Cecil Lockhart was a 95-year-old veteran from West Virginia. He worked in the West Virginia coal mines for more than 50 years, and also served as a corporal in the United States Army during World War II. He was married to his wife, Helen, for 75 years and had a daughter, two sons, three grandchildren, […]
How Do You Handle Homeowners Insurance When Your House is in a Trust?
Q. We decided to get our estate planning documents done and our home is now in a revocable living trust. We feel good about taking this action because our loved ones will not be overburdened with the nightmare of probate when we die, among other things. A thought came to my mind recently. Are […]
When A Trust is Ambiguous
Q. I have been married to my second husband, Tony, for 10 years. We have two children together and three from both of our previous marriages. I am very close with my mother-in-law, Isabella who recently moved in with us and helps with the children. She is very grateful that she and I have such […]
Does my Life Estate Qualify for Real Estate Tax Relief? Links for all County and City Tax Relief Applications.
Q. My mom has owned her home for over 20 years. Last year she came to your firm and did an irrevocable Medicaid Asset Protection Trust. Your firm deeded her house into the trust but had her keep a life estate in the house. She now wants to apply for real estate tax relief, which […]
The Best Way to Show Your Loved Ones That You Care This Valentine’s Day
Dear Angel, On Valentine’s Day, most people buy chocolates, flowers, or jewelry, and go out for a fancy dinner or get carryout these days. As a recent widow (my husband passed away two years ago), I don’t have a special someone to share such gifts with, but I do have children and grandchildren. Do you […]
What Do Different Generations Care Most About in Their Estate Planning?
Q. My daughter, Abby, is 30 and newly married. Similar to many of her friends, Abby and her husband decided to do their estate planning because the coronavirus got them thinking about their mortality. It got me and my husband, who are baby boomers, to thinking too. What are some of the things people of […]
What Does a Taking a “Holistic” Approach to Estate Planning Mean?
Dear Hayek, In sitting down with my husband to discuss our estate planning, I’m realizing that planning our legacy can be a complicated process. Navigating how to pass on financial assets, real estate, and personal possessions is certainly stressful. In fact, we’ve been putting off estate planning for years due to concerns about difficult […]
How Well Did Eddie Van Halen, Kobe Bryant, and Alex Trebek Plan for Their Loved Ones?
As everyone knows, 2020 has been a challenging year for many reasons. Luckily, there are only nine more days left of the year, and we’re hoping that 2021 brings much better things. Besides the coronavirus pandemic, one of the reasons this year has been so difficult is the many people we have lost, including some […]
When You Inherit Unexpectedly
Q. When my sister-in-law, Erin, got her 23 and Me results in the mail a couple years ago, she was surprised to find out that she is Scottish, Irish, German, and almost a quarter Native American. Since then, she has connected with relatives all over the world and locally, including a wealthy great uncle in […]
No Matter How Old He Is— He’s My Son and I’ll Take Care of Him!
Q. I read about a situation where a 98-year-old mom named Ada Keating moved into a senior home to help care for her 80-year-old son, Tom. As a single mom with a son, I could understand wanting to ensure your child is well cared for throughout his life, whether he is 8 or 80! I […]
Should We Leave Our Money to Our Children Outright?
Dear Magic, My wife and I are planning to do our estate planning soon. We want to leave our money, property and valuables to our children. They are teenagers now. What’s the best way to do so? Should we leave our money to our children outright or is a trust a better option? Thanks for […]
Do Middle Class People Set Up Trust Funds?
Q. My mother is considering setting up trust funds for her grandchildren, hoping to give them a solid head start on adulthood when the time comes. She would like to provide them with guaranteed financial security later in life and help cover the costs of important life events, such as paying for college, a wedding, […]
Protecting Our Daughter’s Inheritance If She Gets Divorced
Dear Magic, Our daughter got married a couple years ago, but she doesn’t seem happy. Her husband goes out a lot, drinks too much, and gambles regularly. He also spends nearly every dollar he brings in. We have a sizable inheritance to leave to our daughter and we want to protect it from him and […]
Are Teachers and Other Frontline Workers Rushing to Do Estate Planning?
Dear Ernie and Jannette, I recently saw in many publications, including CNN and Newsweek, that teachers and other frontline workers (including dental hygienists, flight attendants, and others) are rushing to do estate planning. Have you found this to be the case? I am a first-grade teacher who may have to go back soon (maybe not […]
How Having a Special Needs Loved One Affects Estate Planning and Retirement Planning
Q. Our daughter, Sophie, has an Autism Spectrum Disorder (ASD). She is verbal, but needs lots of help academically and with her social skills. She may not be able to live independently when she becomes an adult. When it comes to retirement planning, it is a balancing act to try to know how much to […]
Help Me Get Rid of This Timeshare Please!
Q. My aunt Helen left me a timeshare thinking she was doing me a favor. She always said I should travel more often, since I rarely go anywhere. Now, I have this timeshare and I still don’t travel (I’m a homebody, and that will never change.) So, now I’m stuck with a timeshare, and the […]
The Top 19 Weird Will Requests
The COVID-19 crisis has caused many Americans to contemplate their mortality. The pandemic has prompted people to think more about what to do if they become infected. And for many of these people, that includes thinking about estate planning. We’ve written many posts about coronavirus and the need for incapacity planning, estate planning, nursing home […]
One Vital Step This Doctor Wishes Everyone Would Take
Q. A few years ago, when we first got married, my husband, Logan, and I decided to paint the living room in our new home. It sounded like a great idea at the time, but we didn’t get very far. We ended up hiring someone, but kept the super heavy-duty face masks we bought for […]
How Docubank is Protecting Our Clients During the COVID-19 Pandemic
Dear Magic, I read Mr. Farr’s recent article about the importance of estate planning and incapacity planning during the Coronavirus pandemic. I’m convinced that it’s certainly wise to do my planning now. One thing I’m concerned about, however, is how the hospital and my loved ones would access my documents should the need arise. Do […]
Why Estate Planning is Even More Important During a Pandemic (Part 1 of a 3-part Series)
As Millie sits in her kitchen homeschooling her children, she realizes that she really doesn’t remember much of the math she learned in 5th grade. During a break, she turns on the television and a news brief flashes on the screen with Governor Northam informing Virginia residents that schools will be closed for the remainder […]
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