Charitable trusts are tools used in estate planning to support charities while still benefiting family or personal financial goals. Two common types are charitable remainder trusts (CRTs) and charitable lead trusts (CLTs). Although they sound similar, they serve...
When you’re drafting a prenup, you’re essentially addressing a divorce before it happens. If you never get divorced, it doesn’t matter—you simply don’t use the document. But if you do, then some decisions have already been made. For the most part, people use...
Once people turn 18, they are legal adults. They have certain responsibilities and rights. Most of those rights persist definitely. Anyone who is a legal adult can theoretically establish a will or draft other estate planning documents. They can select beneficiaries,...
An incentive trust gives you a chance to provide your beneficiary with specific goals. Maybe they can access the trust after they graduate from college. Perhaps they can only access it as long as they’re gainfully employed. These trusts are often used to influence...
Respecting a loved one's personal wishes and independence is critical for a healthy relationship dynamic. However, people sometimes need to take action to protect others who cannot act in their own best interests or manage their own affairs. Concerned parties can seek...
An advance health care directive is an estate planning document that provides guidance regarding medical treatment. Individuals who experience incapacitation or medical emergencies can rely on their advance directives to guide the care that they receive. People can...
Some people worry about discussing a prenuptial agreement with their prospective spouse. They may believe their spouse will find it insulting. They may also be concerned that it increases the likelihood of divorce. After all, a prenup sets financial terms in advance,...
People in certain circumstances cannot manage their own affairs effectively. Some people experience incapacitating emergencies that leave them unconscious for months. Others might have mental health challenges, such as bipolar disorder, that result in them making...
Creating an estate plan might seem like a task for the elderly, but it offers numerous advantages for anyone, regardless of age or wealth. In Virginia, an estate plan can do more than just distribute your high-value assets after you pass away. Here are three other,...
Prenuptial and postnuptial agreements are legal contracts that specify how marital assets will be managed if the marriage ends in divorce. Both address the division of financial assets, provisions for alimony and retirement benefits. The primary distinction between...
