How to Plan Your Estate When Married to a Noncitizen Spouse

If your spouse does not possess U.S. citizenship, estate planning becomes somewhat complicated. A unique set of rules applies for noncitizens to inherit property so you should really take the time to sit down with an experienced estate planning attorney to discuss your options. But take comfort in knowing that noncitizen spouses and loved one can inherit your property. So when you draft your will or name beneficiaries for your retirement accounts, you are free to name your noncitizen spouse as a beneficiary. Here’s the rub - for tax purposes, non-citizens who are permanent U.S. residents are categorized as “resident...

20 March

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

Posted by KarenLewis

in Bobby's Blog

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...

26 November

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Tax Benefits for Husband and Wife Owned Businesses

Posted by KarenLewis

in Bobby's Blog

If you’re looking to diversify your business interests and are married, a good option is to start a business with your spouse. The IRS gives husbands and wives, who file their taxes jointly, the ability to treat a joint business venture as a jointly owned sole proprietorship. It would be categorized as a “qualified joint venture” but that means the owners must exclusively be husband and wife. Also, both spouses have to “materially participate” in the business (so you can’t just list your spouse and hope to get this tax benefit). There are many advantages to having a husband-and-wife-owned business...