More Families Can Now Take Advantage of Estate Tax Exemption Portability

The IRS recently amended its simplified process for requesting an extension of time to make a “portability” election.For wealthy families, the IRS improved a process that could result in millions of dollars in tax savings. The … [Read more...]

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Critter Corner: How Much Compensation is a Fair Amount for an Executor of an Estate in Virginia?

Dear Oakley, My mother passed away last March in Fairfax. My brother, the estate executor, has been the one to navigate the estate administration process. The estate is still not completely settled 15 months later because of a … [Read more...]

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How to Avoid Unnecessary Pain and Expense When a Loved One Dies

Q. I recently read in a Virginia publication about a man who was grieving the loss of his mother, who died during the Coronavirus pandemic, while experiencing what he referred to as the “awful business of settling the estate.” He … [Read more...]

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How Do Directed Trusts Work?

Q. I recently read about what is called a directed trust, where an individual has power to direct the trustee on some aspect of the trust, such as investment management, administration, and distribution decisions, powers usually … [Read more...]

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Critter Corner: Can You Inherit Debt from your Parents?

Dear Oakley,My mother recently told me that she charges everything and has lots of credit card debt and other debt. I’m an only child and she is widowed. If something happens to her, would I inherit her debt? Also, she lives … [Read more...]

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Help! My Bank Won’t Recognize Co-Trustees

Q. My mother named me and my brother as co-trustees of her Revocable Living Trust. She passed away earlier this year in her home town of Abingdon, VA (near the Tennessee border), where my brother still resides. Since then, when it … [Read more...]

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Critter Corner: What are a Trustee’s Responsibilities?

Dear Angel,My mother, Alice, asked me to be the successor trustee for her Revocable Living Trust. Before I accept the responsibility, I want to know more about what it entails. Do you know about the duties of a trustee and can … [Read more...]

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Critter Corner: Do I need to file taxes for a deceased relative?

Dear Commander Bun Bun,My mother passed away in 2014, and I am the executor for her estate. I typically wait until the last minute to file my taxes. Even though she is no longer with us, do I need to file taxes for her, as … [Read more...]

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