Estate planning is crucial to securing your legacy and ensuring your loved ones are cared for after you pass away. While many people assume estate planning is a one-time thing, it’s more complex. It should be approached as an ongoing process that needs periodic attention and updates. In this article, we’ll discuss why it is essential to maintain updated planning documents to safeguard your wishes and the well-being of your family. 6 Reasons to Update Your Estate Planning Documents Estate planning documents, such as wills, trusts, powers of attorney, and health care directives, should be revisi ..read more

The holiday season is upon us, a time filled with festive cheer and warmth. Whether you’re traveling, hosting loved ones, or enjoying a quiet holiday alone, there’s something about this time of year that stirs up a mix of emotions and memories — the sights, sounds, special foods and food smells, transportation hassles, stress, frenzied shopping, “crazy relatives,” lumpy futons, moments of relaxation, and cherished customs. It’s true that the holidays are often painted as a time of unbridled joy, but let’s be honest — they can also be a mix of sweet and bitter moments. We might be celebrating n ..read more

The astronomical costs of long-term care in Virginia can devastate your family’s finances. High nursing home or home care prices can quickly drain your savings, investments, and retirement funds. Asset protection for Medicaid Long-Term Care can help you qualify for coverage that pays for long-term nursing care and many home health services, but you must meet Medicaid’s stringent asset limits. Do you need asset protection to qualify for Medicaid Long-Term Care? Let’s find out. Income & Asset Limits for Virginia Medicaid Long-Term Care Eligibility Virginia seniors must meet both medical and ..read more

There are many things that need to be clarified about effective estate planning and elder law out there. We commonly refer to these things as “coffee house” estate planning because they are pieces of information that get passed on informally through conversations with friends and family. Getting the truth from an experienced estate planning or elder law attorney is vitally important. One of our attorneys recently addressed these five crucial misconceptions: If I can’t make my own decisions, my family can just step in. My Will or Trust will tell everyone where my stuff goes after my death. My ..read more

Do you plan to rely on Virginia Medicaid to cover the costs of a nursing home? Too many assets or too much income can disqualify you from receiving Medicaid Long-Term Care to cover the expenses of a nursing home or home nursing care. Instead of transferring assets to others and surrendering control over them, you should consider a Medicaid Trust. This financial Medicaid planning tool can preserve much of your estate for your loved ones and help you meet Medicaid’s low asset limit. But you should begin your Medicaid Long-Term Care (LTC) Planning now. Medicaid Asset and Income Limitations Virgin ..read more

You expect a Virginia Estate Planning Attorney to say everyone needs an estate plan. We say that because it is to your benefit. And yet, far too many people do not have an estate plan in place to help secure their future. · 1 out of 4 Americans without a will say nothing would motivate them to get one, and more than 40% say they won’t bother until their life is in danger. · 2 out of 3 Americans do not have any estate planning documents. · 40% of American adults say they don’t have a will because they haven’t gotten around to it. · 33% of American adults say they don’t have a will because they ..read more

Marriage is a pivotal and controversial societal institution that often takes a beating. Although the Census Bureau reports that divorce rates declined between 2011 and 2021, divorce rates in the United States for first marriages remain at 50% and grow higher for second and third marriages. These numbers drive many people to enter into a prenuptial agreement before marriage. But how does a prenuptial agreement affect your estate plan in Virginia? Prenuptial Agreements Explained A prenuptial agreement is a legal document that both parties agree upon and sign before marriage. “It explains what t ..read more

Everyone says to avoid probate – but why? “Probate is the general administration of a deceased person’s will or the estate of a deceased person without a will.” Your assets are distributed through probate to your named beneficiaries, and other estate details are settled after your death. Probate is a lengthy, costly, and often complex process that many Virginia residents would just as soon avoid. But how can you avoid probate? Are there ways to avoid probate? Promise Law in Newport News can help you with Estate Planning tactics that will avoid the probate process. Let’s look at a fe ..read more

If you are under the impression that a simple will is all the estate planning you need, you could be right – or you could be tragically wrong. Simple estates may only need a legal will to settle their final affairs. After all, a will in Virginia can be used to lay out specific instructions upon your death, including: Designate an estate administrator Name beneficiaries for your assets Assign a guardian for your children Specify how taxes and debts will be paid Back up a living trust But if you have more personal or complex needs, a will leaves most of these issues undone or under the contro ..read more

Those with significant assets or careers with a higher likelihood of litigation should consider ways to protect their assets. Using Asset Protection Trusts is a popular tool in estate planning for securing your assets in Virginia. Since 2012, Virginia residents can use Domestic Asset Protection Trusts (DAPTs) or qualified self-settled spendthrift trusts. Here are the basics for using asset protection trusts in your Virginia estate planning. What is an Asset Protection Trust? “An asset protection trust (APT) is a trust vehicle that holds an individual’s assets to shield them from&nbs ..read more