informal trust accounts. Non-Trustmaker trustees are not considered account owner’s for...

24 July

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Are My Trust’s Bank Accounts Fully Insured?

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the first in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. While this information is current at the time of writing, the rules for irrevocable trusts will be changing on April 1, 2024, to bring them into conformity with the revocable trust rules. The information in this series was derived from the FDIC’s website, as well as an email exchange between Insight Law and the FDIC. Federal Deposit Insurance Fundamentals The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate insurance coverage for funds depositors may have in different classes of legal ownership. The FDIC refers to these...

14 July

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Breaking Down the SDNY Ruling in SEC v. Ripple Labs, Inc.

Posted by Bobby Feisee

in Bobby's Blog, News

On July 13, 2023, Judge Analisa Torres of the United States District Court for the Southern District of New York (SDNY) issued an important ruling in Securities and Exchange Commission (SEC) v. Ripple Labs, Inc., et al. that may signal a future loss for the SEC in the SEC v. Coinbase, Inc. case also currently pending in SDNY. The reason for this has to do with the court’s analysis of what it calls “programmatic sales” by Ripple Labs and the other Defendants. In order for me to describe this fully, I need to provide you with some background about the case. In 2011 and early 2012, Arthur Britto, Jed McCaleb, and David Schwartz developed source code for a cryptographically secured blockchain, which is now known as the XRP Ledger. The XRP ledger is run on the Ripple Network, known as RippleNet which is a decentralized global network of over 150 validators...

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...

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...