Many people believe that estate planning is only for the wealthy. Not so. Virtually every family should have an estate plan of its own. Why? Without your own estate plan, the state of Virginia will control how your assets are distributed after you are gone. Unfortunately, the government isn’t interested in reducing settlement costs or streamlining the distribution of your assets, let alone ensuring that your wishes are carried out.

Another reason to have an estate plan of your own is to ensure that you can control who is able to make financial and medical decisions on your behalf if you become incapacitated. Without a properly designed and implemented plan in place, someone might petition the court to gain control over your assets and medical care. This could very well be someone you would not want to make these decisions on your behalf.

We provide all of the following foundational estate planning services:

  • Wills
  • Powers of Attorney
  • Health Care Directives
  • HIPAA Authorizations
  • Revocable Living Trusts

Contact us today to learn how we can design an estate plan customized to address your particular concerns and goals.

Advanced Estate Planning

For families of means, estate planning is just as important, perhaps even more so. Beyond the basics of getting your affairs in order, wealthy families often must address issues such as:

  • Assuring the continuance of surviving family members’ lifestyle and the protection of assets
  • Passing values, work ethic and a sense of responsibility to heirs
  • Substantially reducing income, excise, gift, estate, and generation skipping taxes
  • Keeping financial affairs and family matters private through a properly funded and implemented trust
  • Making sure heirs are mature enough to handle a large inheritance on their own, and taking steps to protect the inheritance until they are ready
  • Protecting heirs’ inheritances if they become divorced, remarry or fall under the influence of predators
  • Managing the value of business interests
  • Ensuring a lasting legacy and impact on society

At The Legacy Elder Law Center, we have substantial experience in utilizing the advanced estate planning tools necessary to meet the sophisticated needs of high-net-worth families. The specialized trusts and other tools we can put to work on your behalf include:

  • Irrevocable Trusts
  • Life Insurance Trusts
  • Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs)
  • Grantor Trusts
  • Grantor Retained Annuity Trusts (GRATs)
  • Captive Insurance Companies (CICs)
  • Cash Balance Retirement Plans
  • Intra-Family Loans
  • Self Cancelling Installment Notes (SCINs)
  • Installment Sales to Grantor Trusts
  • Qualified Personal Residence (QPRs)Trusts
  • Gift Programs
  • Retirement Trusts
  • Minors’ Trusts
  • Generation-Skipping Trusts
  • Tax Planning

Contact our Northern Virginia estate planning attorneys at your earliest convenience to discuss your particular concerns, needs, and goals.