Planning for the future can allow you to relax and enjoy the present with the knowledge that you have taken the steps necessary to protect your family’s future needs. You might think that you don’t need to worry about trusts and estate plans until sometime after retirement. However, it is never too early to get started. A Richmond trusts and estates lawyer will assist you with ensuring that your family is protected after you pass away.
At Melone Hatley, P.C., our firm has spent the last decade helping our clients prepare for their futures. Whether you need to start estate planning or make changes to your current estate plan, our experienced legal team will help you .Contact us today to find out what we can do to help you through a free case evaluation with a Client Service Coordinator from our firm.
Issues an Experienced Trusts and Estates Attorney in Richmond Can Help You Handle
At Melone Hatley, P.C., we will work as your partners to help you plan your trust and estate ito ensure that what, and who, you care about is protected. . Our experienced team of lawyers serving Richmond will help you deal with:
- Guardianship and conservatorship
- Powers of attorney
- Estate tax planning
- Pet trust
- Living wills
- Contested estates
- Will drafting and disputes
- Trust creation and management
The best way to ensure you have a comprehensive plan that aligns with your goals is to hire an experienced trusts and estates attorney in Richmond. Once you are confident that your future is secure and your family will be protected, you can turn your attention to the present.
A Trust Can Be Useful in Several Ways
A trust is not just for rich people. It is for anyone that does not want to see all of the assets their heirs could get eaten up by the courts.
A trust is a fiduciary arrangement that can be set up to allow for the passing of your assets to a beneficiary or beneficiaries after you die. When creating a trust, you will appoint a trustee, who will serve as a third party that takes charge of your assets until it is time to transfer them to your beneficiaries.
When selecting a trust, there are various types to choose from, each with different benefits. Potential benefits include reducing the taxes that must be paid on your estate, protecting your loved ones following your death, and avoiding the probate costs for assets passed through a trust. Choosing the trust type that best suits your goals is critical.
The Most Common Types of Trusts
Some of the available trusts you will be able to choose from include:
- Marital or “A” trusts: These trusts provide benefits to a surviving spouse and are often used to take advantage of the marital deduction, allowing assets to pass to the spouse tax-free.
- Bypass or “B” trusts: Also known as credit shelter trusts, these are used to maximize estate tax exemptions by placing assets into a trust upon the death of the first spouse, which can then pass to beneficiaries free of estate tax.
- Charitable lead trusts: These trusts provide income to a charity for a specified period, after which the remaining assets pass to other beneficiaries, typically with significant tax benefits.
- Generation-skipping trusts: These trusts are designed to pass assets to grandchildren or later generations, effectively skipping a generation to reduce estate taxes.
- Testamentary trusts: Created through a will, these trusts only take effect upon the death of the individual and can provide control over how assets are distributed after death.
- Charitable remainder trusts: These trusts provide income to the donor or other beneficiaries for a period of time, with the remainder going to a charity. They offer both income and estate tax benefits.
- Irrevocable Life Insurance Trusts (ILIT): These trusts are designed to own life insurance policies, keeping the proceeds out of the taxable estate of the insured and thus reducing estate taxes.
- Grantor Retained Annuity Trust (GRAT): Grantor Retained Annuity Trusts (GRAT) allow the grantor to transfer assets to a trust while retaining an annuity for a specified term, potentially reducing gift and estate taxes on the transferred assets.
- Qualified Terminable Interest Property (QTIP) trust: These provide income to a surviving spouse and allow the grantor to retain control over the distribution of the remaining assets after the spouse’s death, often used in second marriages.
An experienced Richmond trusts and estates lawyer will help you understand the ins and outs of the trusts you can choose from so you can pick the option that best aligns with your goals.
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The Importance of Estate Planning
While planning your estate, you will make several decisions about how your assets will be managed, distributed, and preserved after you die. Estate planning can also help ensure your financial assets and obligations are being properly managed should you become incapacitated or sick. Common assets that make up an estate include:
- Vehicles
- Property
- Stocks
- Pensions
- Life insurance
- Art
- Collectibles
- Debt
You might associate estate planning with the super-rich and don’t feel it is something you need to worry about. However, as more people realize the importance of creating generational wealth, it becomes clear that estate planning is for everyone. No matter the size of your estate, making plans for the future can be essential for ensuring your assets are distributed in line with your wishes and that your family is provided for should the worst occur.
Having a Will Is Crucial
Even if you have a trust directing the distribution of certain assets in the event of your death, having a valid will is still critical for ensuring that any assets you have that are not part of your trust are distributed to the beneficiaries of your choosing.
An experienced trusts and estates attorney from our team will help you draft your will, ensuring that it addresses all matters that will need to be resolved following your death. Identifying all the issues you will need to cover in your will can be challenging on your own.
An experienced lawyer can help ensure that all issues are addressed and there are no loose ends for your family to have to worry about tying up. An experienced attorney can help you set up your will or make changes to your existing estate plan, will, or trust.
The Probate Process
Probate is the legal process in which a will is legally recognized and the terms set out in the will are followed. During the probate process, a personal representative or executor of your estate will be appointed. While the assets in certain trusts are exempt from the probate process, and the cost of probate, other issues will need to be settled during the proceedings.
An experienced lawyer can help you ensure your estate is properly set up so that the probate process is smooth and your loved ones aren’t forced to deal with unforeseen issues. To protect your loved ones against significant expenses following your death, you must take steps to ensure that the process goes quickly and your assets are available quickly.
Get Help From an Experienced Richmond Trusts and Estates Attorney Today
Developing an estate plan that covers all the issues surrounding how you would like your assets to be distributed after your death is an essential part of protecting your family. Beginning the process early will let you relax with the knowledge that your family will be cared for in accordance with your wishes after you die.
At Melone Hatley, P.C., we are ready to help, whether you are creating or modifying your estate plan. Our Richmond trusts and estates lawyers have a long history of helping our clients with all their planning needs. Visit our testimonials page to learn more about how we have helped past clients.
Then complete our online contact form, give us a call, or use our chat tool to schedule your free initial case consultation today.
